The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts
回顾2010年5月和2011年7月希腊救助协议的达成过程，将其解释为政治经济均衡的结果，并论证这些均衡可能未达到帕累托最优，分析欧元区集体决策为何可能导致次优结果。
We review the events that led to the May 2010 and July 2011 bailout agreements. We interpret the bailouts as outcomes of political-economy equilibria. We argue that these equilibria were likely not on the Pareto frontier, and sketch political-economy arguments for why collective policymaking in the Euro area may lead to suboptimal outcomes.