JPI Spring 2018

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In the 3-4 years leading up to the Recession, labor rates fall, but the distribution of loan issues increases. 16 This pattern mirrors Germany’s as well. Additionally, as seen in the table below, the amount of spending in the years prior to the Recession actually increased by state. 16 Victoria Ivashina and David S. Scharfstein, “Bank Lending During the Financial Crisis of 2008,” SSRN Electronic Journal (2009). doi:10.2139/ssrn.1297337. <strong>JPI</strong> Fall 2017, pg. 32
There are various arguments for the reasons behind these indicators. Some economists argue that this was part of a natural cycle, while others stand firmly behind the idea that there was a great deal of negligence on the part of the U.S. government. Either way, a commonality endures with Germany. In the years preceding the financial crisis, increased government spending accompanied a lower labor participation rate, coupled with increased loan issues. From a moral hazard perspective, the defining elements are present. Falling labor rates should typically signal tightened monetary policy, but in both Germany and the United States the inverse resulted. However, one of the most important differences between Germany and the United States was the ability to print money. The United States is not part of a monetary union, and therefore has the ability to print its own currency without the need for accompanying reserves (like gold). This is in part due to policies that, in the past, did not restrict policymakers from doing so. In the United States, states control their own budgets, and like Germany, maintain account imbalances in the years ahead of the Recession. As with Germany, policy and movements by political actors played an integral role in account imbalances and the responses to <strong>JPI</strong> Fall 2017, pg. 33
Page 1 and 2: Spring 2018 Journal of Political In
Page 3 and 4: EDITORIAL BOARD ALINA ZHENG Editor
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Page 7 and 8: COMMON CONTROVERSIES The definition
Page 9 and 10: Bosnia’s Ottoman Legacy Can it Ac
Page 11 and 12: to World War I. As a result of its
Page 13 and 14: that the concept of national identi
Page 15 and 16: protest and anger. 47 For 150 years
Page 17 and 18: Poland and the United States: Popul
Page 19 and 20: Dahl also noted that in a polyarchy
Page 21 and 22: Electorist political business cycle
Page 23 and 24: Therefore, liberal parties are face
Page 25 and 26: There is a crisis of party legitima
Page 27 and 28: Since the Great Recession, a great
Page 29 and 30: and Italy, two of the largest and m
Page 31: While this cannot explain the entir
Page 35 and 36: The United States and Germany were
Page 37 and 38: Table 1 shows Greek government defi
Page 39 and 40: subprime lending industry in the Un
Page 41 and 42: Why Do Cease-Fire Agreements Mediat
Page 43 and 44: temporarily belligerents are able t
Page 45 and 46: so they fear power sharing after th
Page 47 and 48: CONCLUSION In the Walter hypothesis
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Page 53 and 54: “The Sino-Soviet dispute… broug

JPI Spring 2018

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