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The US 19th and 20th Century Experiences: Lessons for the Eurozone Crisis

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  • Aizenman, Joshua

Abstract

The evolution of institutions in the US and other unions provides clear lessons. There are large gains from buffering currency unions with a union-wide deposit insurance, and partial debt mutualisation. The credibility of a union deposit insurance scheme requires transparent funding and supervision, with a reliable backstopping mechanism. Establishing the credibility of such a scheme benefits from partial debt mutualisation and the formation of a dedicated union-level tax collection needed to serve these liabilities. Limited debt mutualisation does not preclude the existence of a vibrant independent debt market for the union’s states, restricted by each state’stax revenue.

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  • Aizenman, Joshua, 2012. "The US 19th and 20th Century Experiences: Lessons for the Eurozone Crisis," Santa Cruz Department of Economics, Working Paper Series qt5wg1w23t, Department of Economics, UC Santa Cruz.
    • Handle: RePEc:cdl:ucscec:qt5wg1w23t
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