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Public and Private Debt Markets in Disequilibrium Theory

In: Stability in International Finance

Author

Listed:
  • Frederick Betz

    (Portland State University
    SUNY Korea)

Abstract

We have modeled how financial markets trading capital assets can go into price disequilibrium and create financial bubbles. We next modeled how within an international financial grid, investment banks create the financial products of a financial market. And we saw how the unregulated networks in the grid produce and sell financial products of questionable quality and little public good. Next we modeled how the sovereign bonds of Greek nation went into price disequilibrium, triggering a financial crisis in Greece and a subsequent depression lasting over 5 years. But at the same time of the fiscal crisis in Greece, a fiscal crisis occurred in Spain. And after 2010, Spain’s fiscal crisis was solved but Greece’s was not solved. Why the difference between Spain’s solution and Greece’s lack of solution to their fiscal problems? It had to do with the different market sources of the crises, a private-debt market in Spain and a public debt-market in Greece.

Suggested Citation

  • Frederick Betz, 2016. "Public and Private Debt Markets in Disequilibrium Theory," SpringerBriefs in Economics, in: Stability in International Finance, edition 1, chapter 0, pages 65-77, Springer.
    • Handle: RePEc:spr:spbchp:978-3-319-26760-9_4
    DOI: 10.1007/978-3-319-26760-9_4
    as

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