“Does the LIBOR Misdirect Monetary Policy?  A Case Study on the NIBOR and Norges Bank 2007-11”

 For recent media coverage of LIBOR:

Financial Times (Op-ed by Costas Lapavitsas and Alexis Stenfors 6 February 2013)

The Guardian (comment by Larry Elliot 28 October 2012 on Alexis Stenfors’ recent RMF discussion papers on Libor Games)

Aftenposten (Interview with Alexis Stenfors 7 March 2013 on NIBOR and Norges Bank)

June 2012

All three RMF reports on the eurozone crisis are now available as a single paperback, with a new introduction by Stathis Kouvelakis. Crisis in the Eurozone is published by Verso Books

Reviews
“This book is indispensable for anyone trying to make sense of the European Union’s implosion.”
– Alex Callinicos, Professor of European Studies, King’s College London

“Crisis in the Eurozone combines the urgency of front-line reporting with insightful detail about the players involved and mechanisms at work”
– Gary A. Dymski, Professor of Economics, University of California, Riverside

“The most comprehensive, thoughtful, and insightful dissection of the Eurozone’s problems. If you could only read one item on this momentous crisis, this book would be it.”
– Stergios Skaperdas, Professor of Economics, University of California, Irvine

For Media Coverage of the Book see Socialist Review (by Joseph Choonara, June 2012), Guardian (interview with Costas Lapavitsas, 13 June 2012), Observer (by Heather Stewart, 24 June 2012), Publico (in Portuguese, interview with Costas Lapavitsas, 29 June 2012)

41.Does the LIBOR Misdirect Monetary Policy? A Case Study on the NIBOR and Norges Bank 2007-11, by Alexis Stenfors

This paper is an empirical investigation into the Norwegian Interbank Offered Rate (NIBOR) during 2007-2011. It is demonstrated that an informal rule change to the benchmark fixing mechanism, instigated by the NIBOR panel in September 2008…

40. LIBOR as a Keynesian Beauty Contest: A Process of Endogenous Deception, by Alexis Stenfors

This paper uses the Keynesian Beauty Contest as a theoretical framework to analyse the LIBOR fixing mechanism. The ‘true’ money market rate can be seen as a fundamental value, or focal point, towards which the LIBOR should aim…

39. LIBOR Games: Means, Opportunities and Incentives to Deceive, by Alexis Stenfors

This paper adopts a game-theoretical approach to analyse the LIBOR fixing mechanism. Several non-zero-sum LIBOR Games are modelled and then solved using a standard Bayes Nash solution…

38. Financialisation, Reserve Accumulation and Central Bank in Emerging Economies: Banks in Brazil and Korea, by Juan Pablo Painceira

This paper based on the financialisation literature discusses how central banks in key middle income countries (Brazil and Korea) through their liquidity and public debt management have spread the process of financialisation in both countries in the last decade.

37. State, Class and the “Fixing” of Capitalism in Mexico, by Hepzibah Muñoz Martínez

The paper argues that an analysis of the class structure in Mexico, particularly the capitalist class, sheds lights on the power relations involved in the making of policy responses to the recent crisis in two ways…

November 2011

Download full report

For Media Coverage of the Report see Journal Utopia (in Greek, by Christina Laskarides, 5 December 2011), Der Standard (in German, interview with Annina Kaltenbrunner, 1 December 2011), Public Service Europe (by Jo Michell, 30 November 2011), La Vanguardia (in Spanish, interview with Costas Lapavitsas, 22 November 2011), Rosa Luxemburg Stiftung (in German, 21 November 2011), iEco (in Spanish, by Isabel Stratta, 20 November 2011), Epikaira (in Greek, by Leonidas Vatikiotis, 17 November 2011), The Miami Herald (by Joanna Kakissis, 17 November 2011), Prin (in Greek, by Petros Kosmas, 13 November 2011), El Pais (in Spanish, by Amanda Mars, 13 November 2011), The Observer (by Heather Stewart, 13 November 2011), Eleftherotypia (in Greek, by Leonidas Vatikiotis, 12 November 2011), CNN (by Costas Lapavitsas, 10 November 2011).

September 2010

Sweeping public cutbacks are being imposed across the Eurozone. A new RMF report analyses the costs, benefits and social implications of action to break the cycle of debt as opposed to enduring austerity-induced long-term stagnation.

Download full report

Download executive summary in English and French (thanks to Eric Toussaint)

For Media Coverage of the Report see El Pais (in Spanish, 12 September 2010), Jornal de Negocios (in Portuguese, 13 September 2010), Sbilanciamoci (in Italian, 15 September 2010), GR Reporter (in English, 17 September 2010), Imerisia (in Greek, 17 September 2010), Prin (in Greek, 20 September 2010),  Epikaira (in Greek, 22 September 2010),  Público (in Portuguese, 26 September 2010), Eleftherotipia (in Greek, 26 September 2010), Sky Radio (in Greek, interview with Costas Lapavitsas, audio posted: 26 September 2010), The Guardian (by Costas Lapavitsas, 1 October 2010), EUobserver (by George Irvin, 4 October 2010), La Vanguardia (in Spanish, 17 October 2010), Jornal de Negócios (in Portuguese, interview with Costas Lapavitsas, 6 December 2010).

March 2010

RMF report considers the causes of the Eurozone crisis and discusses alternative policies.

Download full report

Download Executive Summary in English, French, German, Greek, Italian, Portuguese, Spanish and Turkish. Download Press Release  in English, Greek, Portuguese, Spanish and Turkish.





For Media Coverage of the Report see The Guardian (by Larry Elliott, 15 March 2010), Público I – Público II (in Portuguese, 18 March 2010), Birgün I – Birgün II (in Turkish, 18-19 March 2010), Jornal de Negócios I - Jornal de Negócios II (in Portuguese, 19 March 2010), El Pais (in Spanish, 20 March 2010), Epohi (in Greek, 21 March 2010), Kathimerini (in Greek, 21 March 2010), The Guardian (by Costas Lapavitsas, 21 March 2010), BBC World Service (interview with Costas Lapavitsas, audio posted: 25 March 2010), Kokkino (in Greek, interview with Costas Lapavitsas, audio posted: 25 March 2010), Vima (in Greek, 27 March 2010), Makedonia (in Greek, 28 March 2010), Público (in Portuguese, 28 March 2010), El Pais (in Spanish, 4 April 2010), La Vanguardia (in Spanish, 4 April 2010), Epohi (in Greek, 4 April 2010), Eleftherotipia (in Greek, 11 April 2010), Epikaira (in Greek, 13 April 2010), Deia (in Euskara, 16 April 2010).

Economics for the 99% & other articles

Watch Guardian’s new video on Greek health system from the creators of Debtocracy and Catastroika documentaris

As Greece faces the most important election in a generation, its public healthcare system is on the verge of total collapse, with many hospitals forced to cancel operations. Greek documentary maker Aris Chatzistefanou, whose films Debtocracy and Catastroika have made him one of the most exciting young voices in Europe was given access to Nikaia hospital to meet the doctors struggling to keep their patients alive and the system working

The campaign for an Audit Commission on Greek Public Debt was launched in Athens on March 3rd. Supported by numerous prominent signatories globally, amongst whom many academics, Members of Parliament and Members of the European Parliament, the petition has reached almost 9000 signatures in just a couple of weeks. The campaign has also received great attention from the media worldwide.

Declaration from the Athens Conference on Debt and Austerity
Statement of action and solidarity (May, 2011)

Read the Call for the Audit Commission and sign the petition online at:

http://www.gopetition.com/petition/43171.html

Media coverage:

Guardian: Can Europe escape the debt trap? Yes – and here’s how

Guardian: Europe needs debt relief, not decades of austerity

Guardian: Support the campaign to audit Europe’s public debt

EU Observer: Pressure grows for an independent audit of Greek debt

Financial Times: Interesting, odd and odious sovereign debt ideas

Tovima: Ζητούν έλεγχο νομιμότητας χρέους

Avgi: Επιτροπή Λογιστικού Ελέγχου Χρέους: Να μάθουμε τι χρωστάμε, να δούμε τι θα πληρώσουμε…

El Pais: Portugal gana apoyos políticos para evitar el rescate de la deuda

Tercera informacion: Chomsky, Loach a Grecia e Irlandia: “No pagueis!”

Negocios: Auditoria à dívida grega ganha adeptos para preparar reestuturação

Academic Publications

Marois, T. (2011) “Emerging market bank rescues in an era of finance-led neoliberalism: A comparison of Mexico and Turkey” Review of International Political Economy, 18 (2), 168-196.

Onaran, Ö., Stockhammer, E. and Grafl, L. (2011) “Financialization, distribution, and aggregate demand in the US”, Cambridge Journal of Economics, 35(4), 637-662.

Onaran, Ö. (2011) “From wage suppression to sovereign debt crisis in Western Europe: Who pays for the costs of the crisis?” International Journal of Public Policy, 7(1-3), 51-69.

Onaran, Ö. (2011) “From transition crisis to the global crisis: Labor in Eastern Europe”, Capital and Class, 35(2), 213-232.

Newspaper Articles and Briefings

Financial Times, Alexis Stenfors and Costas Lapavitsas, 7 February 2013,
A Fine Against RBS will not fix Libor - Royal Bank of Scotland has been landed by US and UK regulators with a £390m fine for manipulating the London interbank offered rate, hard on the heels of fines for Barclays and UBS.  

Social Europe Journal, John Weeks, 28 May 2012,
Greece: Chronicle of a Default Foretold–Sometime this European summer the Greek government will default on its euro debts and attempt to manage an exit from the common currency.

Financial Times, Costas Lapavitsas, 23 May 2012,
It is in Greece’s interest to leave the Euro–Greek politics is splitting into two camps to contest the coming elections, one led by the rightwing New Democracy, the other by the leftwing Syriza.

The Real News, John Weeks, 30 December 2011,
The Euro Crisis in 7 Simple Charts: They’re telling you a real pack of lies– The crisis of the euro currency zone is an excellent example of how flagrant lies can successfully be converted into accepted wisdom.

Guardian, Comment is Free, Engelbert Stockhammer, 27 October 2011,
The euro: how to reform, not rescue, the system– The effective creation of a European welfare state could give new life to a project that has been built on unstable foundations.