Debtors’ Crisis or Creditors’ Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses? Jan Kregel

In the context of the eurozone’s sovereign debt crisis and the US subprime mortgage crisis, this article looks at the question of how the losses ought to be distributed between borrowers and lenders in cases of debt resolution. The author points out that it is unlikely that debtors can fully bear the losses in a debt resolution. It is argued that the behavior and policy of creditors is just as important a factor to consider in assessing the situation. debtors_crisis (Download the full text in PDF format)

International Financial Architecture: A view from the kitchen Diane Elson

This paper discusses the issues of better integration of social and economic policy; greater transparency and accountability in the governance of finance; and the construction of a new reformed international financial architecture from a gender perspective, with a particular concern for the implications for poor women living in the South. architecture (Download the full text in PDF format)