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Author: Daniel Gros Publisher: Rowman & Littlefield ISBN: 1783485965 Category : Business & Economics Languages : en Pages : 101
Book Description
The Great Financial Crisis, which started in 2007-08, was originally called the ‘sub-prime’ crisis because its origins could be traced to excessive lending in the real estate sector in the US, concentrated mostly in sunbelt states like Nevada, Florida and California. There were similar pockets of excess lending for housing in Europe, notably in Ireland and Spain. But a key difference emerged later: in Ireland and Spain, the local banking systems almost collapsed and the governments experienced severe financial stress with large macroeconomic costs. Nothing similar happened in the US. The local financial system remained fully functional and the local governments did not experience increased financial stress in the states with the biggest real estate booms, like Nevada or Florida. This book illustrates how the structure of the US banking market and the existence of federal institutions allowed regional financial shocks to be absorbed at the federal level in the US, thus avoiding local financial crisis. The authors argue that the experience of the US shows the importance of a ‘banking union’ to avoid severe regional (national) financial dislocation in the wake of regional boom and bust cycles. They also discuss the extent to which the institutions of the partial banking union, now in the process of being created for the euro area, should be able to increase its capacity to deal with future regional boom and bust cycles, thereby stabilising the single currency.
Author: Daniel Gros Publisher: Rowman & Littlefield ISBN: 1783485965 Category : Business & Economics Languages : en Pages : 101
Book Description
The Great Financial Crisis, which started in 2007-08, was originally called the ‘sub-prime’ crisis because its origins could be traced to excessive lending in the real estate sector in the US, concentrated mostly in sunbelt states like Nevada, Florida and California. There were similar pockets of excess lending for housing in Europe, notably in Ireland and Spain. But a key difference emerged later: in Ireland and Spain, the local banking systems almost collapsed and the governments experienced severe financial stress with large macroeconomic costs. Nothing similar happened in the US. The local financial system remained fully functional and the local governments did not experience increased financial stress in the states with the biggest real estate booms, like Nevada or Florida. This book illustrates how the structure of the US banking market and the existence of federal institutions allowed regional financial shocks to be absorbed at the federal level in the US, thus avoiding local financial crisis. The authors argue that the experience of the US shows the importance of a ‘banking union’ to avoid severe regional (national) financial dislocation in the wake of regional boom and bust cycles. They also discuss the extent to which the institutions of the partial banking union, now in the process of being created for the euro area, should be able to increase its capacity to deal with future regional boom and bust cycles, thereby stabilising the single currency.
Author: Mark Rhinard Publisher: Bloomsbury Publishing ISBN: 1350342920 Category : Political Science Languages : en Pages : 521
Book Description
The crises of the European Union extend beyond the challenges of Covid-19, Brexit, the Eurozone, and mass migration, cutting to the core of the EU itself. Taking a structural rather than event-based approach, this text unpacks all aspects of the EU in crisis and analyses the implications of these crises for the EU and its member states. This edition argues that crises and challenges are no longer unique and discreet events facing the EU, but rather, they are better understood as sustained conditions that have changed the relationships between member states, the functioning of institutions, the nature of public engagement and the prospects for integration. Chapters broach institutional issues as well as specific policy challenges, covering questions of legitimacy and leadership and offering a full chapter on democracy and Euroscepticism. Working within both historical and theoretical frameworks, this is the perfect companion for those studying and researching contemporary challenges facing the EU, European integration, political crisis management and transboundary crises more broadly.
Author: Antonella Cavallo Publisher: Springer ISBN: 3319702696 Category : Business & Economics Languages : en Pages : 185
Book Description
This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999–2016, i.e., the EMU period. The main econometric tools used in this research are structural vector autoregressive (VAR) models, including panel VAR models. The available literature relating to the subject is also fully reviewed. A further closely investigated topic is the potential spillover effects of German fiscal policies on the selected small Euro-area economies. Moreover, in the perspective of the evolution of the Euro Area towards a full Monetary and Fiscal Union, the authors study the effects of area-wide government spending shocks on aggregate output and other macroeconomic variables during the EMU period. The closing chapter of the book considers evidence on the consequences of austerity policies for European labour markets during recent years.
Author: Herwig C.H. Hofmann Publisher: Edward Elgar Publishing ISBN: 1788978307 Category : Law Languages : en Pages : 351
Book Description
Demonstrating the ways in which the micro and macro-economic constitutions of Europe have reacted to legal measures enacted to counter the economic crisis of the past decade, this innovative book takes an interdisciplinary approach in its attempt to understand and portray the metamorphosis of the European Economic Constitution. It contains contributions from leading scholars and experts in European economic law, discussing the challenges, solutions found, problems arising and possible approaches to embed the economic constitution in the broader constitutional framework of the EU. p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.0px Arial}
Author: Caroline Grøn Publisher: Routledge ISBN: 1317536614 Category : Political Science Languages : en Pages : 319
Book Description
In European policy-making, the Nordic countries are often viewed as a relatively coherent bloc; in international and European affairs the Nordic position has traditionally been conditioned on being different from and better than Europe. This book offers a coherent, original and systematic comparative analysis of the relationship between the Nordic countries and the European Union over the past two decades. It looks at the historical frame, institutions and policy areas, addressing both traditional EU areas such as agriculture and more nascent areas affecting the domestic and foreign policies of the Nordic countries. In doing so, it examines how the Nordic approach to European policy-making has developed and explains why the Nordic countries are similar in some respects while differing in others when engaging with EU institutions. In highlighting the similarities and differences between the Nordic countries it explores what lessons – positive and negative – may be drawn from this approach for the Nordic countries and other small states. This book will be of interest to scholars, students and practitioners engaged with the Nordic Countries, EU politics and policy-making, European politics and comparative politics.
Author: Christopher Mitchell Publisher: Oxford University Press ISBN: 0198889062 Category : Political Science Languages : en Pages : 385
Book Description
Crises and Integration in European Banking Union builds a theory of how the combination of crisis severity and origin indicates whether a crisis will produce deep reform, modest reform, or a persistence of the pre-crisis status quo.
Author: Philipp Kirchner Publisher: BoD – Books on Demand ISBN: 3737609039 Category : Business & Economics Languages : en Pages : 142
Book Description
Since the occurrence of the Great Financial Crisis (GFC) in 2007/2008, our understanding of (macro) economics changed fundamentally. The evolution of the GFC revealed fundamental changes in the structural composition of financial systems in that traditional retail banking services, especially in the U.S., shifted progressively into a market-based banking system called the shadow banking system. Consequently, policy makers were forced to adapt the existing toolkit in two ways: implementing unconventional monetary measures to stimulate markets and introducing macroprudential measures as laid down in the BASEL III-framework geared towards the resilience and stability of the financial sector. This thesis addresses these aspects by using state-of-the-art closed- and open-economy dynamic stochastic general equilibrium models to analyze the impact of shadow banking on the business cycle and on the interaction with monetary and macroprudential policy measures.
Author: Daniel Gros
Author: Daniel Gros
Author: Ansgar Belke
Author: Dariusz Adamski
Author: Wharton Financial Institutions Center
Author: Mark Rhinard
Author: Antonella Cavallo
Author: Herwig C.H. Hofmann
Author: Caroline Grøn
Author: Christopher Mitchell
Author: Philipp Kirchner