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SUMMARY: St Catharine’s Political Economy Seminar - ‘Global Imbalances
  and Greece's Exit from the Crisis’ by Dimitrios Tsomocos - Dimitrios Ts
 omocos
DTSTART:20180207T180000Z
DTEND:20180207T193000Z
UID:TALK98155@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:*Date:* Wednesday\, 7 February 2018\n*Time:* 18:00 -19:30\n*Sp
 eaker:* Dimitrios Tsomocos   \n*Talk Title:* ‘Global Imbalances and Gree
 ce's Exit from the Crisis’\n*Location:* Ramsden Room\, St Catharine's Co
 llege \n\nThe next St Catharine's Political Economy Seminar in the series 
 on the Economics of Austerity\, will be held on 07 February\, 2018 - Dimit
 rios Tsomocos will give a talk on "Global Imbalances and Greece's Exit fro
 m the Crisis". The seminar will be held in the Ramsden Room at St Catharin
 e's College from 6.00-7.30 pm. All are welcome. The seminar series is supp
 orted by the Cambridge Journal of Economics and the Economics and Policy G
 roup at the Cambridge Judge Business School.\n\n*Speaker:*\nDimitrios P. T
 somocos is a Professor of Financial Economics at Saïd Business School and
  a Fellow in Management at St Edmund Hall\, University of Oxford. His main
  areas of expertise include: Banking and regulation\, Incomplete asset mar
 kets\, Systemic risk and Financial instability.  He co-developed the Goodh
 art - Tsomocos model of financial fragility in 2003 while working at the B
 ank of England. The impact has been significant and more than ten central 
 banks have calibrated the model. \nProfessor Tsomocos provided testimony t
 o House of Lords for the Economic and Financial Affairs and International 
 Trade Sub Committee's report\, 'The future of economic governance in the E
 U'. He has worked with central banks in countries including England\, Bulg
 aria\, Colombia\, Greece\, Korea and Norway to implement the Goodhart - Ts
 omocos model and advise them on issues of financial stability. He also ser
 ves as a Senior Research Associate at the Financial Markets Group at the L
 ondon School of Economics. Prior to joining the Saïd Business School in 2
 002\, Professor Tsomocos was an economist at the Bank of England. He holds
  a BA\, MA\, M.Phil.\, and a PhD from Yale University.\n\n*Talk Overview:*
 \nThe global capital imbalances constituted a primary factor for the Euroz
 one debt crisis and amplified the divergence between the core countries an
 d the periphery. For the case of Greece there exist three 'alternative' ma
 instream explanations of the crisis and the subsequent recession: The Gree
 k (political and institutional inefficiency)\, the European (institutional
  incompetence and extended corruption) and the I.M.F. (debt overhang\, nec
 essity of “hard” budget constraints\, public investments and expansion
 ary monetary policy). The two academic strands that dominate the debate ar
 e the one of the importance of debt overhung and rational expectations and
  the one of heterogeneous general equilibrium models. We argue that the ex
 it from the crisis warrants: \n1. Debt restructuring and nationalisation o
 f N.P.L.s\n2. Reduction of public sector profligacy and institutional effi
 ciency \n3. Public investments and investments for internationally traded 
 goods \n4. Tax relief (corporate and property taxation)\; 5. Re-stabilisat
 ion of market expectations and creditworthiness.
LOCATION:Ramsden Room
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