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Author : Paul Wallace
Publisher : Cambridge University Press
Page : 343 pages
File Size : 51,7 Mb
Release : 2016
Category : Business & Economics
ISBN : 9781107104891
A clear, analytical and balanced guide to the euro experiment and subsequent crisis that will appeal to a wide readership.
Author : Waltraud Schelkle
Publisher : Oxford University Press
Page : 387 pages
File Size : 54,7 Mb
Release : 2017
Category : Business & Economics
ISBN : 9780198717935
Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk-sharing become institutions of monetary solidarity if they are consciously maintained, but they will periodically face opposition in member states. This book argues that diversity of membership is not an economic obstacle to the success of the euro, as diversity increases the potential gains from risk sharing. But political cooperation is needed to realize this potential, and such cooperation is up against collective action problems which become more intractable as the parties become more diverse. Hence, risk-sharing usually comes about as a collective by-product of national incentives. This political-economic tension can explain why the gains from risk-sharing are not more fully exploited, both in the euro area and in the US dollar area. This approach to monetary integration is based on the theory of collective action when hierarchy is not available as a solution to inter-state cooperation. The theory originates with Keohane and Ostrom (1995) and it is applied in this book, taking into account the latest research on the inherent instability of financial market integration.
Author : Niall Ferguson,Daniel Cohn-Bendit,Josef Joffe,Peter Mandelson
Publisher : House of Anansi
Page : 104 pages
File Size : 45,7 Mb
Release : 2012-10-08
Category : Political Science
ISBN : 9781770892293
In the sweep of human history, the European Union stands out as one of humankind's most ambitious endeavours. It encompasses half a billion people, twenty-seven member states, twenty-three languages, and an economy valued at over $15 trillion. Modern Europe's stunning achievements aside, its sovereign debt crisis has shaken the world's largest political and economic union to its core. Can the federal institutions and shared values of Europeans meet the challenges of debt crisis that are as much political as economic? Or, are Europe's current woes indicative of a series of deep structural faults that foreshadow the breakup and failure of the European Union? In this edition of the Munk Debates -- Canada's premier international debate series -- former EU Commissioner Lord Peter Mandelson and EU parliament co-president of the Greens/European Free Alliance Group Daniel Cohn-Bendit, German publisher-editor and author Josef Joffe, and renowned economic historian Niall Ferguson debate the future of the EU -- one of the most pressing global issues of our day. For the first time ever, this electrifying debate, which played to a sold-out audience, is now available in print, along with candid interviews with Niall Ferguson and Lord Peter Mandelson. As youth unemployment rates flare, currencies collapse, and political alliances erode, the Munk Debate on Europe tries to answer: Has the great European experiment failed?
Author : Joseph E Stiglitz
Publisher : National Geographic Books
Page : 0 pages
File Size : 50,6 Mb
Release : 2016-08-16
Category : Business & Economics
ISBN : 9780393254020
Can Europe prosper without the euro? In 2010, the 2008 global financial crisis morphed into the “eurocrisis.” It has not abated. The 19 countries of Europe that share the euro currency—the eurozone—have been rocked by economic stagnation and debt crises. Some countries have been in depression for years while the governing powers of the eurozone have careened from emergency to emergency, most notably in Greece. In The Euro, Nobel Prize–winning economist and best-selling author Joseph E. Stiglitz dismantles the prevailing consensus around what ails Europe, demolishing the champions of austerity while offering a series of plans that can rescue the continent—and the world—from further devastation. Hailed by its architects as a lever that would bring Europe together and promote prosperity, the euro has done the opposite. As Stiglitz persuasively argues, the crises revealed the shortcomings of the euro. Europe’s stagnation and bleak outlook are a direct result of the fundamental challenges in having a diverse group of countries share a common currency—the euro was flawed at birth, with economic integration outpacing political integration. Stiglitz shows how the current structure promotes divergence rather than convergence. The question then is: Can the euro be saved? After laying bare the European Central Bank’s misguided inflation-only mandate and explaining how eurozone policies, especially toward the crisis countries, have further exposed the zone’s flawed design, Stiglitz outlines three possible ways forward: fundamental reforms in the structure of the eurozone and the policies imposed on the member countries; a well-managed end to the single-currency euro experiment; or a bold, new system dubbed the “flexible euro.” With its lessons for globalization in a world economy ever more deeply connected, The Euro is urgent and essential reading.
Author : Alberto Alesina,Francesco Giavazzi
Publisher : University of Chicago Press
Page : 624 pages
File Size : 50,8 Mb
Release : 2010-04-15
Category : Business & Economics
ISBN : 9780226012858
It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.
Author : Markus K. Brunnermeier,Harold James,Jean-Pierre Landau
Publisher : Princeton University Press
Page : 457 pages
File Size : 47,6 Mb
Release : 2016-08-04
Category : Business & Economics
ISBN : 9781400883332
How philosophical differences between Eurozone nations led to the Euro crisis—and where to go from here Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival. As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe’s future.
Author : Otmar Issing
Publisher : Cambridge University Press
Page : 260 pages
File Size : 51,5 Mb
Release : 2008-09-18
Category : Business & Economics
ISBN : 9781139473576
Today, 318 million people in 15 countries use the Euro, which now rivals the importance of the US Dollar in the world economy. This is an outcome that few would have predicted with confidence when the Euro was launched. How can we explain this success and what are the prospects for the future? There is nobody better placed to answer these questions than Otmar Issing, who as a founding member of the Executive Board of the European Central Bank (1998–2006), was one of the Euro's principal architects. His story is a unique insider account, combining personal memoir with reference to the academic and policy literature. Free of jargon, this is a very human reflection on a unique historical experiment and a key reference for all academics, policy makers, and 'Eurowatchers' seeking to understand how the Euro has got to where it is today and what challenges lie ahead.
Author : Ewald Nowotny,Peter Mooslechner,Doris Ritzberger-Grunwald
Publisher : Edward Elgar Publishing
Page : 265 pages
File Size : 52,7 Mb
Release : 2010-01-01
Category : Business & Economics
ISBN : 9781849805698
The Euro and Economic Stability assesses the euro area's merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making. The prime audience for this invaluable book will be economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The book is also aimed at readers with a particular interest in the contributions' special regional focus: Central, Eastern and South-Eastern Europe.
Author : Johan Van Overtveldt
Publisher : Agate Publishing
Page : 240 pages
File Size : 45,9 Mb
Release : 2011-11-09
Category : Business & Economics
ISBN : 9781572846883
From the acclaimed author of Bernanke’s Test, “an essential title for any reader with investments or interest in financial instruments” (Library Journal). The End of the Euro begins with an overview of the birth of the euro itself. Understanding this history is essential to understand the anomalies built into the project from the beginning. These anomalies form the subject of chapter two, along with how they led to the situation that turned Greece, Portugal, and Spain into euro-destroying economic disaster areas. Chapter three shows how this was not an unforeseeable situation, as Europe’s history is filled with earlier failed attempts to build monetary unions. Chapter four is focused on Germany, by far the most important country within EMU, and why the chances of Germany leaving the union are much higher than is generally assumed. The book concludes with an analysis of what lies in wait for the remains of the monetary union—and for a deeply divided and troubled continent in general. Either the EMU transforms itself fundamentally or it disintegrates. “Johan Van Overtveldt is a consistently insightful and incisive writer and I await each of his books with real anticipation.” —Tyler Cowen, The Marginal Revolution blog “A whole generation of Europeans has found comfort in the idea that economic cooperation has overruled the pull of power politics and even some basic laws of economics. This book forcefully squashes that illusion. A must-read!” —Jonathan Holslag, research fellow at the Brussels Free University
Author : Werner Röger,Jan in 't Veld
Publisher : Unknown
Page : 56 pages
File Size : 40,6 Mb
Release : 2002
Category : Business cycles
ISBN : IND:30000087306969
Recoge: 1. Introduction - 2. The QUEST model - 3. Policy simulations - 4. Supply shocks - 5. Conclusions.
Author : Alistair Jones
Publisher : Edinburgh University Press
Page : 272 pages
File Size : 46,7 Mb
Release : 2016-03-07
Category : Political Science
ISBN : 9781474411790
This updated guide examines the different relationships between the various tiers of government in the UK and the EU, and how the EU's powers affect the UK, from a range of perspectives. It evaluates the role of the media, political parties, pressure groups, social media and the ever-changing position of public opinion, and places the relationship in its historical context to show how it has evolved over time. Each chapter includes an introduction, learning goals, a glossary, likely exam questions, helpful websites and suggestions for further reading. This new edition has two new chapters, 'Europeanisation' and 'The British Media and the EU', includes the fallout from the 2015 UK Parliament general election and the 2014 European Parliament election and draws on freshly updated examples, tables and figures updated throughout.
Author : Miguel Otero-Iglesias
Publisher : Routledge
Page : 280 pages
File Size : 54,5 Mb
Release : 2014-09-19
Category : Political Science
ISBN : 9781317636762
This book analyses how financial elites in key dollar-holding emerging markets perceive the contest between the euro and the dollar for global currency status. It also assesses how far the Eurozone has gone in challenging US hegemony in monetary affairs through the prism of these elites. Drawing on Chartalist and Constructivist theories of money, the author provides a systematic approach to studying global currency dynamics and presents extensive original empirical data on financial elites in China, Saudi Arabia, the UAE and Brazil. The author demonstrates, amongst other things, how the gradual ascendance of a structurally flawed currency like the euro has highlighted the weaknesses of the dollar ad how the euro has demonstrated that sovereignty sharing in monetary affairs is possible and that the international monetary system can be a multicurrency and multilateral system. In this highly innovative and important book, Otero-Iglesias shows the importance of studying financial elites in Brazil, China and the GCC countries in order to understand the full impact, material and ideational, of the euro in the transformation of the IMS. It will be vital reading for students and scholars of International Political Economy, International Economics, International Finance, Economic History, Economic Sociology, International Relations, Comparative Political Economy and Comparative Politics.
Author : Alfred Charles True,Vinton Albert Clark
Publisher : Unknown
Page : 958 pages
File Size : 48,6 Mb
Release : 1900
Category : Agricultural experiment stations
ISBN : UOM:39015039546059
Author : D. Howarth,Peter Loedel
Publisher : Springer
Page : 245 pages
File Size : 41,8 Mb
Release : 2003-05-14
Category : Business & Economics
ISBN : 9780230503106
David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.
Author : Rajmund Mirdala,Rosaria Rita Canale
Publisher : Emerald Group Publishing
Page : 477 pages
File Size : 44,9 Mb
Release : 2017-08-22
Category : Business & Economics
ISBN : 9781787145108
This book offers a critical perspective from which to observe evolution of the Euro Area and the European Union in these times of growing economic and political conflict.
