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Macroeconomic Theory And The Eurozone Crisis
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Book Synopsis Macroeconomic Theory and the Eurozone Crisis by : Alain Alcouffe
Download or read book Macroeconomic Theory and the Eurozone Crisis written by Alain Alcouffe and published by Routledge. This book was released on 2018-10-11 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2007 required the economics discipline to thoroughly re-evaluate its prevailing theories about economic cycles and economic growth. With a focus on Europe, this volume identifies the latest strands of research on business cycles, monetary theory, the evolution of social policies and public spending, and the institutional context of the European Union. It also considers whether these new ideas could have helped us avoid the crisis, and how they might reshape the current economic paradigm. This book will be of interest to advanced students and researchers in European economics, macroeconomics and economic history.
Book Synopsis Modern Monetary Theory and European Macroeconomics by : Dirk H. Ehnts
Download or read book Modern Monetary Theory and European Macroeconomics written by Dirk H. Ehnts and published by Routledge. This book was released on 2016-10-14 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.
Book Synopsis Crisis in the Eurozone by : M. Baimbridge
Download or read book Crisis in the Eurozone written by M. Baimbridge and published by Springer. This book was released on 2014-12-04 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the background of the eurozone crisis, outlining a number of potential solutions. It attempts to discover if the problems could have been anticipated, and examines how well have the fiscal EMU rules been adhered to and how appropriate they are.
Book Synopsis Macroeconomic Theory and Its Failings by : Steven Kates
Download or read book Macroeconomic Theory and Its Failings written by Steven Kates and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: This innovative book focuses on the current global financial crisis and the inadequacies of the economic theories being used to guide policy. In so doing, it tackles the economic theories that have been used firstly to understand its causes and thereafter to contain the damage it has brought.
Book Synopsis The European Roots of the Eurozone Crisis by : Mario Baldassarri
Download or read book The European Roots of the Eurozone Crisis written by Mario Baldassarri and published by Springer. This book was released on 2017-10-01 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the Eurozone crisis in light of theoretical and empirical evidence. The first half explores specific theoretical contributions within a framework of growth theory models to examine the two major pillars of the European construction, the European Central Bank and the Maastricht Treaty, and seeks to explain why they are theoretically wrong. The second half presents results of counterfactual simulations using the Oxford Econometric model and estimates what the Eurozone has lost in terms of economic and social cost from 2002 to 2014 as a consequence of the super-evaluation of the Euro and the Maastricht Treaty parameters being mistakenly fixed and pursued. Finally, the author supports the urgent need to refund the European Union, up-dating The Maastricht Treaty and the ECB statute to build three concentric circles: the USE (United States of Europe), the EU (European Union), the EAFTDA (Europe/Africa Free Trade and Development Area).
Book Synopsis Fiscal and Monetary Policy in the Eurozone by : Rosaria Rita Canale
Download or read book Fiscal and Monetary Policy in the Eurozone written by Rosaria Rita Canale and published by Emerald Group Publishing. This book was released on 2019-05-13 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal and Monetary Policy in the Eurozone offers systematic analyses of the economic policy framework of the Eurozone and critiques current ideas about how to move forward, making it essential reading for postgraduate students of economics and of keen interest to researchers, policymakers, journalists, and financial strategists.
Book Synopsis The Great Eurozone Disaster by : Heikki Patomaki
Download or read book The Great Eurozone Disaster written by Heikki Patomaki and published by Zed Books Ltd.. This book was released on 2013-03-14 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last couple of years have seen the eurozone lurch from crisis to calamity. With Greece, Portugal and Ireland already driven to the brink of economic catastrophe, and the threat that a number of other EU countries are soon to follow, the consequences for the global economy are potentially dire. In The Great Eurozone Disaster, Heikki Patomäki dissects the current crisis, revealing its origins lie in the instability that has driven the process of financialisation since the early 1970s. Furthermore, the public debt crises in the European deficit countries have been aggravated rather than alleviated by the responses of the Commission and leaders of the surplus countries, especially Germany. Providing a captivating narrative about how Europe ended up in its present predicament, Patomäki presents a radical new vision for 'global economic democracy' as the only viable way out of the current crisis.
Author :Manuel Sanchis i Marco Publisher :Springer Science & Business Media ISBN 13 :3319000209 Total Pages :119 pages Book Rating :4.3/5 (19 download)
Book Synopsis The Economics of the Monetary Union and the Eurozone Crisis by : Manuel Sanchis i Marco
Download or read book The Economics of the Monetary Union and the Eurozone Crisis written by Manuel Sanchis i Marco and published by Springer Science & Business Media. This book was released on 2013-09-06 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: A regulatory idea conducted this work: the need to connect the economic rationale of the theory of currency areas with the current EU institutional frame of the European monetary unification process. The latter includes the recent revamping of fiscal rules of the Stability and Growth Pact, and calls for enhancing ‘flexicurity’ in EU labour markets. The lack of EU political leadership is a dead-weight loss to build a genuine economic and monetary union, and risks to blow-up the whole project. Further, it undermines the internal macroeconomic logic of a single currency like the euro, and gives a prominent non-democratic role to financial markets. As it happened in the past with the gold-standard, the euro condemns today the peripheral countries to a deflationary process which might last for a decade. A more pro-European approach is needed with both sides of the system (core and periphery) making the required adjustment efforts, though in the opposite way, to save the eurozone and Europe. “The theory of optimal currency areas remains the essential framework to understand the design failures of the eurozone. In order to understand these dramatic economic developments that grip the eurozone, Sanchis i Marco’s book is the right one at the right time. He does a superb job in explaining this theory and in making it relevant for our understanding of the problems faced by the eurozone. The last two chapters of the book turn towards an analysis of the crisis of the euro and how to get out of this crisis. By suggesting a path out of the crisis, Professor Sanchis i Marco leaves us with some hope for the future for Spain and other eurozone countries.” Prof. Paul De Grauwe, London School of Economics
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis Political and Economic Dynamics of the Eurozone Crisis by : James A. Caporaso
Download or read book Political and Economic Dynamics of the Eurozone Crisis written by James A. Caporaso and published by Oxford University Press. This book was released on 2016-02-25 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to provide a full and dispassionate account of the politics and economics of the Eurozone crisis, focusing on the interlinked origins and impacts of the Euro-Zone crisis and the policy responses to it. The book is distinguished from existing research by its avoidance (and rejection) of the too-often simplistic analysis that has characterized political, media and regrettably some academic coverage, and by its attempt to escape from the tyranny of day-to-day events and short-term developments. Each of the contributors identifies an important question and undertakes a careful empirical, theoretically-informed analysis that produces novel perspectives. Together they seek to balance many of the existing accounts that have rushed to sometimes unwarranted conclusions, concerning, for example, the locus of institutional power in European crisis-management; the power and centrality of particular member states, notably Germany which has been attributed with 'hegemonic' status; the supposed entrapment of EU policy makers by an 'austerity ideology'; and the deep flaws that apparently afflict the solutions to the crisis put painstakingly in place, such as Banking Union. While it will be some time before the EU can put the crisis behind it, and the dust finally settles on the revised institutional system that emerges, The Political and Economic Dynamics of the Eurozone Crisis marks an important step towards a considered, reflective analysis of the tumultuous events and developments of the crisis period.
Book Synopsis Crisis in the European Monetary Union by : Giuseppe Celi
Download or read book Crisis in the European Monetary Union written by Giuseppe Celi and published by Routledge. This book was released on 2017-12-22 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: After decades of economic integration and EU enlargement, the economic geography of Europe has shifted, with new peripheries emerging and the core showing signs of fragmentation. This book examines the paths of the core and peripheral countries, with a focus on their diverse productive capabilities and their interdependence. Crisis in the European Monetary Union: A Core-Periphery Perspective provides a new framework for analysing the economic crisis that has shaken the Eurozone countries. Its analysis goes beyond the short-term, to study the medium and long-term relations between ‘core’ countries (particularly Germany) and Southern European ‘peripheral’ countries. The authors argue that long-term sustainability means assigning the state a key role in guiding investment, which in turn implies industrial policies geared towards diversifying, innovating and strengthening the economic structures of peripheral countries to help them thrive. Offering a fresh angle on the European crisis, this volume will appeal to students, academics and policymakers interested in the past, present and future construction of Europe.
Book Synopsis The Euro Crisis. Institutional and structural problems responsible for the Euro crisis by : William Baxter
Download or read book The Euro Crisis. Institutional and structural problems responsible for the Euro crisis written by William Baxter and published by GRIN Verlag. This book was released on 2019-04-10 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2018 in the subject Economics - Other, grade: 39.5/40, University of Queensland, language: English, abstract: Although catalysed by the Global Financial Crisis (GFC) of 2007-2008, substantial responsibility for the Euro crisis can be attributed to the institutional and structural problems entrenched in the design of the European Economic and Monetary Union (EMU). The crisis led to subdued growth and record levels of unemployment in the economies of Greece, Ireland, Italy, Portugal and Spain – collectively known as the GIIPS – and the wider eurozone. The beginnings of the crisis were in the sovereign debt problems of these countries, the causes of which varied from successive unsustainable government deficits in Greece, to bank guarantees and bailouts shifting private debt into public hands in Ireland and Spain. What these sovereign debt crises had in common, however, were the structural and institutional problems of the EMU, which both created the conditions for, and prevented the recovery of, the wider Euro crisis. This essay will outline these problems. First, institutions and structures in the political economy will be briefly defined. Secondly, the inability of a united monetary policy to cater for the differences between northern and southern European varieties of capitalism will be examined. Thirdly, the structures and institutions hindering a swift and effective economic recovery will be outlined. Finally, the viability of proposed recovery approaches will be evaluated.
Book Synopsis Macroeconomics After the Financial Crisis by : Mogens Ove Madsen
Download or read book Macroeconomics After the Financial Crisis written by Mogens Ove Madsen and published by Routledge. This book was released on 2016-04-14 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should Europe cope with the negative and still unfolding economic consequences of the current economic crisis? And why does Europe seem to be more conservative than the USA in dealing with the crisis? Since the outbreak of the current international economic crisis in 2008, the USA and many of the European countries have been tormented by high levels of unemployment and low levels of inflation, interest rates close to zero and fiscal policies of austerity. As such, the modern economic mainstream has been challenged by these empirical facts. Today, several years after the outbreak of the international economic crisis, supply side effects do not seem to be increasing employment as the modern mainstream claimed they would. Aggregate demand has to play a more important role in macroeconomic analysis than hitherto. That is, there is a need for alternative explanations of how a modern macro economy is expected to function and how the macroeconomic outcome could be manipulated by the right economic policy proposals. As expressed by the contents of the present book, a Post Keynesian understanding proposes such an alternative theoretically, methodologically and in terms of policy measures. This book will present new materials and approaches, especially new evidence and new views on the potential problems of public debt, the European Union and the present crisis, Central Banking, hysteresis in an agent based framework, the foundations of macroeconomics and the problems of uncertainty.
Book Synopsis The Global Economic Crisis by : Emiliano Brancaccio
Download or read book The Global Economic Crisis written by Emiliano Brancaccio and published by Routledge. This book was released on 2013-03-01 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why did the economists of the so-called "mainstream" seem to fail to foresee the global economic crisis that exploded in 2008? And why do they appear to have difficulty in putting forward an interpretation of it that is consistent with the theoretical foundations of their models? These two questions have echoed insistently since the outbreak of the crisis, not only in academic circles but also in the mass media, and appear to reflect increasingly widespread dissatisfaction with the dominant paradigm of economic theory. Many believe that the global recession now underway may constitute an historic watershed for the evolution of economics and therefore that an authentic change of paradigm is called for, rather than only minor adjustments to the dominant approach. Since the start of the crisis, there has indeed been a profusion of contributions from alternative areas of economic study, and in particular from those adopting a critical stance with respect to mainstream economic theory. This collection puts forward promising reinterpretations of the primary schools of heterodox political economy, stringent critiques of the conventional readings of the recession, new schemes of theoretical and empirical analysis of the crisis, and proposals for economic policies alternative to those hitherto adopted. This book contains a selection of some of the most recent contributions to the critique of mainstream economic theory and policy, and discusses the origins and possible evolutions of the current economic crisis. The collection should be of interest to students and researchers focussing on macroeconomics, monetary economics, political economy and financial economics.
Book Synopsis Macroeconomics in Context by : Sebastian Dullien
Download or read book Macroeconomics in Context written by Sebastian Dullien and published by Routledge. This book was released on 2017-08-23 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being. This book is divided into four parts, covering the following key issues: The context of economic analysis, including basic macroeconomic statistics and tools; The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies; Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy; The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability. Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis. Visit http://www.bu.edu/eci/education-materials/textbooks/macroeconomics-in-context-a-european-perspective/ for online resources for both lecturers and students. A video of a panel discussion about the book can be found at https://youtu.be/xjHJrW9WP44.
Book Synopsis The Political Economy of Adjustment Throughout and Beyond the Eurozone Crisis by : Michele Chang
Download or read book The Political Economy of Adjustment Throughout and Beyond the Eurozone Crisis written by Michele Chang and published by Routledge. This book was released on 2019-08-08 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume focuses on the aftermath of the euro crisis and whether the reforms have brought about lasting changes to the economic and political structures of the crisis countries or if the changes were short-term and easily abandoned post-bailout and post-recovery. Starting with an analysis of the state of euro area governance at the onset of the crisis and the ensuing reforms, the book considers structural conditions as well as those specific to the domestic political economy of most of the countries affected by the crisis, including Greece, Ireland, Portugal, Spain, and Italy. It presents up-to-date and incisive analysis of the aftermath of the crisis and suggests how we can situate it within our understanding of different national growth models in Europe. This book will be of key interest to scholars, students and practitioners interested in the Euro Crisis, Economic and Monetary Union, European Union and European politics and more broadly to Comparative Politics, Political Economy, International Relations, Economics, Finance, Business and Industry.
Book Synopsis Crisis and the Failure of Economic Theory by : Giancarlo Bertocco
Download or read book Crisis and the Failure of Economic Theory written by Giancarlo Bertocco and published by Edward Elgar Publishing. This book was released on 2017-03-14 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists have rightly been criticized for not having foreseen the crisis that exploded in 2007–2008. As Giancarlo Bertocco eloquently argues, responsibility does indeed rest heavily on their shoulders. By developing a theory which excluded the possibility that a catastrophic crisis could ever happen, the economics profession has justified decisions and behaviours that caused the Great Recession. This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the current crisis.
