Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Nova Economia (Online) |
Texto Completo: | https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3551 |
Resumo: | This paper analyzes the causes of the Eurozone crisis. In doing so, it carefully surveys authors from different economic schools of thought. The paper discusses competing explanations for European current account imbalances. Remarkably, opposing views on the relative importance of cost developments and demand developments in explaining current account imbalances can be found in both heterodox and orthodox economics. Regarding the assessment of fiscal and monetary policy there is a clearer polarisation, with heterodox analysis regarding austerity as unhelpful and most of orthodox economics endorsing it. We advocate a post-Keynesian view, which holds that current account imbalances are not a fundamental cause of the sovereign debt crisis. Rather, the economic policy architecture of the Eurozone, which aims at restricting the role of fiscal and monetary policy, is the key to understanding the crisis in Europe. |
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Neoliberalism, trade imbalances, and economic policy in the Eurozone crisisCrise do Euroneoliberalismopolítica econômica europeiacrise financeiracrise da dívida soberanabalança de transações correntes.This paper analyzes the causes of the Eurozone crisis. In doing so, it carefully surveys authors from different economic schools of thought. The paper discusses competing explanations for European current account imbalances. Remarkably, opposing views on the relative importance of cost developments and demand developments in explaining current account imbalances can be found in both heterodox and orthodox economics. Regarding the assessment of fiscal and monetary policy there is a clearer polarisation, with heterodox analysis regarding austerity as unhelpful and most of orthodox economics endorsing it. We advocate a post-Keynesian view, which holds that current account imbalances are not a fundamental cause of the sovereign debt crisis. Rather, the economic policy architecture of the Eurozone, which aims at restricting the role of fiscal and monetary policy, is the key to understanding the crisis in Europe.Departamento de Ciências Econômicas da UFMG2016-12-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3551Nova Economia; Vol. 25 (2015): Número EspecialNova Economia; v. 25 (2015): Número Especial1980-53810103-6351reponame:Nova Economia (Online)instname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGenghttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3551/1849Copyright (c) 2016 Nova Economiainfo:eu-repo/semantics/openAccessStockhammer, EngelbertConstantine, CollinReissl, Severin2020-10-04T22:19:40Zoai:ojs.pkp.sfu.ca:article/3551Revistahttps://revistas.face.ufmg.br/index.php/novaeconomiaPUBhttps://revistas.face.ufmg.br/index.php/novaeconomia/oai||ne@face.ufmg.br1980-53810103-6351opendoar:2020-10-04T22:19:40Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)false |
dc.title.none.fl_str_mv |
Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis |
title |
Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis |
spellingShingle |
Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis Stockhammer, Engelbert Crise do Euro neoliberalismo política econômica europeia crise financeira crise da dívida soberana balança de transações correntes. |
title_short |
Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis |
title_full |
Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis |
title_fullStr |
Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis |
title_full_unstemmed |
Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis |
title_sort |
Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis |
author |
Stockhammer, Engelbert |
author_facet |
Stockhammer, Engelbert Constantine, Collin Reissl, Severin |
author_role |
author |
author2 |
Constantine, Collin Reissl, Severin |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Stockhammer, Engelbert Constantine, Collin Reissl, Severin |
dc.subject.por.fl_str_mv |
Crise do Euro neoliberalismo política econômica europeia crise financeira crise da dívida soberana balança de transações correntes. |
topic |
Crise do Euro neoliberalismo política econômica europeia crise financeira crise da dívida soberana balança de transações correntes. |
description |
This paper analyzes the causes of the Eurozone crisis. In doing so, it carefully surveys authors from different economic schools of thought. The paper discusses competing explanations for European current account imbalances. Remarkably, opposing views on the relative importance of cost developments and demand developments in explaining current account imbalances can be found in both heterodox and orthodox economics. Regarding the assessment of fiscal and monetary policy there is a clearer polarisation, with heterodox analysis regarding austerity as unhelpful and most of orthodox economics endorsing it. We advocate a post-Keynesian view, which holds that current account imbalances are not a fundamental cause of the sovereign debt crisis. Rather, the economic policy architecture of the Eurozone, which aims at restricting the role of fiscal and monetary policy, is the key to understanding the crisis in Europe. |
publishDate |
2016 |
dc.date.none.fl_str_mv |
2016-12-30 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3551 |
url |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3551 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3551/1849 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2016 Nova Economia info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2016 Nova Economia |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Departamento de Ciências Econômicas da UFMG |
publisher.none.fl_str_mv |
Departamento de Ciências Econômicas da UFMG |
dc.source.none.fl_str_mv |
Nova Economia; Vol. 25 (2015): Número Especial Nova Economia; v. 25 (2015): Número Especial 1980-5381 0103-6351 reponame:Nova Economia (Online) instname:Universidade Federal de Minas Gerais (UFMG) instacron:UFMG |
instname_str |
Universidade Federal de Minas Gerais (UFMG) |
instacron_str |
UFMG |
institution |
UFMG |
reponame_str |
Nova Economia (Online) |
collection |
Nova Economia (Online) |
repository.name.fl_str_mv |
Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG) |
repository.mail.fl_str_mv |
||ne@face.ufmg.br |
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1799711059691438080 |