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Reframing austerity: financial morality, savings and securitization

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  • Dick Bryan
  • Michael Rafferty

Abstract

Austerity in the twenty-first century is different, compared both with the past, and across locations. This analysis explores the different role played by households in policies designed to maintain financial market liquidity in the context of aspirations of state deficit reduction. While in Europe there is austerity as popularly depicted, in the United States, where mortgage-backed securities have become central to monetary policy, the agenda is to keep households meeting their debt obligations. These differences are explained in terms of different conceptions of monetary policy and evolving conceptions of money itself. The evidence portends a changing role for households and their financial payments in anchoring the money system.

Suggested Citation

  • Dick Bryan & Michael Rafferty, 2017. "Reframing austerity: financial morality, savings and securitization," Journal of Cultural Economy, Taylor & Francis Journals, vol. 10(4), pages 339-355, July.
    • Handle: RePEc:taf:jculte:v:10:y:2017:i:4:p:339-355
    DOI: 10.1080/17530350.2017.1287764
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    References listed on IDEAS

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    1. Thomas Herndon & Michael Ash & Robert Pollin, 2014. "Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(2), pages 257-279.
    2. John Quiggin, 2012. "Zombie Economics: How Dead Ideas Still Walk among Us: With a new chapter by the author," Economics Books, Princeton University Press, edition 1, number 9702.
    3. Blyth, Mark, 2013. "Austerity: The History of a Dangerous Idea," OUP Catalogue, Oxford University Press, number 9780199828302.
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