Economic Convergence in the Euro Area: Coming Together or Drifting Apart?

Economic Convergence in the Euro Area: Coming Together or Drifting Apart?
Author: Mr.Jeffrey R. Franks
Publisher: International Monetary Fund
Total Pages: 47
Release: 2018-01-23
Genre: Business & Economics
ISBN: 1484338499

We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.

The Euro and the Crisis

The Euro and the Crisis
Author: Nazaré da Costa Cabral
Publisher: Springer
Total Pages: 378
Release: 2016-11-30
Genre: Business & Economics
ISBN: 3319457101

This book analyzes the effects of the recent crisis and evaluates potential solutions to the gridlock that is currently dominating the Eurozone and the European Union, concerning both the monetary policy and the budgetary and fiscal policy. The timely study highlights the main challenges that European political leaders will face in the months to come. Furthermore, its interdisciplinary approach embraces economic, financial and legal perspectives, so as to ensure the global coherence and comprehensiveness of its content. The contributors to this volume are prominent experts from the areas of Economics, Finance, Law, and Political Science, offering readers a multifaceted view of the topics discussed.

External Imbalances in the Euro Area

External Imbalances in the Euro Area
Author: Ms.Ruo Chen
Publisher: International Monetary Fund
Total Pages: 76
Release: 2012-10-09
Genre: Business & Economics
ISBN: 1475512120

The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions’ securities, and cross-border interbank lending) which permitted external imbalances to grow over time.

Crisis Era European Integration

Crisis Era European Integration
Author: Jakša Puljiz
Publisher: Taylor & Francis
Total Pages: 272
Release: 2024-07-16
Genre: Business & Economics
ISBN: 1040099629

The year 2023 marked the tenth anniversary of Croatia’s membership of the European Union, the last acceding country to the EU, and thus represents a fitting opportunity to explore the political, economic and social dimensions of this tremendous transformation. This book examines how Croatia has changed over the last ten years and looks at the driving forces as well as the obstacles on its post-accession path of Europeanisation. The book argues that the Croatian case has special importance given that the last decade of European integration has arguably been the most challenging one yet. It started with the Eurozone-wide sovereign debt crisis and ended with the economic hardship caused by the COVID-19 pandemic and Russia’s aggression on Ukraine. Such demanding circumstances where agenda was often defined in an ad hoc way posed a huge test for Croatia’s governmental capacity. The book provides answers to the question of how successful Croatian policymakers were in dealing with the crises-related challanges and other needed adaptations. The book explores how EU membership has affected the design and implementation of selected national public policies, the functioning of governing institutions and patterns of cooperation between main social actors. Expert contributors analyse the impact of the EU membership in two principal areas: political and economic, with individual chapters addressing relevant topics. The book is intended for researchers, academics and students interested in these issues, as well as policymakers, entrepreneurs and lobbyists concerned with European integration.

Declining Democracy in East-Central Europe

Declining Democracy in East-Central Europe
Author: Attila Ágh
Publisher: Edward Elgar Publishing
Total Pages: 315
Release: 2019
Genre: Democracy
ISBN: 1788974735

The dramatic decline of democracy in East-Central Europe has attracted great interest world-wide. Going beyond the narrow spectrum of the extensive literature on this topic, this book offers a comprehensive analysis of ECE region – Czech Republic, Hungary, Poland, Slovakia and Slovenia – from systemic change in 1989 to 2019 to explain the reasons of the collapse of ECE democratic systems in the 2010s.

An Assessment of the Global Impact of the Financial Crisis

An Assessment of the Global Impact of the Financial Crisis
Author: P. Arestis
Publisher: Springer
Total Pages: 287
Release: 2010-12-14
Genre: Business & Economics
ISBN: 0230306918

This topical volume analyzes the impact of the 2008 financial crisis. It considers the origins and explanations of the current crisis, examines the regulatory implications and, with specific focus on developing countries, it provides a strategy for economic growth that can guarantee financial stability in the future.

After the Crisis

After the Crisis
Author: Francesco Caselli
Publisher: Oxford University Press
Total Pages: 221
Release: 2016-07-01
Genre: Business & Economics
ISBN: 0191069833

After the Crisis reassesses the twin projects of structural reform and European integration in the wake of the Great Recession and the European Sovereign Debt Crisis. The introduction compares the pre-crises debate to the current situation, and highlights a number of ways in which both reform and further integration may have become more difficult. Chapter 1 surveys the state of the structural-reform agenda, its successes, failures, and priorities for further action. The second chapter focuses on the fiscal-policy response to the crisis and advocates a greater balance between supply-side reforms and demand-side management. The third chapter focuses on the asymmetric shocks across economies in the monetary union, and discusses institutional mechanisms to reduce their frequency and impact. Chapter 4 examines the cyclical behavior of output and financial indicators, as well as the counter-cyclical role of macro-financial policies, both at the national and the European level. The fifth chapter studies changes in Europeans' attitudes, showing how the recent crises have eroded public confidence in European institutions. The sixth chapter tackles the demographic challenges facing Europe, and particularly the way that demographic change may impact the reform agenda. Chapter 7 highlights the under-appreciated extent to which 'Europe', taken as a whole, is characterized by a substantial amount of inequality and geographical income clustering, and the challenge this poses for further integration.

Crisis in the European Monetary Union

Crisis in the European Monetary Union
Author: Giuseppe Celi
Publisher: Routledge
Total Pages: 298
Release: 2017-12-22
Genre: Business & Economics
ISBN: 1134867530

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.

Handbook of Regional Science

Handbook of Regional Science
Author: Manfred M. Fischer
Publisher: Springer
Total Pages: 0
Release: 2013-09-17
Genre: Business & Economics
ISBN: 9783642234293

The Handbook of Regional Science is a multi-volume reference work providing a state-of-the-art knowledge on regional science composed by renowned scientists in the field. The Handbook is intended to serve the academic needs of graduate students, and junior and senior scientists in regional science and related fields, with an interest in studying local and regional socio-economic issues. The multi-volume handbook seeks to cover the field of regional science comprehensively, including areas such as regional housing and labor markets, regional economic growth, innovation and regional economic development, new and evolutionary economic geography, location and interaction, the environment and natural resources, spatial analysis and geo-computation as well as spatial statistics and econometrics.