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Greek Debt and American Debt: Graduation Speech at the University of Athens Economics and Business School

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Abstract

This is the graduation speech I gave on receiving an honorary doctorate at the University of Athens Economics and Business School. I talk about my Greek family, about how I got interested in economics, and then how in the 1990s I came to think about default, collateral, and leverage as the central features of the financial/macro economy, despite their complete absence (even now) from any textbooks. Finally I suggest that the Greek debt problem, and on a bigger scale, the American debt problem, can only be cured when lenders are prodded to forgive. That would be better for the borrowers but also for the lenders.

Suggested Citation

  • John Geanakoplos, 2011. "Greek Debt and American Debt: Graduation Speech at the University of Athens Economics and Business School," Cowles Foundation Discussion Papers 1837, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1837
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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d18/d1837.pdf
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    Cited by:

    1. Dedoussopoulos, Apostolos. & Aranitou, Valia. & Koutentakis, Franciscos. & Maropoulou, Marina., 2013. "Assessing the impact of the memoranda on Greek labour market and labour relations," ILO Working Papers 994837743402676, International Labour Organization.
    2. repec:ilo:ilowps:483774 is not listed on IDEAS

    More about this item

    Keywords

    Greek; Parents; Mathematical economics; Yale; Mortgage; Collateral; Securitization; Leverage; Foreclosure; Forgive; Principal;
    All these keywords.

    JEL classification:

    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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