Free - riders to forerunners Technical Supplement : An Elementary North - South Euro Crisis
نویسندگان
چکیده
We consider the evolution of the euro economies of the northern (creditor) and southern (debtor) countries during the euro crisis in terms of an idealized stocks-and-flows, two-country (North-South) model based on four key actors (banks, firms, households and governments) in each country. Each actor is characterized by a stock of money (box) and money flows (hour glases) to neighbouring actors. It is asssumed that the net money flows for firms and households both sum to zero; thus money is accumulated only by governments and banks.
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