Read From Convergence to Crisis: Labor Markets and the Instability of the Euro (Cornell Studies in Money)

From Convergence to Crisis: Labor Markets and the Instability of the Euro (Cornell Studies in Money)

Alison Johnston

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Description:What explains Eurozone member-states' divergent exposure to Europe's sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe's monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe s distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe s corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South.The euro s institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency s corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union s removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU s goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets."We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with From Convergence to Crisis: Labor Markets and the Instability of the Euro (Cornell Studies in Money). To get started finding From Convergence to Crisis: Labor Markets and the Instability of the Euro (Cornell Studies in Money), you are right to find our website which has a comprehensive collection of manuals listed.
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Pages: 223

Format: PDF, EPUB & Kindle Edition

Publisher: —

Release: —

ISBN: 1501702653

Description: What explains Eurozone member-states' divergent exposure to Europe's sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe's monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe s distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe s corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South.The euro s institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency s corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union s removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU s goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets."We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with From Convergence to Crisis: Labor Markets and the Instability of the Euro (Cornell Studies in Money). To get started finding From Convergence to Crisis: Labor Markets and the Instability of the Euro (Cornell Studies in Money), you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

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From Convergence to Crisis: Labor Markets and the Instability of the Euro (Cornell Studies in Money)

From Convergence to Crisis: Labor Markets and the Instability of the Euro (Cornell Studies in Money)

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