Aristos Doxiadis

Nota: Este archivo abarca los artículos publicados por el autor desde el 1 de diciembre de 2008. Para fechas anteriores realice una búsqueda entrecomillando su nombre.

The depression ravaging Greece is always framed as an issue of macroeconomics: fiscal policy was tightened too quickly; government debt is too high; the tools of currency devaluation and monetary expansion are not available inside the eurozone. But this is overly simplistic; local politics and microeconomic factors are just as important in explaining the depth of the crisis.

Greece has fared much worse than other eurozone countries that faced a sudden drop in foreign financing, and then enacted similar austerity programs. It lost 26 percent of its G.D.P. from the pre-crisis peak, while Portugal, Ireland and Spain lost no more than 7 percent each.…  Seguir leyendo »