Kumiharu Shigehara

Este archivo solo abarca los artículos del autor incorporados a este sitio a partir del 1 de diciembre de 2006. Para fechas anteriores realice una búsqueda entrecomillando su nombre.

EuropaUnión EuropeaEconomía

At the root of the euro crisis was not only a sovereign debt crisis, but also a balance-of-payments crisis. A multifaceted approach is required to restore the euro area economy back to a sustainable growth path.

The euro area (eurozone) crisis has often been characterized as a sovereign debt crisis. Indeed, it was triggered by a sudden loss of market confidence in the sustainability of Greek government finances. Similar doubts quickly spread to Portugal and Italy.

For some other countries that were subsequently hit by the crisis, however, the root cause lay in persistently above-average price inflation driven by a buildup of private-sector debt, notably in Spain and Ireland where the problem was exacerbated by housing market bubbles.…  Seguir leyendo »

EuropaUnión EuropeaEconomía

The eurozone crisis, which erupted only a few years after the outbreak of the global financial and economic crisis originating from the U.S. housing market debacle, has revealed weaknesses in the regional as well as global frameworks for financial and economic crisis prevention.

My concern about international institutions’ surveillance of the eurozone was first expressed in a short commentary I wrote in January 2007 in response to a speech a month earlier in Australia by Mervyn King, then governor of the Bank of England. In that speech, King had argued that the International Monetary Fund should conduct surveillance of macroeconomic policy and that the Organization for Economic Cooperation and Development should focus on surveillance of structural policies.…  Seguir leyendo »