欧洲软预算约束与货币区失灵
分析欧盟一体化中的软预算约束困境、最优货币区体检不及格及意大利大到不能救的结构性矛盾。
odus@odusGDP Blind Spots and Triangular Debt: The Balance Sheets of Privately Battered Companies
Japan’s GDP and Asset Price Divergence；Comparing the Economic Pathologies of China and Japan；Balance-Sheet Recession vs. Distorted GDP；Real Estate and Private Enterprise Balance-Sheet Recession
odus@odusUS Bailout: Layered Mechanism of Bad Debt Clearance and Top-Level Guarantee
2008 Bailout vs. Market Clearing；Europe's "Radical Cure" vs. "Delay and Cover-Up"
odus@odusSoft budget constraints: EU greenhouse and the death of competitive spirit
Contradiction between EU disintegration and integration；Collapse of monetary credibility and bank runs；Soft budget constraints and the illusion of great power