Pathways from the European Periphery: Lessons from the Political Economy of Development
| Autor: | George Pagoulatos, Sebastian Dellepiane-Avellaneda, Niamh Hardiman, Spyros Blavoukos |
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| Jazyk: | angličtina |
| Rok vydání: | 2018 |
| Předmět: |
Sociology and Political Science
media_common.quotation_subject Emerging markets Developing country Development Financial crises Hard currency Politics State (polity) State capacity Political science 0502 economics and business Credibility 050602 political science & public administration 050207 economics media_common Democratic legitimacy 05 social sciences Monetary policy 0506 political science Political economy Political Science and International Relations Credibility of monetary commitments European periphery |
| ISSN: | 1936-6167 |
| Popis: | The European economic crisis need not be considered as a problem that is sui generis. Drawing on literature from the political economy of development that centers on finance and monetary policy, we show that the economic vulnerabilities and policy predicaments facing the European periphery share many similarities with problems encountered by middle-income developing countries. Three main concerns guide our discussion: the politics of credible commitment, the significance of state capacity for stabilizing credibility, and the challenges of maintaining democratic legitimacy during times of financial volatility. Our analysis of the dynamics of hard currency pegs and monetary unions draws on lessons from the classic Gold Standard and on more recent experiences of financial crises in emerging markets. We consider how these may apply to the Eurozone periphery, before drawing out some implications for the problems of core-periphery relationships in European Monetary Union. |
| Databáze: | OpenAIRE |
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