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Keywords:Greece 

Working Paper
Broad money demand and financial liberalization in Greece

This paper develops a constant, data-coherent, error correction model for broad money demand (M3) in Greece. This model contributes to a better understanding of the effects of monetary policy in Greece and of the portfolio consequences of financial innovation in general. The broad monetary aggregate M3 was targeted until recently, and current monetary policy still uses such aggregates as guidelines, yet analysis of this aggregate has been dormant for over a decade. ; In spite of large fluctuations in the inflation rate, introduction of new financial instruments, and liberalization of the ...
International Finance Discussion Papers , Paper 559

Discussion Paper
The Different Paths of Greece and Spain to High Unemployment

Euro area GDP remains below its 2007 level due to the global financial meltdown and the subsequent sovereign debt crisis in the periphery countries. Unemployment rates make it clear that some countries have fared much worse than others?the rates in Spain and Greece today are over 25 percent and are much higher than rates in the next highest, Portugal (15.7 percent), and in the euro area (11.6 percent). Quite a change from 2007, when Spain and Greece had lower unemployment rates than the euro area as a whole. In this post, we show that while the unemployment rates in the two countries are ...
Liberty Street Economics , Paper 20121128

Speech
Greece and the Euro

Global Interdependence Center, Annual Black Tie Gala in Celebration of Greece, Philadelphia, Penn., July 25, 2007
Speech , Paper 117

Report
Sovereign debt: a modern Greek tragedy

Essay from the 2011 Annual Report.
Annual Report

Newsletter
Sovereign debt crises: it’s all Greek to me

Greek's current sovereign debt has reached crisis levels. Should the United States expect something similar? Probably not. Read the August 2010 Newsletter to learn why (or why not).
Liber8 Economic Information Newsletter , Issue August

Journal Article
Sovereign debt: a matter of willingness, not ability, to pay

Greece, which shook international markets with the disclosure of its deep indebtedness, has struggled recently to borrow money. Among European governments, Ireland, Italy, Portugal and Spain have also had difficulty selling bonds. Even though these governments probably have assets that exceed their debts, investors worry about the risk of default. This belief stems in part from the nature of sovereign debt. Governments aren't subject to formal bankruptcy regulations, leaving investors few legal rights over borrower assets, even if they could be liquidated. Consequently, the likelihood of ...
Economic Letter , Volume 5

Journal Article
The sovereign debt crisis: a modern Greek tragedy

Two ?Dialogue with the Fed? public events?one in English and one in Spanish?explored the reasons behind Europe?s sovereign debt crisis and what the implications may be for the United States.
Central Banker , Issue Summer

Journal Article
Sovereign debt: a modern Greek tragedy

The authors of this article provide a general introduction to the concept of sovereign debt?including the seductive nature of borrowing and the strategies associated with default?before analyzing the current debt crises in Europe. They focus on Greece?s current woes but also discuss Portugal, Ireland, Italy, and Spain. The authors also discuss the environment in the United States, which has a high debt burden of its own, and present fiscal choices for policymakers and taxpayers.
Review , Issue Sep , Pages 321-340

Journal Article
The mysterious Greek yield curve

The hump in the Greek yield curve exists because the calculated yields assume that the bonds will pay off at their full value but market prices incorporate expectations that the payoff will be much lower.>
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