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Great Depression and Conditionality (PI Mary O’Sullivan)

When the United States emerged from World War 1, the new Federal Reserve System had an opportunity to work normally under peacetime conditions. As the 1920s wore on, lessons from the historical experiences of European countries seemed increasingly inappropriate to the fledgling central banking system in the United States given the enduringly distinctive characteristics of … Continue reading Great Depression and Conditionality (PI Mary O’Sullivan)

Reputation, Risk and Moral Hazard in Sovereign Debt Markets (PI Catherine Schenk)

One of the precepts of lending to governments is that they have little collateral security to offer up front and few assets to seize in the case of a default.  Moreover, defaults can be triggered by complex political factors rather than underlying credit-worthiness or ability to repay. The market for sovereign debt is thus different … Continue reading Reputation, Risk and Moral Hazard in Sovereign Debt Markets (PI Catherine Schenk)

Regulatory traditions and legislative homogenization (PI Mats Larsson)

During the mid 19th century, banking and financial activities were built on national interests and regulations that reflected local political structures, legal systems and business organisation, but this gradually changed during the ‘first internationalisation’ of the late 19th century.  Regulators were increasingly open to flows of information and ideas as to optimal frameworks and used … Continue reading Regulatory traditions and legislative homogenization (PI Mats Larsson)

Untamed Past: History and the PIGS in the Euro crisis (PI Stefano Battilossi)

Since their emergence in the 19th century, territorial state-controlled currencies reflected basic issues of national identity, self-representation and ideology. In consequence, beyond its broad objectives of national macroeconomic management, monetary sovereignty (the control and authority over monetary issues) played a critical role in the process of state-building and nation-making. The concept of sovereignty has always … Continue reading Untamed Past: History and the PIGS in the Euro crisis (PI Stefano Battilossi)