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A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically-adjust observed current account balances and illustrate the scale of the additional adjustments to competitiveness and/or fiscal balances required in the euro area periphery to bring structural current account balances to levels compatible with sustainable net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to improve by about 30%, and by more than twice that in Greece. In peripheral countries, a combination of structural reforms to boost productivity and enhance the flexibility of labour markets, ambitious fiscal consolidation and reductions in labour taxes could substantially facilitate the rebalancing process and reduce the extent to which the burden of adjustment is reliant on further prolonged demand weakness. Surplus and/or strong competitiveness countries could help by likewise making labour and product markets more flexible, accepting above-normal inflation for an extended period and boosting demand, perhaps through reduced fiscal austerity.
Governance --- Economics --- Euro Area
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A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically-adjust observed current account balances and illustrate the scale of the additional adjustments to competitiveness and/or fiscal balances required in the euro area periphery to bring structural current account balances to levels compatible with sustainable net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to improve by about 30%, and by more than twice that in Greece. In peripheral countries, a combination of structural reforms to boost productivity and enhance the flexibility of labour markets, ambitious fiscal consolidation and reductions in labour taxes could substantially facilitate the rebalancing process and reduce the extent to which the burden of adjustment is reliant on further prolonged demand weakness. Surplus and/or strong competitiveness countries could help by likewise making labour and product markets more flexible, accepting above-normal inflation for an extended period and boosting demand, perhaps through reduced fiscal austerity.
Governance --- Economics --- Euro Area
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dieses Buch beschreibt und erklärt erstmals und komplex die Staatsschuldenkrise der Europäischen Währungsunion. Es werden die Verursachung im Vorfeld der Gründung und die vor allem makroökonomische Entwicklung der Euro - Krise in ihrer inneren Logik analysiert. Auf dieser Grundlage erfolgt die Darstellung der unterschiedlichen Instrumente der EU zur Stabilisierung sowie die Ableitung der notwendigen wirtschafts-, finanz- und geldpolitischen Schritte zur Erhaltung der Europäischen Währungsunion. Bei der Betrachtung der politischen und wirtschaftlichen Entwicklung der Europäischen Währungsunion und ihres derzeitigen Zustandes stellen sich drängend Fragen nach den Ursachen, den inneren Zusammenhängen und den Folgen der Euro-Krise. Es müssen Antworten gefunden werden, ob und wie in der Zukunft Krisen dieser Tragweite verhindert werden können und welche politischen, insbesondere aber wirtschafts-, finanz- und geldpolitische Entscheidungen getroffen sowie europarechtliche Konsequenzen gezogen werden müssen. In diesem Sinne soll das Buch dazu einen Beitrag leisten.
Currency crises --- Debts, Public --- Eurozone. --- Financial crises --- Monetary policy --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Currency question --- Foreign exchange --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Euro area --- Euro zone --- Monetary unions --- European Union countries --- Economic policy.
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In this short, fiercely argued book, David Marsh explains how five years of continuous crisis management not only have failed to resolve the EurozoneÆs problems but have actually made things worse. While austerity-wracked southern states descend into misery and resentment, creditor countriesùled by Germanyùfear that they will be forced to subsidize their weaker brethren indefinitely. Constructive dialogue has collapsed as European decision making descends into terrified paralysis, and the potential paths out of the impasse are blocked by indecision and incompetence at the top. As voters in Greece and Italy rebel against externally imposed hardship, and the sums needed to bail out failed economies reach ever more staggering proportions, the contradictions at the heart of the European project are becoming more and more obvious. Marsh warns that the current succession of complex technical fixes cannot sustain the Eurozone on life support indefinitely. Radical solutions are on offer, but without leaders who are strong and principled enough to push them through, Europe risks a depressing future of permanent decline.
Euro. --- European Union countries -- Economic conditions. --- Eurozone. --- Financial crises -- European Union countries. --- Monetary policy -- European Union countries. --- Business & Economics --- Economic History --- Financial crises --- Monetary policy --- European Union countries --- Economic conditions. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Euro area --- Euro zone --- Crises --- Monetary unions --- Money --- Eurozone --- Currency crises --- Economic policy. --- E-books --- Currency question --- Foreign exchange
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This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not be apparent at first sight, but is clear at business cycle frequencies. Our results suggest that at business cycle frequency, the output and core inflation comovement is high and stable, and that inflation lags the cycle in output with roughly half of its variance. The strong relationship of output and inflation hints at the importance of demand shocks for the euro area business cycle.
Eurozone. --- Inflation (Finance) --- Finance --- Natural rate of unemployment --- Euro area --- Euro zone --- Monetary unions --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Econometric and Statistical Methods: General --- Business Fluctuations --- Cycles --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Price Level --- Deflation --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Monetary Policy --- Economic growth --- Monetary economics --- Business cycles --- Inflation targeting --- Consumer price indexes --- Prices --- Monetary policy --- Price indexes --- United States
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The eurozone has lurched from crisis to calamity. With Greece, Portugal and Ireland driven to the brink of economic catastrophe, and the threat that other EU countries are soon to follow, the consequences for the global economy could be dire. In The Great Eurozone Disaster, Heikki Patomäki provides a captivating narrative about how Europe ended up in its present predicament and offers a radical new vision for 'democratic global Keynesianism' as the most viable way out of the current crisis.
Financial crises --- Eurozone. --- Monetary policy --- Crises financières --- Zone euro --- Politique monétaire --- European Union --- European Union countries --- Pays de l'Union européenne --- Economic policy --- Politique économique --- Euro area --- Euro zone --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- European Union. --- E.U. --- Economic policy. --- Monetary unions --- Crises --- International finance --- Europe --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 334.151.20 --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- International economics
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The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 euro area countries over the period 1979-2010, the results of the paper show that: (i) the effectiveness of risk sharing mechanisms in the euro area is significantly lower than in existing federations (such as the U.S. and Germany) and (ii) it falls sharply in severe downturns just when it is needed most; (iii) a supranational fiscal stabilization mechanism, financed by a relatively small contribution, would be able to fully insure euro area countries against very severe, persistent and unanticipated downturns.
Eurozone. --- Financial crises --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Euro area --- Euro zone --- Monetary unions --- Financial Risk Management --- Macroeconomics --- Money and Monetary Policy --- Open Economy Macroeconomics --- Current Account Adjustment --- Short-term Capital Movements --- Financial Aspects of Economic Integration --- Aggregate Factor Income Distribution --- Macroeconomics: Consumption --- Saving --- Wealth --- Fiscal Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Crises --- Monetary economics --- Economic & financial crises & disasters --- Income --- Consumption --- Fiscal union --- Credit --- National accounts --- Fiscal policy --- Money --- Economics --- Germany
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The global financial crisis, which started in the United States in 2007, spread to Europe in 2009. It especially hit Portugal, Ireland, Italy, Greece, and Spain, countries which have introduced the single currency, the euro. These eurozone countries no longer have monetary policy autonomy, so they do not have the option of devaluation to increase competitiveness. The crisis has shown that the Economic and Monetary Union (EMU) created in 1993, and which led to the single currency in 1999, is faulty. Its built-in asymmetry, with centralised monetary policy and decentralised fiscal policy, should be expected to create problems. Part of the response to the crisis so far has been incremental moves towards fiscal and banking union, which will mean a deepening of European integration at a time when many observers believed that a certain equilibrium had been reached after the entry into force of the Lisbon Treaty in 2009. This book focuses on these developments as well as analysing other economic policies that affect the general economic welfare of the EU, including agriculture, trade and immigration policies. The book puts the eurozone crisis into the wider context of deepening and widening.
Financial crises --- Monetary policy --- European Union --- European Union countries --- Economic policy --- Eurozone --- -Monetary policy --- -330.94 --- 339.5094 --- Monetary management --- Currency boards --- Money supply --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Euro area --- Euro zone --- Monetary unions --- Economic and Monetary Union --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- -EU countries --- Euroland --- Europe --- -Economic policy --- Financial crises - European Union countries --- Monetary policy - European Union countries --- European Union countries - Economic policy
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Geld en financiewezen is een toegankelijk boek voor studenten, professionals en voor iedereen die zich wil verdiepen in de financiële wereld. Het boek is grondig herwerkt in het licht van de sterk verander(en)de financiële wereld.Bron : http://www.boekenbank.be
bankwezen
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Money. Monetary policy
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geldhandel
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financiën
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beleggen
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International finance
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Belgium
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Euro area
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Finance
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Handbooks, manuals, etc.
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Academic collection
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BE / Belgium - België - Belgique
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333.741.0
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333.110
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333.480
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333.600
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333.610
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333.632.0
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333.633
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333.662
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345.1
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geld
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financieringsleer
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België
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336.7
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Euro
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financiële markten
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Belgie
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Geld
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Banken
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markten
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financiewezen
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geldwezen
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336.1
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EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 334.151.20 --- 334.151.1 --- 331.31 --- Monetary policy --- -Currency crises --- -Financial crises --- -Union européenne --- Crise monétaire --- Politique monétaire --- 330.9 --- 332.494 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Financial crises --- Currency question --- Foreign exchange --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden. --- EG : economisch en monetair beleid. --- Economisch beleid. --- Europese unie --- Monetaire crisis --- Monetair beleid --- Euro area --- European Union countries --- -EU countries --- Euroland --- Europe --- -Economic policy --- Union européenne --- política monetaria --- νομισματική πολιτική --- politică monetară --- měnová politika --- menová politika --- rahapolitiikka --- pinigų politika --- Geldpolitik --- política monetária --- monetary policy --- monetārā politika --- monetair beleid --- rahapoliitika --- валутна политика --- penningpolitik --- monetarna politika --- монетарна политика --- polityka walutowa --- monetær politik --- politica monetaria --- politika monetarja --- monetáris politika --- politikë monetare --- currency reform --- monetární politika --- monetaire stabiliteit --- menová situácia --- νομισματική μεταρρύθμιση --- pinigų reforma --- situazione monetaria --- naudas politika --- monetáris helyzet --- měnová situace --- menová reforma --- currency situation --- situação monetária --- situación monetaria --- money policy --- valuuttatilanne --- situatë valutore --- reformă monetară --- penningreform --- νομισματική κατάσταση --- Währungspolitik --- Währungslage --- riforma monetaria --- monetáris reform --- monetarinė politika --- peňažná politika --- reformë valutore --- reforma monetária --- valuutareform --- valuutasituatsioon --- situație monetară --- novčarska politika --- pénzpolitika --- situation monétaire --- pénzreform --- rahareform --- réforme monétaire --- novčana politika --- valūtas reforma --- Geld- und Kreditpolitik --- reforma monetaria --- stabilità monetaria --- монетарна реформа --- Währungsreform --- monetaire situatie --- politika e parasë --- monetaarpoliitika --- monetaire hervorming --- piniginė padėtis --- valuuttauudistus --- měnová reforma --- monetär situation --- krizë monetare --- monetaire crisis --- crisi monetaria --- měnová krize --- valuuttakriisi --- crisis monetaria --- monetarna kriza --- denarna kriza --- monetáris válság --- menová kríza --- valutakrise --- valūtas krīze --- парична криза --- criză monetară --- pinigų krizė --- Währungskrise --- crise monetária --- valutakris --- valuutakriis --- kryzys walutowy --- νομισματική κρίση --- kriżi monetarja --- monetary crisis --- монетарна криза --- géarchéim airgeadra --- kriżi finanzjarja --- krize měny --- crise financière --- finanční krize --- criză financiară --- finanšu krīze --- géarchéim airgeadais --- rahanduskriis --- nemzetközi pénzügyi válság --- Schuldenkrise --- crise financeira --- monetær krise --- rahoituskriisi --- finančná kríza --- crisi finanziaria --- krizë financiare --- finansiell kris --- currency crisis --- finančna kriza --- finanskris --- finantskriis --- kryzys finansowy --- financial crisis --- финансијска криза --- internationale Finanzkrise --- pénzügyi válság --- меѓународна финансиска криза --- валутна криза --- financiële crisis --- crisis financiera --- mezinárodní finanční krize --- финансиска криза --- χρηματοοικονομική κρίση --- должничка криза --- finanskrise --- krize finančního systému --- криза на финансискиот систем --- Finanzkrise --- финансова криза --- finansinė krizė --- Europese Unie --- Europska unija --- União Europeia --- Ευρωπαϊκή Ένωση --- Európska únia --- Európai Unió --- Europäische Union --- Europos Sąjunga --- Evropská unie --- Европска унија --- Unjoni Ewropea --- Европейски съюз --- Europeiska unionen --- European Union --- Euroopan unioni --- Eiropas Savienība --- Unión Europea --- Evropska unija --- Unia Europejska --- Unione europea --- Uniunea Europeană --- Den Europæiske Union --- Европска Унија --- Euroopa Liit --- an tAontas Eorpach --- Bashkimi Europian --- Sąjungos institucija --- Sąjungos teisė --- právo Únie --- νόμος της Ένωσης --- Savienības tiesības --- wet van de Unie --- legge dell'Unione --- Europæisk Union --- unionslagstiftning --- atto dell'Unione --- AE --- loi de l'Union --- EU --- e drejta e Bashkimit --- ЕУ --- lege a Uniunii Europene --- Union law --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- EG : economisch en monetair beleid --- Economisch beleid --- beartas airgeadaíochta --- -Europe --- EU countries --- géarchéim airgeadaíochta --- Politique monétaire --- Union européenne --- Crise monétaire
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