"Sure, Latvia also contracted after the 2008 crisis (from 2.2 before to 1.9 mln now it seems). It's the common response by small countries hit by disaster though history - Ireland and Albania too, for instance.
The question is do we want to…"
COST Action IS0902: Systemic Risks, Financial Crises and Credit
Dirk Bezemer's Discussions
Greece and the Eurocrisis
2 Replies
I'd like to start a new thread about Greece and the Eurocrisis.>> First, you are invited to a public lecture & debate with Greek > economist Yannis Varoufakis, on 6 october in Groningen…Continue
Started this discussion. Last reply by Dirk Bezemer Oct 5, 2011.
Questioning Policy Effectiveness: Quantitative Easing
14 Replies
Quantitative Easing is Pushing on a StringThey’re at it again. Last October the US Federal Open Market Committee announced it “is prepared to provide additional accommodation if needed”. This means…Continue
Started this discussion. Last reply by Neil Lancastle Sep 29, 2011.
Questioning Policy Effectiveness: what role for reserves?
Hi All, Prepare for the next phase of the credit crisis: inflation The refresh, the first four phases were: 1. A US household debt crisis (2000-2006), spilling over into banks' balance sheets2.…Continue
Tags: effects, policy, crisis, credit
Started Jun 10, 2011
Debt Is The Problem - Why the Shiller Solution Won’t Work
Debt Is The Problem - Why the Shiller Solution Won’t Work(this comment piece appeared in the Financial Times, 5 November 2009)Dirk Bezemer Economists have been mulling over the shape financial…Continue
Started Jun 10, 2011
Dirk Bezemer's Page
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Neil Lancastle replied to Dirk Bezemer's discussion Greece and the Eurocrisis
"
Dirk,
I would have liked to have come to your lecture, I hope it goes well.
On another thread (LinkedIn) I have been discussing the Greek crisis. For a while, I thought there would be a successful restructuring. Now I wonder if it…"
Dirk Bezemer posted a discussion
Greece and the Eurocrisis
I'd like to start a new thread about Greece and the Eurocrisis.>> First, you are invited to a public lecture & debate with Greek > economist Yannis Varoufakis, on 6 october in Groningen (where I will > chair) and on 7 october in Amsterdam (where I will also speak). > Please visit>> - http://studium.hosting.rug.nl/2011_Activiteiten/griekenland.htm> - …See More
Neil Lancastle replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"
I have to say I was puzzled last week. The ECB wanted liquidity (US dollars) and China was offering to buy Euros. So you had a buyer and a seller... but the co-ordinated action was between Europe and the US.
Now the Fed has…"
Dirk Bezemer replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"Indeed QE3 is not ging to work: it will not find its way into the real ecoomy, just keep the commodity boom going which is damaging.
The problem is debt. No new QE or new monetary instrument is going to take that away. There is too much debt…"
Neil Lancastle replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"
Hi Dirk,
You are right, it seems flawed. The US (or any country wanting to loosen monetary policy) would need to underwite the SDRs they issue. There is no incentive for a weak currency to do that. Like you, I am…"
Neil Lancastle replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"
Hi Dirk,
The incentive for central banks is that they can co-ordinate monetary policy globally.
If the Fed emits currency baskets in return for T Bills, it has T Bill reserves that it can use for domestic monetary easing.
Other…"
Dirk Bezemer replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"I meant a TRADE deficit not a budget deficit - sorry to be so imprecise. Euroland running a trade deficit means Euros are emitted into the rest of the world (RoW) as it buys goods from Euroland. Running a budget deficit would stimulate Euroland bit…"
Neil Lancastle replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"
Hi Dirk,
I agree with you that Euroland could run a greater deficit. This would boost the economy and stimulate global demand. The same is true of public spending in many emerging and developing countries. I disagree…"
Dirk Bezemer replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"We were exploring what it means to have Euros as a reserve currency. My point was that one of the thing it means is that Euroland must run a deficit. Otherwise no one can acquire the Euros that are supposed to become the 'money of the…"
Neil Lancastle replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"
Hi Dirk,
That's a good question. If they sold US Treasuries to buy Euroland debt, then the US would reduce it's external liabilities and that would hurt developing and emerging markets who also hold US Treasuries. …"
Dirk Bezemer replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"What would the other central banks pay with, when they buy Euroland debt?
Dirk
"
Neil Lancastle replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"
Dirk,
Thanks for the reply. Yes, Euroland is in surplus but other central banks can still buy Euroland debt as a reserve holdings. Central banks have other options. They can let their currencies appreciate, rather than…"
Dirk Bezemer replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"Neil, thanks for engaging. Of course, in the real world nothin continues indefinetely. If others lose trust in the Dollar, that's the end. My point was that the US can always repay its debt, contrary to what the 'deficit…"
Neil Lancastle replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"
Dirk,
I agree broadly with your analysis, but not your conclusion that it can continue indefinitely. The US dollar has been declining as a reserve currency, particularly among emerging and developing countries. Obama has finally…"
Dirk Bezemer replied to Dirk Bezemer's discussion Questioning Policy Effectiveness: Quantitative Easing
"Hi Manuel,
QE2 was probably behind the commodity price spike but did little (nothing?) to increase transactions in the real economy of profit and wages. Indeed QE3 will be equally ineffective and equally adding to instability in commodity and…"
Profile Information
- University
- Groningen University
- Research Interests
- Credit and the macro economy
Please find below a pen sketch, CV and link to my web page,
best,
Dirk Bezemer
Associate Professor
University of Groningen
Dirk Bezemer (PhD economics, University of Amsterdam) works on the economics of growth and development. He conducted research on the economics of transition at Imperial College (University of London) and on agricultural and rural development at the Overseas Development Institute (London). He was employed by the UK Department for International Development as an Advisor before accepting a position at the University of Groningen, where he teaches in Bachelor, Master and PhD courses.
He has published widely in journals including the Cambridge Journal of Economics, Europe-Asia Studies, Comparative Economic Studies, Economic Systems, the Journal of Economic Issues, the World Bank Research Observer, Economic Affairs, Accounting, Organizations and Society, World Development, the Journal of Development Studies and Advances in Complex Systems. He contributed numerous book chapters, including to the Handbook of Critical Issues in Finance. He co-wrote background papers to the 2005 OECD Review of Agricultural Policies: China, and the 2008 World Bank Word Development Report: Agriculture for Development, and has worked in policy advice to the United Nations Economic Commission for Africa.
His 2009 analysis of credit crisis predictions gained significant media exposure through invited comment pieces at Vox.eu.org, in the Financial Times, the national press and professional magazines. In June 2010 he coordinated a University of Groningen symposium on The Financial Sector in Models For Policy Use, which brought together representatives of the European Central Bank, De Nederlandsche Bank, the European Commission’s DG for Economic and Financial Affairs and the Netherlands Bureau for Policy Analysis. He made presentations on this work in many countries and has undertaken advisory work for the IMF’s 2011 Vulnerability Assessment. He is co-writing the 2012-2016 Strategy Paper for the Dutch Development Bank FMO and advising Latvia’s social democrat Concord Centre on policies to deal with debt crisis fall out. In 2011 he obtained a 2-year grant from the Institute for New Economic Thinking in support of his research on finance, growth and instability.
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