NABE Silicon Valley RoundTable

NABE Silicon Valley RoundTable

Europe's Sovereign Debt Crisis: The End Game


Dr. Michael Hutchison is a professor of economics at University of California at Santa Cruz (UCSC) where he researches and teaches international finance and open economy macroeconomics. He is also Principal of California International Economic Consultants, a consulting firm specializing in statistical and economic research for financial institutions.

Summary:  The Euro Area is facing a “sovereign debt crisis” that is concentrated in Greece but also threatens Ireland, Portugal, Spain and others. The European Commission (EC) and European Central Bank (ECB) have implemented several policies attempting to shore up fiscal solvency and government bond markets in these countries. Nonetheless, the crisis continues and has the potential break-up the Euro area into a “core” and a periphery group that abandons the common currency.

This talk reviews the problems at the root of the European fiscal crisis, evaluates whether EC and ECB measures are likely to be successful, and speculates on the future vitality and membership of the Euro area.

 Previously, Hutchison held positions at the Federal Reserve Bank of San Francisco (1983-85), the Bank for International Settlements (1989-1991) and the Copenhagen Business School (1995-97). He has been a visiting scholar at positions at the Federal Reserve Bank of San Francisco (continuing appointment), the Bank of Japan, the Hong Monetary Authority, the Reserve Bank of New Zealand, the International Monetary Fund, the Asian Development Bank and other institutions. At UCSC, Hutchison has served as Chair of the Economics Department and Dean of Social Sciences. His recent research focuses on the causes and costs of financial crises in developing economies, the European sovereign debt crisis, the conduct of monetary policy in emerging markets (esp. China and India) and the effectiveness of international capital controls.

He has published over 100 articles and 8 books and monographs on these and other topics. His recent research has appeared in leading journals in economics, including the Economic Journal, Review of Economics and Statistics, Journal of Development Economics, Journal of Money, Credit and Banking, Journal of International Economics, IMF Economic Review and Journal of Banking and Finance.

Date:  March 12, 2013
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