Index
Economic Imbalances and Institutional Changes to the Euro and the European Union
ISBN: 978-1-78714-510-8, eISBN: 978-1-78714-509-2
ISSN: 1569-3767
Publication date: 23 October 2017
This content is currently only available as a PDF
Citation
(2017), "Index", Economic Imbalances and Institutional Changes to the Euro and the European Union (International Finance Review, Vol. 18), Emerald Publishing Limited, Leeds, pp. 445-456. https://doi.org/10.1108/S1569-376720170000018021
Publisher
:Emerald Publishing Limited
Copyright © 2017 Emerald Publishing Limited
INDEX
AAA-rated securities
, 146
Akaike Information Criterion (AIC)
, 262
Alert Mechanism Report
, 360
Andor, László
, 93
Anti-growth bias
, 123
Arellano-Bond’s Generalized Method of Moments methodology
, 396
Asset-backed securities purchase programme (ABSPP)
, 8
Asset purchase program (APP)
, 132
Assets cross-ownership, analysis of
asymmetry of GDP vs asymmetry of GNP and income
, 170
country-by-country measure of fluctuations
, 167
EU 1971–2014 (panel data estimations)
, 168–169
gains from risk-sharing
, 166–167, 169–170
identical CRRA utility and rate of time preference
, 166–167
level of risk-sharing
, 165–169
methodology
, 165–167
sensitivity of regional income to idiosyncratic GDP fluctuations
, 165–166
Augmented Dickey-Fuller (ADF) test
, 262
Austerity policies, impact of
, 77–78, 96–97, 120, 231
Bail scheme
, 205
Balance sheet operations
, 144
Baltics and South-Eastern European economies
, 358
Banking Union
, 70
architecture and design
, 216
balance sheet assessment
, 209–211
blueprint
, 204
capital requirements for banks (CRD IV package)
, 204
deficiencies and criticisms of
, 211–218
emergence of a moral hazard and
, 216
European Supervisory Authority (EBA) for
, 207
European Systemic Risk Board (ESRB) for
, 207
guarantee schemes
, 205
key success factor in
, 196
main pillars of
, 203–206
political support
, 217
reasons for establishment of
, 199–203
risks with
, 196
single rulebook
, 205
SRM and SSM implementation
, 203–206
theory of optimal currency area-based
, 197–199
Bank of England (BoE)
, 149
Bank Recovery and Resolution Directive (BRRD) –Directive 2014/59/EU
, 71
Bank-sovereign doom loop
, 118
Beggar-thy-neighbor policy
, 96
Beta-convergence of individual financial markets
, 177–179, 182–185
Bilateral trade balances
, 247
Bond-buying programme
, 146
Breusch-Godfrey test
, 342, 346
Brexit
, 82
Bundesbank
, 119–120, 127, 131, 138n8
Capital flows and its impacts on fiscal imbalances, study
data sources
, 342–343
descriptive statistics
, 343–351
facts for European Union
, 336–340
General Government Debt (GGD)
, 345, 350
hypotheses
, 334
literature review
, 335–336
marginal explanatory variable (MEXVAL)
, 349–350, 353n2
methodology
, 340–342
Net International Payment Positions (NIPP)
, 343, 345–346, 349–350
net lending (NLB)
, 349
policy implications
, 351–353
problems of Non-Performing Loans (NPL)
, 351
seemingly unrelated regression (SUR) technique
, 340, 345–348
Central, Eastern, and South-Eastern Europe (CESE)
, 359
Central and Eastern European countries (CEEC)
, 359
Central banks, functions of
, 117
Central European economies
, 174
Central government debt in selected countries
, 424
Cholesky identification scheme
, 260
Citizens’ Euroscepticism, reflection on
, 40
economic conditions, in case of
, 38
fixed effect estimates
, 35–39
ideological extremism, impact of
, 35, 38
non-mainstream parties vs mainstream parties
, 38
opinion of the electorate as determining factor
, 35, 38
ordered logit and fractional logit results
, 35–39
party characteristics, influence of
, 35
political elites’ support
, 40
relationship between incumbent support and orientations toward Europe
, 35
role of economic conditions
, 36–38
troubled economies, in case of
, 38–40
in virtuous economies
, 40
Common currency
, 194–195
2010 Communication
, 52–53
Community method
, 68
Competitiveness
, 74, 225–230
austerity measures and
, 231–232
balance of payment (BOP) implications
, 231
Business School’s view of
, 225
causal mechanism associated with
, 234–235
economic growth and
, 227
Euro Institutions view’s of
, 229
high technology (HT) productive structures vs low technology (LT) productive structures
, 225–227
improvements in productivity, and
, 225
inflationary adjustments and
, 229–230
issues within the Euro Area
, 246–247
labor costs-determined
, 266
labour costs
, 228
long-term dynamics of
, 247
macroeconomic imbalances and
, 230–235
national
, 225–226, 229
Krugman’s critique of
, 225
neoclassical theory of competition
, 227
price and non-price
, 229
price/cost
, 228
productivity growth, in terms of
, 232–234
Ricardo’s theory of comparative advantage
, 227
structural trade imbalances and
, 231
in technology manufacturing
, 235–239
Thirlwall’s model
, 230
trade deficits and debt accumulation, in terms of
, 232
unions and
, 228
welfare and
, 228
See also International competitiveness in Eurozone
Composite indicators of financial integration
, 180, 187–188
Consumer price inflation (CPI) in Eurozone
, 72
Credit markets mechanism
, 164
Cross-border payment
, 101–102
Cross-ownership of assets
, 163
Cumulative causation principle
, 50
Current account balances of countries
, 246–248
bilateral trade balances
, 247
causality between exchange rate changes and current account adjustments
, 246
in EMU
, 246
estimation of effects of global current account imbalances
, 246
impact of competitiveness issues and asymmetric trade developments
, 247
implications of real exchange rate fluctuations
, 246
origins of
, 247
paneleconometric analysis
, 247
panel regression models
, 246
real exchange rate and demand shifts on current account adjustments, analysis
current account responses to demand shocks
, 264–265
decomposition of conditional variance of current accounts
, 270–274
econometric model
, 256–262
impulse–response functions
, 263–270
responses of current account to REER
, 263–268
responses to the real exchange rate (CPI based) shock
, 264–266
testing procedure
, 262–263
real exchange rate movements
, 247
real exchange rates and growth
, 247–248
relation between external wealth and trade balance
, 248
relationship between terms of trade, trade balances and business cycles
, 246
role of financial links in the accumulation and then adjustment of
, 248
trends in Euro area
, 248–261
dynamics of import shares on GDP
, 256–258
dynamics of real output and the dynamics of exports and imports
, 250–253
during pre-crisis period
, 248–250
price and costs related effects on export performance
, 253–256
Current account imbalances of Eurozone
, 73–77
Debt/GDP ratio, stabilization of
, 282
Debt issue in the EU, analysis of
, 278–279
debt indicators
, 283–286
literature review
, 279–283
research
in EU-10 countries
, 298
GDP growth rates, causality between public debt and
, 288–290
Granger-causality testing methodology
, 286, 289–297
interest rates, causality between public debt and
, 291, 293–294, 297–298
interest rate spread
, 296–297
level of public debt in countries
, 298–299
macroeconomic imbalances and public debt
, 298–299
methodology and data
, 286–288
panel unit root test, Fisher-type
, 287
unemployment rates, causality between public debt and
, 288–297
Debt-led economic growth
, 96
Demand driven redistributive effects
, 244
Deposit-funding gap
, 308
Developmentalist ideology
, 56
Developmental state policies
, 54–57
Disinflation
, 244
Dodd–Frank Wail Street and Consumer Protection Act
, 211
Draghi, Mario
, 70, 130–131
Dual mandate
, 95
Durbin-Watson test statistic
, 342, 353n1
Economic integration
, 54
Efficiency market hypothesis
, 7
Efficient markets
, 95
Emergency Liquidity Assistance (ELA)
, 131
Euro
, 92
crisis
, 118
Euro-areawide payment system
, 101
Eurobarometer
, 4, 9
Eurobarometer Survey
, 11, 19n7
Eurobonds
, 81, 83
Euro crisis
, 66, 69
European Banking Authority (EBA)
, 207–209
European Central Bank (ECB)
, 56, 95–96, 117, 174, 215, 217, 245, 306, 343, 358, 429
anti-growth bias
, 131–132
asset backed securities (ABSPP), purchase of
, 132
asymmetric policy approach
, 127
conduct of monetary policy and banking supervision
, 208, 214–215
covered bonds program (CBPP3)
, 132
crisis management
, 129
economic policy rule
, 8
evolution of policies
, 127
fixed rate full allotment (FRFA) program
, 129
Harmonized Index of Consumer Prices (HICP) for the euro area
, 120–121
institutional commitments of
, 10
interest rate cut
, 127
intra-area divergences
, 126
“lender-of-last-resort” role of
, 105
long-term refinancing operations (LTROs)
, 147
as a monetary authority
, 117
monetary policy
, 1999–2014, 127–132
“one-size-fits-none” monetary policy stance
, 126
“outright open market operations” (OMT) programme
, 131
policy inaction
, 128–129
policy strategy
, 4
QE initiative
, 132–135, 146–147
role in financial stability policy
, 117
“structural reform” of labor markets
, 126–127
targeted long-term financing operation (TLTRO-II)
, 134
trust in
, 9–11
workload
, 214
European Commission
, 2, 52–53, 138n7, 342, 429
“An Investment Plan for Europe”
, 73
Macroeconomic Imbalance Procedure (MIP) Scoreboard
, 360
European Deposit Insurance Guarantee Scheme
, 71
European Deposit Insurance Scheme (EDIS)
, 82
European Economic Area (EEA)
, 195
European Economic Community (EEC)
, 48
supply-oriented regional and industrial policies, impact of
, 48
supply-oriented regional and industrial policies of
, 47
European economy consolidation process
, 8
European Fund for Strategic Investments (EFSI)
, 85n21
European macroeconomic imbalances
, 336
European monetary integration
, 309
European Monetary System (EMS)
, 119
European Monetary Union (EMU)
, 4, 66, 92–93, 116, 162, 335
challenges faced by
, 335
cross-ownership of assets
, 163
See also Assets cross-ownership, analysis of
current account deficits
, 1985–2000, 336
current account determination in
, 246
fiscal and monetary policies
, 95
global financial crisis and
, 93–95
governance of
, 67–68
harmonization of rules and surveillance of financial sector in
, 67
institutional framework
new
, 69–73
problems with
, 68
interactions between independent fiscal authorities and single fiscal bank in
, 336
monetary reforms
, 100–107
objectives
, 70
political contract of
, 68
quantitative easing policy
, 335
rules governing
, 70
Treaty on Stability, Coordination and Governance in
, 70
“Two-Pack” arrangements and “Fiscal Compact,”
, 70–71, 80–81, 84n9
European Parliament (EP)
, 4
European policy model
criterion of spending constraint
, 6
limits
, 7
monetary policy
, 7–8
separation between fiscal and monetary policy
, 6
European sovereign debt crisis
, 421–429
European Stability Mechanism (ESM)
, 69, 136, 213, 429
financial assistance to countries
, 69
European Systemic Risk Board (ESRB)
, 195
European System of Financial Supervisors (ESFS)
, 206
European Union (EU)
, 67
Europe Central Bank (ECB)
, 67
Governing Council
, 72
measures to support financial stability
, 70
policy response to a crisis
, 70
Euro Treasury
, 135–136
debt issuance
, 135
Eurozone
, 10, 236, 358
austerity policies, impact of
, 77–79
characteristics
, 46
competitiveness
, 73
consumer price inflation (CPI) in
, 72
crisis
, 66, 72, 224, 335
pooling of debt
, 426–427
redistributive effects of
, 244
current account imbalances
, 73–77
current state of inflation in
, 71
debt ratios in
, 80
degree of divergence in
, 69
democratic deficit in
, 68
divergence in competitiveness
, 236
employment and income fluctuations
, 47
explanatory factors for imbalances
, 228
fiscal developments
, 339
government debt securities
, 338
annual debt service for
, 338–339
gross capital formation and capital outlays
, 51
gross domestic product (GDP)
, 66
high-tech industries in
, 52
inflation, growth, and the labor market
, 120–124
integration process
, 388
international competitiveness in
divergence vs convergence of
, 393–400
fixed effects estimation for trade balance growth
, 397
generalized method of moments estimation for trade balance
, 401–402
Hausman and Breusch-Pagan test
, 399
methodology
, 389
random effects estimation for trade balance growth
, 398
theoretical background
, 389–393
intra-area divergences and build-up of imbalances
, 124–127
living standards
, 47–48
long-term interest rates for
, 422–423
manufacturing employment
, 51
member countries
, 47
movement of capital in
, 75
need for structural reforms
, 81–83
per capita GDP
, 47
policy trilemma and
, 67
problems of budget deficits
, 337–338
R&D expenditure and R&D spending
, 52
real GDP growth and debt problem
, 77–81
2004–2014
, 78
regional and industrial disparities and problems
, 47–48
regional and industrial policies in
, 48–50
developmental state approach
, 54–57
for economic restructuring and diversification
, 57–60
overall evaluation
, 50–54
strategic planning
, 57
regional and socioeconomic development characteristics in
, 47
regional inequalities and disparities
, 47
risk management
, 69–70
rules, policies, and institutional flaws in
, 67–69
Single Resolution Mechanism (SRM) for banks in
, 71
supply-oriented regional and industrial policies, impact of
, 48
supply-oriented regional and industrial policies of
, 47
trade performance
, 53
unemployment rate
, 117
Eurozone member countries
, 4
Evolutionary growth theory
, 227
Exchange Rate Mechanism (ERM)
, 119
Export-led economic growth strategies
, 96
External imbalances in New Zealand, risks associated with
, 336
Extra-Euro Area exports
, 247
Feasible Generalized Least Squares (FGLS) Method
, 341
Federal Deposit Insurance Act (FDIC)
, 212
Federal Reserve Act
, 95
Federal Reserve Wide Network (Fedwire)
, 99
Financial crisis
, 2007, 7–8
Financial imbalances
, 367–374
Financial market integration
assessment of
beta- and sigma-convergence of individual financial markets
, 177–179, 182–185
composite indicators of financial integration
, 180, 187–188
Czech financial market
, 181–185
government bond market
, 186–187
methodology
, 176–181
news-based measures
, 179–180, 185–187
during pre-crisis period
, 182
results
, 181–188
assessment of the current state of
, 176
dimensions of
, 174
on equity markets
, 177
link between growth and
, 176
literature review
, 175–176
weak integration
, 175
Financial markets integration
, 162
Fiscal Compact
, 7
Fiscal consolidation
, 93, 96–97
Fiscal union, logical consequence of absence of
, 117–118
Foreign debt, importance of
, 282
Friedman, Milton
, 150
General Government Debt (GGD)
, 345, 350
Generalized Least Squares (GLS) Method
, 341
Germany
, 71, 96
Agenda
, 2010, 428
competitive gap-current account imbalances
, 236–237
competitiveness in technology manufacturing
, 235–239
divergence in competitiveness
, 235–236
fiscal balances
, 238
productive structure and debt
, 238
unit labour costs
, 239
value added share
, 235
vs Spain
, 235
current account balances
, 74–75
debt crisis
, 429
See also Sovereign debt crisis
democratic deficit in
, 68
euro trilemma
, 136
export-oriented economic policy
, 427
export structure
, 1999–2007, 236
export surplus to output ratio
, 428–429
gap between national interest rates and German interest rates
, 298
GDP growth
, 79, 122
German ideology of ordoliberalism
, 73
German unification
, 119–120
in the global business cycle
, 122
intra-German transfer union
, 136
medium technology manufacturing
, 235
model of export-led growth
, 124, 134–135
price stability, impact of
, 119–120, 124–127
title of “sick man of the euro,”
, 119
wage stagnation
, 224
Global financial crisis of 2007/2008
, 94–95, 174, 229, 283, 338, 359
European Monetary Union (EMU) and
, 93–95
single European currency and
, 95–97
See also Sovereign debt crisis
Gold Exchange Standard
, 6
Greece
, 250
competitiveness, in terms of
, 237
current account balances
, 74–75
debt crisis
, 48, 66, 309, 422–424
See also Sovereign debt crisis
effects Eurozone participation
, 335
housing price bubbles
, 309, 315–316
recovery from crisis
, 79
sovereign debt levels
, 309
Greece, Ireland, Italy, Portugal and Spain (GIIPS) crisis
aftermath of crises
costs of rescue interventions
, 322–323
countries’ populations, impact on
, 323–324
impacts on banking sector
, 321–322
comparative studies
, 307–308, 325–327
country-specific case studies
, 309–310
budget deficits
, 311–312
convergence criteria for adopting Euro
, 311
GDP growth rate for
, 1999–2014, 310–311
pressures increasing likelihood of crises
government budget and current account deficits
, 316–318
private and public consumption levels
, 318–319
real-estate sector
, 315–316
yield and foreign debt conditions
, 319–320
systematic imbalances after the Euro
cycles common to precede banking crises
, 313–314
economic characteristics and performances
, 310–313
monetary aggregates M1 and M2
, 313–314
Harmonized Index of Consumer Prices (HICP) for the euro area
, 120–121
Hartz reforms
, 125
Hausman and Breusch-Pagan test
, 396, 399
Hausman h-test
, 13, 15, 19n9
Hodrick–Prescott filter
, 376
Housing price bubbles
, 309, 315–316
Impulse–response functions of current accounts
, 263–270
Integrated industrial policy
, 52–53
Interdistrict Settlement Account (ISA)
, 99
Internal devaluation, effectiveness of
, 244
Internal devaluation in countries
, 244–245
International competitiveness in Eurozone
divergence vs convergence of
, 393–400
fixed effects estimation for trade balance growth
, 397
generalized method of moments estimation for trade balance
, 401–403
Hausman and Breusch-Pagan test
, 399
methodology
, 389
random effects estimation for trade balance growth
, 398
theoretical background
, 389–393
International Monetary Fund (IMF)
, 56, 74, 429
International Settlement Institution (ISI)
, 100, 106
Intra-Euro Area exports
, 247
Intra-Eurozone current account imbalances
, 244
Italian industrial policy
, 49
Japan
, 145
banks’ liquidity positions
, 149
unemployment in
, 51
Jarque–Bera normality test
, 262
Kaldor growth model
, 233
Keynesian fiscal policies
, 94
Keynes plan
, 100
Labor costs-determined competitiveness
, 266
Lehman Brothers
, 95–96, 126, 211
Lender-of-last-resort
, 105
Longer Term Refinancing Operation (LTRO)
, 70, 73
Maastricht regime
, 117
Maastricht Rule
, 336
Maastricht Treaty
, 7, 388
Macroeconomic imbalance procedure (MIP)
, 278
Macroeconomic imbalances, evolution of
, 360–363
Manufacturing employment, impact of Globalization and European integration
, 50
Manufacturing in Europe
, 52
Marginal explanatory variable (MEXVAL)
, 349–350, 353n2
Market-based banking systems
, 308–309
Market-based policies
, 54–55
Market-based risk-sharing mechanism
, 163–164
Market failures
, 49
Maximum Likelihood (ML) Method
, 341
M-equations
, 341
Monetary imbalances
, 363–367
Mundell, Robert
, 93
National Central Banks (NCBs)
, 97–101, 107, 117
National competitiveness
, 225
Net International Payment Positions (NIPP)
, 343, 345–346, 349
Non-price competitiveness
, 229
Northern Eurozone countries
, 236, 250, 266–267, 425–427
One-size-fits-all monetary policy
, 358
ineffectiveness, Taylor rule approach to analysis
“Great Deviation” hypothesis
, 376–380
membership in the Eurozone, impact on
, 380–383
methodology and data
, 375–376
One-size-fits-none monetary policy
, 126
Optimal monetary and fiscal policies
, 335
Optimum currency area (OCA)
, 92–95, 126, 162
Ordinary Least Squares (OLS) Method
, 341
Organisation for Economic Co-operation and Development (OECD) countries
, 50
gross capital formation and capital outlays
, 51–52
R&D investment
, 52
Organization for Economic Cooperation and Development (OECD)
, 343
Outright Monetary Transactions (OMT) program
, 429
Outright Monetary Transactions (OMTs)
, 70, 73
Party ideology, importance of
, 24
Party policy positions on EU integration, study
, 24–25
dataset used
, 28–32
description and label of variables
, 31
descriptive statistics
, 31–32
explanatory variables
, 29–30
literature review
, 25–28
methodology
, 32–35
dependent variable
, 34
fractional logit model
, 34
results and discussion
, 35–40
economic conditions, in case of
, 38
fixed effect estimates
, 35–39
ideological extremism, impact of
, 35, 38
non-mainstream parties vs mainstream parties
, 38
opinion of the electorate as determining factor
, 35, 38
ordered logit and fractional logit results
, 35–39
party characteristics, influence of
, 35
political elites’ support
, 40
relationship between incumbent support and orientations toward Europe
, 35
role of economic conditions
, 36–38
troubled economies, in case of
, 38–40
in virtuous economies
, 40
Perfect competition
, 227
Pesaran, Friedman, and Free’s test
, 19n8
Phillips–Perron (PP) test
, 262
Praet, Peter
, 133
Price competitiveness
, 229
Public debt sustainability, indicators of
, 278
Public Sector Purchase Program (PSPP)
, 8, 71, 146
Quantitative easing (QE) programme
, 71–73, 80–81, 85n16, 85n18, 144
adverse effects of
, 150–153
alternative perspectives
, 153–155
as balance sheet operations
, 144
history of
, 145–147
impact of
, 148–150
impact on inflation
, 146–147
in Japan
, 145–146, 149, 153
theory of
, 147–148
traditional IS/LM model
, 148
in United States
, 146, 149
versions of
, 144
Real effective exchange rates (REER)
, 245, 270
Real-estate crisis
, 309, 315–316
Recapitalization of banks
, 215
Ricardo’s theory of comparative advantage
, 227
Risk of an asset’s return
, 177
Risk-sharing mechanisms
, 163–164
RTGS (Real Time Gross Settlement) systems
, 98
Sargan–Hansen test
, 32
Schwarz Information Criterion (SIC)
, 262
SDGS
, 195, 213–214
Search-for-yield effect
, 177
Securities Market Program (SMP)
, 70, 85n10, 129, 132
Seemingly unrelated regression (SUR) technique
, 340, 345–348
Settlement system
, 103–104
Sigma-convergence of individual financial markets
, 177–179, 182–185
Single-currency area, effect of
, 94–97, 388
Single Market
, 24
Single Resolution Mechanism (SRM)
, 71, 82, 136, 195–196, 204–206, 211–212
Single Supervisory Mechanism (SSM)
, 71, 82, 195, 204–206
synergistic effect of
, 206–209
Southern Eurozone countries
, 228, 250, 270, 425–427
Sovereign debt crisis
, 80, 129, 400
European
, 421–429
sources of
, 418–421
access to global capital markets
, 421
creditor countries
, 420
myopic behavior of domestic governments
, 419
pressure to facilitate consumption of sovereign debt
, 419–420
Stability and Growth Pact (SGP)
, 7, 70, 81, 92, 126, 218, 352
Stability-oriented monetary policy
, 119–120
Standard deviation REER shock
, 263
Structural exogenous shocks
, 259–260
Subprime crisis of the United States
, 308, 400
Supernational Bank
, 101
TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System)
, 75, 97–100, 130, 281
balance of crisis countries
, 130
Tax-push inflation
, 129
Taylor rule
, 358, 375–383
comparison between country-specific Taylor rule and Eurozone Taylor rule
, 378–380, 382
in countries with fixed exchange rates
, 378
effective interest rates in CESE economies and
, 377
extended
, 380–381
“Great Deviation” hypothesis
, 376–380
identified for the Eurozone
, 375
in peripheral Eurozone countries
, 378–379
seasonal adjustments under
, 375–376
sets of estimations under
, 381–383
simulated
, 375
See also One-size-fits-all monetary policy
Technology intensive activities
, 226
Thirlwall’s law of the growth of income
, 231
Toxic connection
, 195
Treaty on the Functioning of the European Union (TFEU; Lisbon Treaty)
, 67, 71
Trichet, Jean-Claude
, 126, 130, 133
Trust
analyses via “Vote and Popularity” (VP) function
, 9
in decision-making bodies
, 4
determinants in European Institutions
, 10
in ECB
, 9–11
economic performance and
, 8–10
in European Institutions
, 11, 14, 16
in national governments and parliaments
, 9
relationship between unemployment and
, 10, 15, 17
Trust, empirical analysis of
data and methodology
, 11–13
dynamic fixed effect (DFE), the Mean Group (MG), and the Pooled mean group (PMG) estimators
, 12
empirical results
, 13–17
error correction form of the model (ECM)
, 11
estimation for the peripheral countries
, 15–16
Portugal, Ireland, Italy, Greece, and Spain (PIIGS countries)
, 15
T-statistic
, 354n3
Unemployment
, 10, 121
causality between public debt and
, 288–297
EU’s comparative record
, 51
Globalization and European integration impact
, 51
in Japan
, 51
relationship between trust and
, 10, 15, 17
U.S. dot.com boom
, 121
Voters’ opinions on party positioning
, 24
Wage–productivity ratios
, 228
Washington Consensus
, 52
Western European economies
, 174
World Bank
, 56
World Economic Forum (WEF)
, 225
X-12-ARIMA procedure
, 376, 384n9
- Prelims
- Part I Institutional and Political Issues in the Policy Framework of the Eurozone
- The Eurozone Policy Model and the Institutional Consolidation Process in the Long-Run
- In or Out of Love with Europe? An Empirical Analysis of the Determinants of National Political Parties’ Orientation Toward the European Union
- Development-Related Problems and Asymmetries in the Eurozone: The Challenge of the “Strategic” Approach
- Rules, Imbalances, and Growth in the Eurozone
- Back to National Currencies? Monetary Integration in an Asymmetrical Currency Area
- Part II Monetary Policy, the Banking System and Financial Integration
- From Anti-Growth Bias to Quantitative Easing: The ECB’s Belated Conversion?
- Quantitative Easing in the Eurozone
- Updating the Evidence on Risk-Sharing through the Cross-Ownership of Assets in the Euro-Area
- Financial Integration at Times of Crisis and Recovery
- EU-Banking Union – Expectations, Deficiencies, and Criticisms
- Part III Macroeconomic Imbalances and the Convergence Process
- Competitiveness and Macroeconomic Imbalances in Eurozone Countries
- Current Accounts and Competitiveness Issues in the North and South of the Euro Area
- Is There a Debt-Overhang Problem in the European Union?
- Are They All the Same? Banking and Financial Crises in Debt-Ridden Euroarea Countries
- The Recent Experiences of Capital Flows and Fiscal Imbalances Since the Creation of the Eurozone
- Intra-European Union Imbalances and Cyclical Position: Does Monetary Policy Matter?
- Is there Convergence or Divergence in the International Competitiveness of the Eurozone Countries?
- Sovereign Debt Crisis: Euro-Reality
- About the Authors
- Index