{"id":10850,"date":"2014-09-09T19:43:49","date_gmt":"2014-09-09T23:43:49","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=10850"},"modified":"2014-09-09T19:43:49","modified_gmt":"2014-09-09T23:43:49","slug":"richard-koo-revitalizing-the-eurozone-without-fiscal-union-april-2012","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/09\/richard-koo-revitalizing-the-eurozone-without-fiscal-union-april-2012\/","title":{"rendered":"Richard Koo: Revitalizing the Eurozone without Fiscal Union, April 2012"},"content":{"rendered":"<p>Richard Koo in a 2012 paper identifies 3 challenges facing the eurozone:<\/p>\n<blockquote><p>The current crisis in the eurozone consists essentially of two macroeconomic problems and one capital flow problem. The first macro problem is profligate government spending, as exemplified by Greece. In such cases austerity is required: the government must cut spending and raise taxes to regain its financial health and credibility.The second macro problem is massive private sector deleveraging in spite of record low interest rates observed in countries such as Spain, Ireland and Portugal following the bursting of their real estate bubbles.<\/p><\/blockquote>\n<p>The problem with capital flows is specific to sharing a common currency in the eurozone:<\/p>\n<blockquote><p>When presented with a deleveraging private sector, fund managers in non-eurozone countries can place their money only in their own government\u2019s bonds if constraints prevent them from taking on more currency risk or principle risk. Consequently, a large portion of excess private savings must be invested in JGBs in Japan, Gilts in the UK, and Treasuries in the US. In contrast, eurozone fund managers who are not allowed to take on more principle risk or currency risk are not required to buy their own country\u2019s bonds: they can also buy bonds issued by other eurozone governments because they all share the same currency. Thus, fund managers at French and German banks were busily moving funds into Spanish and Greek bonds a number of years ago in search of higher yields, and Spanish and Portuguese fund managers are now buying German and Dutch government bonds for added safety, all without incurring foreign exchange risk. The former capital flow aggravated real estate bubbles in many peripheral countries prior to 2008, while the latter flow triggered a sovereign debt crisis in the same countries after 2008.<\/p><\/blockquote>\n<p>His solution:<\/p>\n<blockquote><p>There is a simple and straightforward solution to the two macro problems and one capital flow problem described above: eurozone governments should limit the sale of their government bonds to their own citizens. In other words, only German citizens should be allowed to purchase Bunds, and only Spanish citizens should be able to buy Spanish government bonds. If this rule had been in place from the outset of the euro, none of the problems affecting the single currency today would have happened.<\/p><\/blockquote>\n<p>Read more at <a href='http:\/\/snbchf.com\/balance-sheet-recession\/richard-koo-eurozone-fiscal-union\/'>Richard Koo, Revitalizing the Eurozone without Fiscal Union, April 2012<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Richard Koo in a 2012 paper identifies 3 challenges facing the eurozone: The current crisis in the eurozone consists essentially of two macroeconomic problems and one capital flow problem. The first macro problem is profligate government spending, as exemplified by Greece. In such cases austerity is required: the government must cut spending and raise taxes &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/09\/richard-koo-revitalizing-the-eurozone-without-fiscal-union-april-2012\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Richard Koo: Revitalizing the Eurozone without Fiscal Union, April 2012&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,33],"tags":[1305],"class_list":["post-10850","post","type-post","status-publish","format-standard","hentry","category-debt-deficits","category-uk-europe-countries-regions","tag-eurozone"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Richard Koo: Revitalizing the Eurozone without Fiscal Union, April 2012 - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Richard Koo: Revitalizing the Eurozone without Fiscal Union, April 2012 - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Richard Koo in a 2012 paper identifies 3 challenges facing the eurozone: The current crisis in the eurozone consists essentially of two macroeconomic problems and one capital flow problem. The first macro problem is profligate government spending, as exemplified by Greece. 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INET interview with Richard Koo, Chief Economist of Nomura Research","rel":"","context":"In &quot;Economic Theory&quot;","block_context":{"text":"Economic Theory","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/economic-theory\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/tOpWsW9SPkw\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10199,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/01\/explaining-richard-koo-to-paul-krugman-snbchf-com\/","url_meta":{"origin":10850,"position":2},"title":"Explaining Richard Koo to Paul Krugman | SNBCHF.com","author":"ColinTwiggs","date":"July 1, 2014","format":false,"excerpt":"George Dorgan writes: ....Prof. Steve Keen\u2019s and Richard Koo\u2019s recipe is to increase public debt, when the private sector is de-leveraging and to reduce public debt when the private sector is leveraging. According to Keen, the Americans are currently doing the complete opposite of what they should do. They should\u2026","rel":"","context":"In &quot;Debt &amp; Deficit Spending&quot;","block_context":{"text":"Debt &amp; Deficit Spending","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-deficits\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4549,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/05\/richard-koo-where-do-we-go-from-here\/","url_meta":{"origin":10850,"position":3},"title":"Richard Koo: Where do we go from here?","author":"Colin Twiggs","date":"June 5, 2012","format":false,"excerpt":"How austerity will prolong the recession. http:\/\/youtu.be\/DFxWCyHRD1I Richard Koo, Chief Economist, Nomura Research Institute at the Closing Panel entitled \"Overhangs, Uncertainty and Political Order: Where Do We Go From Here?\" at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 14, 2012.","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/DFxWCyHRD1I\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6589,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/27\/financial-hangover-is-britains-biggest-growth-headache\/","url_meta":{"origin":10850,"position":4},"title":"Financial hangover is Britain&#039;s biggest growth headache","author":"Colin Twiggs","date":"January 27, 2013","format":false,"excerpt":"David smith writes: Sir Mervyn King, in Tuesday\u2019s final regional speech as Bank governor, in Belfast, barely mentioned fiscal policy as a factor in the slow recovery. Instead, as well as the high-inflation squeeze on real take-home pay and the eurozone, he focused on another financial factor.The problem, he said,\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6377,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/05\/how-cancelling-central-banks-holdings-of-government-debt-could-be-a-useful-thing-ft-alphaville\/","url_meta":{"origin":10850,"position":5},"title":"How cancelling central banks\u2019 holdings of government debt could be a useful thing &#124; FT Alphaville","author":"Colin Twiggs","date":"December 5, 2012","format":false,"excerpt":"FT's Kate Mackenzie writes: Morgan Stanley cross-asset strategist Gerard Minack says the remarkable thing about developed economy deleveraging is how little of it has happened: The credit super-cycle ended four years ago, but leverage has hardly fallen in major economies: debt-to-GDP ratios remain historically high. Minack says the problem is\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=10850"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10850\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=10850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=10850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=10850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}