Quarterly Journal of Austrian Economics
Author:
Andreas Hoffmann
Gunther Schnabl
Online Publish Date:
Volume 16, Number 2 (Summer 2013) This paper describes the international transmission of boom-and-bust cycles to small periphery economies as the outcome of excessive liquidity supply in large center economies, based on the credit cycle theories of Hayek, Mises , and Minsky . We show how too-expansionary monetary policies can cause