Macdonald Eurocritical

A Crisis of the Euro Currency
1. Auflage 2018
ISBN: 978-1-137-34628-5
Verlag: Palgrave Macmillan UK
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 286 Seiten

Reihe: Economics and Finance (R0)

This book critically analyses the crisis of the euro currency from 2008 to the present. It argues that an understanding of this crisis requires an understanding of financial and economic crises in individual countries participating in the euro. It goes on to describe and explain the crises in four countries - Greece, Ireland, Spain and Italy - showing how they differ and together challenge the euro currency by requiring a varied policy response from Europe. Eurocritical is a guide for scholars, students and practitioners of finance and economics.

Roderick Macdonald is Professor of Management and Technology at the École des sciences de la gestion, Université du Québec à Montréal, Canada. He has published books and articles on business strategy in new industries, fundamental economic notions used in business and moral analysis in management. His previous book with Palgrave Macmillan is Genesis of the Financial Crisis.

Autoren/Hrsg.

Macdonald, Roderick

Inhaltsverzeichnis

1;Preface;5
2;Contents;7
3;List of Figures;8
4;List of Tables;12
5;Introduction: Europe, the Euro and a Crisis;14
5.1;Europe, the European Union and the Euro;15
5.2;The Road to the Euro;18
5.3;Fiscal and Monetary Policy in the Euro Zone;24
5.4;The Crisis;25
5.5;Europe in the Wake of the Global Financial Crisis;31
5.6;Outline of This Book;35
5.7;References3;37
6;A Financial and Economic Crisis in Greece;38
6.1;Introduction;38
6.2;The Incubation of Modern Greece;43
6.3;The Economy in the 1980s and Early 1990s;46
6.3.1;Fiscal Policy2;47
6.3.2;Monetary Policy and Financial Deregulation;56
6.3.3;The Macroeconomic Environment;58
6.4;Slowing Productivity Growth as a Prelude to Access to the Euro6;61
6.5;On the Statistics Provided by the Greek Government;70
6.6;Access to the European Monetary Union;73
6.7;An Apparent Boom;76
6.8;Dynamic of the Crisis in Greece;87
6.9;References12;95
7;Ireland: From Prosperity to Crisis;98
7.1;Introduction;98
7.2;A Condensed Prehistory of Ireland’s Economy;102
7.3;The Post-War History of the Irish Economy;103
7.3.1;Ideas;103
7.3.2;Actors;107
7.3.3;Action and Policy Changes;109
7.3.4;1966–1973;113
7.4;1970s and 1980s;115
7.4.1;Context;115
7.4.2;Politics and Policies;118
7.5;The Celtic Tiger 1993–2007;127
7.5.1;A Blueprint for Economic Growth;127
7.5.1.1;Lower Tax Rates;127
7.5.1.2;Membership in the European Union;128
7.5.1.3;Wages;129
7.5.1.4;Privatization;132
7.5.1.5;Participation in the European Union and Workforce Dynamics;134
7.5.2;Results;136
7.6;The Onset of the Crisis;140
7.6.1;A Hiccough;140
7.6.2;Real Estate and a Few Prophets;142
7.6.3;How the Real Estate Boom Came to an Abrupt Pause;145
7.7;A Dynamic of the Crisis in Ireland;151
7.8;References6;155
8;Spain, the Euro and a Crisis;160
8.1;Introduction;160
8.2;Spain Before 2007;165
8.3;The Financial Situation of Spain in 2007;171
8.4;The Real Estate Bubble in Spain, 1997–2008: Spurious Explanations;172
8.5;The Real Estate Bubble in Spain, 1997–2008: Underlying Factors;175
8.5.1;The Demographic Situation;176
8.5.2;Interest Rates;177
8.5.3;La ley del suelo;178
8.5.4;Corruption of Local Officials;181
8.5.4.1;La Muela;182
8.5.4.2;Marbella;185
8.5.5;The Role of Money Laundering in Launching the Real Estate Bubble;188
8.6;Financing Real Estate: The cajas de ahorro;193
8.7;Fiscal Impact of the Crisis;198
8.8;Dynamics of the Financial Crisis in Spain;200
8.9;References11;206
9;How Italy Experienced the Euro Crisis;211
9.1;Introduction;211
9.2;A Condensed History of Italy’s Economy;215
9.3;The Golden Age, 1953–1971;220
9.3.1;The Impact of SOEs;223
9.3.1.1;Ente Nazionale Idrocarburi (ENI);223
9.3.1.2;Electrical Interlude;227
9.3.1.3;Conclusions on ENI and SOEs;229
9.3.2;The Close of the 1960s;231
9.4;The 1970s and 1980s;232
9.5;The Electorate Revolts 1992–1994;238
9.6;Italy in the Euro;244
9.7;A Dynamic of the Financial Crisis in Italy;249
9.8;References10;256
10;Conclusion: The Crisis and Lessons for the Administration of the Euro;259
10.1;Understanding the Euro Crisis;259
10.2;Overview of This Book;261
10.3;Similarities and Differences in the Crisis Experience;266
10.4;Lessons from the Crises in Europe;270
10.5;A Lesson from the Euro Crisis;273
10.6;Afterthoughts;276
10.7;References4;279
11;Index;280