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Amar Bhidé: In Praise of the Beleaguered Euro
Keywords:
Amar Bhide touches on the unpredictable consequences of devaluations while commenting on the supposed benefit of a country having its own currency vs a currency such as the euro. The euro takes away the advatantage of devaluing the national currency as a way to regain competitiveness. Bhide points out that devaluations hurt the elderly on fixed incomes and low wage workers. Protections have to be put in place for the sections of the population that are badly affected. Large union negotiated wage increases can also reduce the benefits of devaluation in terms of regaining competitiveness.
The cost to the elderly on pensions, low wage workers, and the middle class, of devaluing currencies in emerging markets
05/07/2012
Bhide points out the cost to the elderly, low wage workers, and the middle class, of earlier currency devaluations in Argentina, Mexico, Brazil, Russia, Thailand, Indonesia, South Korea and other Asian countries.
Grouped Articles
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
Soaring Prices Fuel Frustrations Among Weary Argentines
New York Times 03/13/2014
Argentine Kingmaker Sets Battle Over Labor With Kirchner
Wall Street Journal 04/10/2014
Argentine Farmers Reap Discontent
Wall Street Journal 05/29/2014
What Greece Faces if It Defaults
New York Times 04/29/2015
Brazil’s Economic Crisis Beats the Emerging Middle Class Back Down
Wall Street Journal 11/10/2015
Credit card debt in Brazil, China, Turkey and other emerging market countries.
10/09/2010
Grouped Articles
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
Mom-and-Pop Investors Bolt Emerging Markets
Wall Street Journal 08/22/2013
New York Times 08/22/2013
Investors Flee Developing Countries
Wall Street Journal 01/24/2014
Turkish Intervention Fails to Stem Lira Sell-Off
Wall Street Journal 01/24/2014
Turkey Gets Aggressive on Rates
Wall Street Journal 01/29/2014
Krugman on bubbles, the crisis in emerging markets in 1997 and in 2013
07/12/2010
He sees financial deregulation, cross-border financial flows, emerging market private debt in dollars and depreciating currencies, and the low interest rates of the U.S. Federal Reserve as the culprits for recurring bubles and financial crises.
Grouped Articles
New York Times 08/22/2013
How Emerging Markets Can Get Their Mojo Back
Wall Street Journal 09/12/2013
Wall Street Journal 11/04/2013
Seoul Forum Helps Heal IMF Wounds
Wall Street Journal 07/12/2010
‘Fragile Five’ Is the Latest Club of Emerging Nations in Turmoil
New York Times 01/28/2014
Emerging-Market Slide Tests How Much Nations Learned From Past
Wall Street Journal 01/30/2014
The dangers facing emerging market countries in 2011-2014
08/03/2011
Grouped Articles
Wall Street Journal 09/22/2011
Emerging Markets, Hitting a Wall
New York Times 06/22/2013
Mom-and-Pop Investors Bolt Emerging Markets
Wall Street Journal 08/22/2013
New York Times 08/22/2013
‘Fragile Five’ Is the Latest Club of Emerging Nations in Turmoil
New York Times 01/28/2014
Emerging markets: Locus of extremity
Economist 02/04/2014
Emerging market currencies in Europe in the 2014 currency crisis- Hungary's Forint, Poland's Zloty and Czech Republic's Krona
03/07/2009
Hungary has a current account surplus but has debt coming up for renewal. Poland's debt is 58% of GDP, lower than the EU. Poland is renewing a credit line from the IMF.
Grouped Articles
Selloff's Spread to Europe Is Sign of Broad Fear
Wall Street Journal 01/31/2014
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
Banks' Message Spurs Slide in Hungary's Forint
Wall Street Journal 03/07/2009
Hungarian Intervention Plan Stems Forint's Decline
Wall Street Journal 03/09/2009
Poland Defends Economy, Sees Euro Link This Year
Wall Street Journal 03/14/2009
Borrowers in Hungary Learn Tough Lessons
New York Times 11/13/2014
The risk of dollar denominated loans in Turkey, India, Brazil, S. Korea and other emerging markets as local currencies depreciate- 2013-2015
05/07/2012
As currencies in emerging markets, the real in Brazil, the rupee in India, the lira in Turkey depreciate in value, it becomes more difficult for borrowers in these countries to pay back loans denominated in dollars. During the period of quantitative easing policies of U.S. Federal Reserve chairman Bernanke following the financial crisis of 2008-2009, low U.S. interest rates and strong local currencies made it cheaper to borrow in dollar denominated loans than pay the higher interest for local currency loans in reals, rupees or lira.
Grouped Articles
Istanbul Skyline Reflects Cheap Dollars Now Growing Scarce
New York Times 08/20/2013
Mom-and-Pop Investors Bolt Emerging Markets
Wall Street Journal 08/22/2013
Rupee Throws Oil on India's Subsidy Problem
Wall Street Journal 08/21/2013
New York Times 08/22/2013
Emerging Stocks' Emerging Problems
Wall Street Journal 08/23/2013
Brazil Struggles With Weakening Currency
Wall Street Journal 08/23/2013
Egyptian currency and devaluation
05/07/2012
Grouped Articles
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
Wall Street Journal 01/02/2013
Libya Putting $2 Billion Into Egyptâs Central Bank
New York Times 03/24/2013
Needed wage adjustments in the absence of devaluation and competitiveness of Greece
09/25/2011
Grouped Articles
New York Times 09/25/2011
Americanized Labor Policy Is Spreading in Europe
New York Times 12/03/2013
Europe's Surprise Rebalancing Act
Wall Street Journal 03/02/2012
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
Greeks Brace for More Pain on Wages
Wall Street Journal 07/19/2012
Emerging Markets Financial Crisis in 2014 and 1997- the difference in 2014 is less contagion as investors look at individual countries
01/09/2009
The current account deficits are high in Thailand and Turkey, and this is coupled wth political uncertainty. Argentina faces high inflation at over 20%. Investors have focussed on Argentina and Turkey. Countries that failed to learn from the 1997 crisis such as Argentina, Turkey and Thailand, are seen in a different light from Mexico and Poland. India faces inflation of about 10%. Other countries affected are Russia, Brazil and South Africa. Most of the countries have flexible exchange rates in 2014 compared to fixed exchange rates in 1997, and higher dollar reserves in 2014 which helps cushion the effects of overseas borrowing. The effects on Europe and the U.S. in 2014 are seen as limited to how this affects the global economy.
Grouped Articles
Emerging-Market Slide Tests How Much Nations Learned From Past
Wall Street Journal 01/30/2014
Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
Selloff's Spread to Europe Is Sign of Broad Fear
Wall Street Journal 01/31/2014
Economic Turbulence Chips at Support for Turkish Premier
Wall Street Journal 01/31/2014
Red Alert on Russia Is Premature
Wall Street Journal 02/03/2014
Brazil Tries to Borrow Its Way to Prosperity
Wall Street Journal 02/10/2014
Britain's views on the Euro currency and the European Union
12/28/2010
Grouped Articles
Merkel Cites ‘Threats’ in Warning to Cameron
New York Times 06/10/2014
Book Review: 'Unhappy Union' by John Peet and Anton La Guardia
Wall Street Journal 06/26/2014
Scotland Votes 'No' to Independence but U.K. Political Risk Remains
Wall Street Journal 09/20/2014
European Union Asks Britain to Pay Extra $2.7 Billion
New York Times 10/24/2014
Merkel’s Visit to Britain Sets New Tone After E.U. Rift
New York Times 01/07/2015
U.K.’s 2015 Election Carries High Stakes for EU
Wall Street Journal 01/19/2015
How Mario Draghi, ECB president, sees the problems in the eurozone and policy direction in 2012-2015
01/11/2010
A wide ranging interview with Mario Draghi by Wall Street Journal reporters Blackstone, Karnitschnig and Thomson, which gives insights on how Draghi sees solutions to the crisis in the eurozone and future policy. Draghi favors good fiscal consolidation which combines freeing up labor markets and structural changes for Italy, Spain and other southern countries, with spending reductions, and capital investment in the future as opposed to tax increases for current spending and lack of capital investment for future growth. He points out that with excessive debt to GDP ratios there is no alternative to this right kind of fiscal consolidation. The fiscal consolidation gives the structural changes time to be put in place..
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
The Man Whoâll Do Triage on Europeâs Banks
New York Times 10/20/2013
ECB Struggles With Low-Altitude Flying
Wall Street Journal 11/10/2013
Euro Strengthens as Fears Fade
Wall Street Journal 01/12/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
E.C.B. Plots Strategy for Staving Off Deflation
New York Times 05/26/2014
Poland and higher growth outside the euro currency
12/08/2011
With its own currency Poland benefits from a more competitive exchange rate for exports.
Grouped Articles
Euro's Allure Dims in Eastern Europe
Wall Street Journal 12/08/2011
Debt Crisis Bring Former Foes â Poland and Germany â Closer Than Ever
New York Times 12/08/2011
Poland Skirts Euro Zone Woes, for Now
New York Times 12/14/2011
Weak Currency Stands to Buoy Zone Exports
Wall Street Journal 12/16/2011
Poland Trying to Build Banks' Defenses
New York Times 04/13/2012
China Wants More Trade With Central and Eastern Europe
New York Times 04/26/2012
The Euro currency and the European Union
11/04/2008
The European Union currency since its inception and after the economic crisis of 2008-2009.
Grouped Articles
Euro May Be Resurfacing as a Safe Haven
Wall Street Journal 02/04/2014
New York Times 05/22/2014
Dollar Surges to 11-Year High Against Biggest Rivals
Wall Street Journal 01/04/2015
Wall Street Journal 11/04/2008
Joseph E. Stiglitz -- Farewell to the Dollar as the World's Currency of Choice
Washington Post 09/03/2009
World Bank Head Sees Dollar’s Role Diminishing
New York Times 09/29/2009
Why government fiscal discipline alone will not establish a sound financial framework for the Euro currency- the example of Spain
03/03/2010
Spain kept its deficits below the 3% mandated under EU treaties, till recently. Asset bubbles sustained because of bad lending by a country's banks and easy acess to credit from outside the country, are two problems not addressed by tighter budget controls in the revised rules being set after the Dec. 9 EU Summit. Spain's debt problem is to recapitalize these failing banks and debt of regional governments. Spain relied too much on a construction boom for growth, with productivity stalled. Ireland improved competitiveness and attracted foreign investment. This too unraveled in the face of an asset bubble from speculative lending by its banks.
Grouped Articles
New York Times 09/25/2011
Wall Street Journal 03/03/2010
German Optimism Depends On Spanish Deficits
Wall Street Journal 09/25/2013
Euro Zone Deficit Hits Target for First Time Since 2008
New York Times 04/23/2014
Spain's Example Shows Limits of EU Targets
Wall Street Journal 12/09/2011
The Euro Zone's Double Failure
Wall Street Journal 12/15/2011
Higher German inflation as a way to improve the competitiveness of other eurozone countries in 2012-2015
09/25/2011
Higher German inflation would provide a safety valve in the absence of the ability of countries in the eurozone to devalue their currencies to improve competitiveness.
Grouped Articles
New York Times 09/25/2011
Euro-Zone Inflation Returns to Record Low
Wall Street Journal 02/02/2014
Europe Moving Toward Small Steps to Promote Growth
New York Times 05/10/2012
Euro Zone Edges Closer to Deflation
Wall Street Journal 03/29/2014
Ultralow Inflation Hits Europe in Different Ways, Complicating Fix
Wall Street Journal 11/05/2014
The Upside of Europe’s Ebbing Inflation
Wall Street Journal 12/03/2014
Similarities between the experience of Argentina in 2001 and the experience of Greece, Ireland, Portugal and Spain in 2010-2012
12/09/2010
The financial crisis in the euro-zone and a similar situation that prevailed in Argentina in 2001. Experts from that period are convinced that euro-zone bondholders will have to accept securities offering less interest and maturing over a longer period.
Grouped Articles
Greek Government Bonds Pay Off Big for Fund Managers
Wall Street Journal 10/28/2013
Argentine Farmers Reap Discontent
Wall Street Journal 05/29/2014
What Greece Faces if It Defaults
New York Times 04/29/2015
If Greece Defaults, Imagine Argentina, but Much Worse
New York Times 06/25/2015
The Argentina Veterans Eye the Euro Warily
BusinessWeek 12/09/2010
Government debt: Behold 2011, the year of sovereign shocks
Economist 12/18/2010
Argentina and Venezuela in the emerging markets crisis of 2014- depreciating currency and high inflation
05/07/2012
Grouped Articles
Inflation Fuels Crises in Two Latin Nations
Wall Street Journal 02/06/2014
Dispute Leads Argentina to Revise Index
Wall Street Journal 02/06/2014
Argentines Fret Over Price Uncertainty
Wall Street Journal 02/06/2014
Argentina Peso Firms After Government Limits Banks' Foreign Currency Holdings
Wall Street Journal 02/06/2014
Argentina's Campaign Against Inflation Gets Personal
Wall Street Journal 02/08/2014
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
Efforts by emerging market countries to manage speculative foreign money inflows in 2010-2013
12/30/2010
Grouped Articles
Wall Street Journal 09/22/2011
Mom-and-Pop Investors Bolt Emerging Markets
Wall Street Journal 08/22/2013
New York Times 08/22/2013
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
Indonesia, South Korea Seek to Manage Inflows of Foreign Money
Wall Street Journal 12/30/2010
Wall Street Journal 08/03/2011
Foreign investors in India's stock market and the emerging markets crisis in 2013
02/07/2012
Grouped Articles
Emerging Stocks' Emerging Problems
Wall Street Journal 08/23/2013
A Surprising Reversal for Emerging Stock Markets
New York Times 08/23/2013
Skidding Rupee Endangers India's Slowing Economy
Wall Street Journal 08/28/2013
Indian Shares Advance to a Record
Wall Street Journal 10/31/2013
Wall Street Journal 11/04/2013
Wall Street Journal 11/17/2013
Emerging markets and the sea of liquidity that undermines manufacturing competitiveness in Brazil, Turkey and other countries
04/25/2011
Grouped Articles
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
Financial Fears Gain Credence as Unrest Shakes Turkey
New York Times 06/05/2013
Emerging Markets, Hitting a Wall
New York Times 06/22/2013
Mom-and-Pop Investors Bolt Emerging Markets
Wall Street Journal 08/22/2013
New York Times 08/22/2013
How Emerging Markets Can Get Their Mojo Back
Wall Street Journal 09/12/2013
Emerging market debt- 2010-2014
03/07/2011
Grouped Articles
Wall Street Journal 09/22/2011
Emerging Markets Are on Their Own
Wall Street Journal 06/23/2013
Mom-and-Pop Investors Bolt Emerging Markets
Wall Street Journal 08/22/2013
New York Times 08/22/2013
‘Fragile Five’ Is the Latest Club of Emerging Nations in Turmoil
New York Times 01/28/2014
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
The Economist on emerging market risks in 2014- not a repeat of 1997
05/07/2012
Grouped Articles
Economist 02/04/2014
Emerging markets: Locus of extremity
Economist 02/04/2014
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
Iran's devaluing currency as it is hit by sanctions and higher inflation
11/30/2011
With inflation running at 20%, and facing sanctions from the EU and the U.S., the Iranian currency declined in value from 7000 rials to the dollar to 15,150 rials to the dollar, acccording to the Fars News Agency.
Grouped Articles
Ex-Iran President Seeks Comeback Against Odds
New York Times 05/17/2013
Iranâs President Puts New Focus on the Economy
New York Times 08/03/2013
Sanctions Eased, Iran Gets Feelers From Old Trading Partners
New York Times 01/17/2014
I.M.F. Study Details Perils of Iranian Economy
New York Times 02/12/2014
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
Iran poised to choose poverty over nuclear disarmament - The Washington Post
Washington Post 11/01/2014
The recovery in Iceland in 2012-2013 after the devaluation of the currency
05/07/2012
Grouped Articles
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
How Iceland Emerged From Its Deep Freeze
New York Times 07/03/2015
In European Crisis, Iceland Emerges as an Island of Recovery
Wall Street Journal 05/19/2012
A warning light for Greece to exit the eurozone and return to the drachma to restore competitiveness and growth 2011-2012
05/26/2010
Greece needs to lower prices by 31% just to get to the level of Turkey, says the head of the Ifo research institute in Germany, Wener Sinn. Experts fear a breakdown in civil order inside Greece if deflation at this level occurs with Greece still using the euro. Hollande, the Socialist party candidate in France, also expressed similiar concerns, as reported in the New York Times, calling it a breakup in European governance that followed the breakdown in Greek governance. Sinn says the bondholders are overly exaggerating the risks of a breakup in the eurozone if Greece exits the euro.
Grouped Articles
Germany reaps rewards of entitlement cuts - The Washington Post
Washington Post 09/20/2011
New York Times 09/25/2011
New York Times 05/26/2010
New Attempt at French-German Amity Stumbles in Venice
Wall Street Journal 08/21/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
Departing EADS Chief Urges Europe to Recommit to Industry
New York Times 04/12/2012
France and the Euro currency
01/13/2011
Grouped Articles
Wall Street Journal 01/14/2011
Europeâs Odd Couple: Sarkozy and Merkel
New York Times 01/13/2011
Economist's Rise on World Stage Was Marked by Repeated Setbacks
Wall Street Journal 05/20/2011
France: Reforming gloomy France
Economist 04/23/2011
French Growth Falls to a Flat Zero
Wall Street Journal 08/13/2011
Economist 08/13/2011
Martin Feldstein on the Euro currency and the European Union in 2011-2012
12/15/2011
Feldstein on the efforts to solve the eurozone debt crisis and the vision of a united Europe.
Grouped Articles
The Euro Zone's Double Failure
Wall Street Journal 12/15/2011
Europe Needs Democratic Rejuvenation
Wall Street Journal 02/08/2012
Italy's Leader Warns EU Needs Better Democracy
Wall Street Journal 02/16/2012
Europe Needs the Bond Vigilantes
Wall Street Journal 04/05/2012
Europe's Reform Pact Means Little
Wall Street Journal 04/15/2012
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05/07/2012
Preparation for Greece's exit from the euro currency and return to the drachma- November 2011-2012
07/01/2011
Grouped Articles
‘Grexit’ Could Happen by Accident
Wall Street Journal 01/12/2015
New York Times 07/05/2015
New York Times 07/05/2015
Wall Street Journal 11/04/2011
Plan to Leave Euro for Drachma Gains Support in Greece
New York Times 11/01/2011
Europeâs Two Years of Denials Trapped Greece
New York Times 11/05/2011
The Netherlands and the euro currency
12/21/2011
Grouped Articles
Doubts Arise in Euro's Birthplace
Wall Street Journal 12/21/2011
Dutch Austerity Talks Fail as Geithner Prods Europe
New York Times 04/21/2012
Dutch Budget Talks Collapse Over Austerity Cuts
New York Times 04/22/2012
Holland, Not Hollande, Is Europe's Latest Worry
Wall Street Journal 04/24/2012
Dutch Government Moves Ahead on Austerity Plan
Wall Street Journal 04/28/2012
Dutch Confront the Euro Crisis
New York Times 05/01/2012
The twin problems of lack of growth under austerity plans and overvalued currencies of Italy, Greece, Spain and Portugal
06/24/2011
The twin problems of lack of growth and overvalued currencies under the solutions of austerity plans without debt reduction and a single euro currency create impossible odds for a resolution of the eurozone financial crisis. Germany's insistence on tough austerity measures, European banks delaying restructuring of bad loans similar to the U.S. Brady plan, failure of politicians in Italy and Greece to take early action, and small steps by policymakers, are compounding the effects of the eurozone crisis.
Grouped Articles
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
Italy Central Banker Is Open to 'Bad Bank'
Wall Street Journal 02/10/2014
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
Allan Meltzer's soluton for the financial crisis facing euro currency countries Portugal, Spain, Italy, Ireland and Greece
05/26/2010
Meltzer says a new currency union should be setup for the northern countries France, Germany, and others who commit to financial discipline and fiscally binding arrangements. The euro currency countries such as Italy and Greece should devalue their currency to fix gaps between wages and productivity in their countries. At a later stage these countries could be readmitted to the new currency union under strict fiscally binding arrangements with enforceable sanctions.
Grouped Articles
Germany reaps rewards of entitlement cuts - The Washington Post
Washington Post 09/20/2011
New York Times 09/25/2011
New York Times 05/26/2010
Wall Street Journal 09/14/2011
IMF Chief's Change of Tune on Bank Capital
New York Times 09/14/2011
Austerity in Italy May Not End Its Jobs-for-Votes System
New York Times 09/14/2011
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