Author: Giuseppe Bertola
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 52
Book Description
"This paper reviews theoretical and empirical aspects of the interaction between Europe's Economic and Monetary Union and recent labour market developments. Policies meant to increase and stabilize labour incomes also tend to reduce employment and productivity, theory suggests that the latter effects should be sharper and more relevant within an integrated market area, making it harder for National policy makers to address the consequences of financial and other market imperfections. Empirical patterns of policy and outcome indicators in member and non-member countries of EMU are consistent with that theoretical mechanism. In the data, tighter economic integration is associated with better employment performance, substantial deregulation, sharper disemployment effects of remaining regulatory differences, and somewhat higher inequality and larger private financial market volume."--Publication information page.
Labour Markets in EMU
Monetary Policy, Fiscal Policies and Labour Markets
Author: R. Beetsma
Publisher: Cambridge University Press
ISBN: 9780521041836
Category : Business & Economics
Languages : en
Pages : 396
Book Description
A survey of fiscal policy, monetary policy and labour markets in the European Monetary Union.
Publisher: Cambridge University Press
ISBN: 9780521041836
Category : Business & Economics
Languages : en
Pages : 396
Book Description
A survey of fiscal policy, monetary policy and labour markets in the European Monetary Union.
Financial Crisis, Labour Markets and Institutions
Author: Sebastiano Fadda
Publisher: Routledge
ISBN: 0415538602
Category : Business & Economics
Languages : en
Pages : 242
Book Description
This book seeks to explain the global financial crisis and its wider economic, political, and social repercussions, arguing that the 2007-9 meltdown was in fact a systemic crisis of the capitalist system. The volume makes these points through the exploration of several key questions: What kind of institutional political economy is appropriate to explain crisis periods and failures of crisis-management? Are different varieties of capitalism more or less crisis-prone, and can the global financial crisis can be attributed to one variety more than others? What is the interaction between the labour market and the financialization process? The book argues that each variety of capitalism has its own specific crisis tendencies, and that the uneven global character of the crisis is related to the current forms of integration of the world market. More specifically, the 2007-09 economic crisis is rooted in the uneven income distribution and inequality caused by the current financial-led model of growth. The book explains how the introduction of more flexibility in the labour markets and financial deregulation affected everything from wages to job security to trade union influence. Uneven income distribution and inequality weakened aggregate demand and brought about structural deficiencies in aggregate demand and supply. It is argued that the process of financialization has profoundly changed how capitalist economies operate. The volume posits that financial globalization has given rise to growing international imbalances, which have allowed two growth models to emerge: a debt-led consumption growth model and an export-led growth model. Both should be understood as reactions to the lack of effective demand due to the polarization of income distribution.
Publisher: Routledge
ISBN: 0415538602
Category : Business & Economics
Languages : en
Pages : 242
Book Description
This book seeks to explain the global financial crisis and its wider economic, political, and social repercussions, arguing that the 2007-9 meltdown was in fact a systemic crisis of the capitalist system. The volume makes these points through the exploration of several key questions: What kind of institutional political economy is appropriate to explain crisis periods and failures of crisis-management? Are different varieties of capitalism more or less crisis-prone, and can the global financial crisis can be attributed to one variety more than others? What is the interaction between the labour market and the financialization process? The book argues that each variety of capitalism has its own specific crisis tendencies, and that the uneven global character of the crisis is related to the current forms of integration of the world market. More specifically, the 2007-09 economic crisis is rooted in the uneven income distribution and inequality caused by the current financial-led model of growth. The book explains how the introduction of more flexibility in the labour markets and financial deregulation affected everything from wages to job security to trade union influence. Uneven income distribution and inequality weakened aggregate demand and brought about structural deficiencies in aggregate demand and supply. It is argued that the process of financialization has profoundly changed how capitalist economies operate. The volume posits that financial globalization has given rise to growing international imbalances, which have allowed two growth models to emerge: a debt-led consumption growth model and an export-led growth model. Both should be understood as reactions to the lack of effective demand due to the polarization of income distribution.
Economic Policy in EMU
Author: Marco Buti
Publisher: Oxford University Press
ISBN: 9780198294771
Category : Business & Economics
Languages : en
Pages : 280
Book Description
With the advent of the third and final phase of European and Monetary Union (EMU), the debate over European monetary unification is at the top of the political and economic agenda. Much has been written over the past five years about whether EMU is justified given the various expected benefitsand prospective costs, but there has been little detailed material on how EMU will work and what the practical implications of it will be for Europe as a whole. Economic Policy in EMU is a comprehensive look at the mechanisms involved, likely effects on monetary and budgetary policy, and the ways in which monetary union will deal with and affect business cycles and regional differences. It combines rigorous analysis of how the European economy works withan insider view of how this will change after 1999: as such, it is vital reading for all involved in the most important topic facing Europe today.
Publisher: Oxford University Press
ISBN: 9780198294771
Category : Business & Economics
Languages : en
Pages : 280
Book Description
With the advent of the third and final phase of European and Monetary Union (EMU), the debate over European monetary unification is at the top of the political and economic agenda. Much has been written over the past five years about whether EMU is justified given the various expected benefitsand prospective costs, but there has been little detailed material on how EMU will work and what the practical implications of it will be for Europe as a whole. Economic Policy in EMU is a comprehensive look at the mechanisms involved, likely effects on monetary and budgetary policy, and the ways in which monetary union will deal with and affect business cycles and regional differences. It combines rigorous analysis of how the European economy works withan insider view of how this will change after 1999: as such, it is vital reading for all involved in the most important topic facing Europe today.
Employment and Labour Cost Statistics in the EMU Perspective
Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 128
Book Description
The European Advisory Committee on Statistical Information in the Economic and Social Spheres (CEIES) was created in 1992 with the explicit task of assisting the European Council and the Commission (i.e. Eurostat) in the coordination of the objectives of the EU statistical information policy, taking into account user requirements and the costs borne by the information producers. The CEIES is comparable to the statistical councils existing at the national level in that the majority of the members are 'independent' and appointed from among leading representatives of the various economic and social categories and scientific circles. ... This publication brings together the papers presented at the seminar, the proceedings of the discussions and the conclusions drawn by the chairman of the Subcommittee on social statistics, which organized the seminar.
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 128
Book Description
The European Advisory Committee on Statistical Information in the Economic and Social Spheres (CEIES) was created in 1992 with the explicit task of assisting the European Council and the Commission (i.e. Eurostat) in the coordination of the objectives of the EU statistical information policy, taking into account user requirements and the costs borne by the information producers. The CEIES is comparable to the statistical councils existing at the national level in that the majority of the members are 'independent' and appointed from among leading representatives of the various economic and social categories and scientific circles. ... This publication brings together the papers presented at the seminar, the proceedings of the discussions and the conclusions drawn by the chairman of the Subcommittee on social statistics, which organized the seminar.
EMU Facts, Challenges and Policies
Author: OECD
Publisher: OECD Publishing
ISBN: 9264172602
Category :
Languages : en
Pages : 210
Book Description
The launch of the euro reinforces the foundations for unprecedented economic integration encompassing 11 countries, 16 per cent of world GDP and 290 million people. For the first time, the OECD has studied the euro-area as a fully-fledged economic ...
Publisher: OECD Publishing
ISBN: 9264172602
Category :
Languages : en
Pages : 210
Book Description
The launch of the euro reinforces the foundations for unprecedented economic integration encompassing 11 countries, 16 per cent of world GDP and 290 million people. For the first time, the OECD has studied the euro-area as a fully-fledged economic ...
EMU and Economic Policy in Europe
Author: Marco Buti
Publisher: Edward Elgar Publishing
ISBN: 9781781009857
Category : Business & Economics
Languages : en
Pages : 520
Book Description
Explores issues surrounding the European Monetary Union, including the financial impact of the euro, the behavior of monetary and fiscal authorities, and the consequences of EU enlargement.
Publisher: Edward Elgar Publishing
ISBN: 9781781009857
Category : Business & Economics
Languages : en
Pages : 520
Book Description
Explores issues surrounding the European Monetary Union, including the financial impact of the euro, the behavior of monetary and fiscal authorities, and the consequences of EU enlargement.
Unions, Central Banks, and EMU
Author: Bob Hancké
Publisher: Oxford University Press, USA
ISBN: 0199662096
Category : Business & Economics
Languages : en
Pages : 147
Book Description
This book examines the crisis of EMU through the lenses of comparative political economy. It retraces the development of wage-setting systems in the core and peripheral EMU member states, and how these contributed to the increasing divergence between creditor and debtor states in the late 2000s. Starting with the construction of the Deutschmark bloc, through the Maastricht process of the 1990s, and into the first decade of EMU, this book analyzes how labour unions and wage determination systems adjusted in response to monetary integration and, in turn, influenced the shape that monetary union would eventually take. Before the introduction of the Euro, labour unions were disciplined by central banks and governments, after social conflict in the north of the continent and with the use of social pacts in the others. Since controlling inflation had become the main goal of macro-economic policy, national central banks acted as a backstop to keep militant unions and profligate governments under control. Public sector wages thus were subordinated to manufacturing wages, a set-up policed by export sector unions, aided by the central bank. With the introduction of the single currency, the European Central Bank replaced the national central banks and, as a result, their capacity to control labour unions disappeared. The strong links between wages in the public sector unions and wages in the manufacturing export sector weakened dramatically in many countries, wage inflation re-emerged, and the stage was set for the current account divergences at the basis of the crisis of EMU.
Publisher: Oxford University Press, USA
ISBN: 0199662096
Category : Business & Economics
Languages : en
Pages : 147
Book Description
This book examines the crisis of EMU through the lenses of comparative political economy. It retraces the development of wage-setting systems in the core and peripheral EMU member states, and how these contributed to the increasing divergence between creditor and debtor states in the late 2000s. Starting with the construction of the Deutschmark bloc, through the Maastricht process of the 1990s, and into the first decade of EMU, this book analyzes how labour unions and wage determination systems adjusted in response to monetary integration and, in turn, influenced the shape that monetary union would eventually take. Before the introduction of the Euro, labour unions were disciplined by central banks and governments, after social conflict in the north of the continent and with the use of social pacts in the others. Since controlling inflation had become the main goal of macro-economic policy, national central banks acted as a backstop to keep militant unions and profligate governments under control. Public sector wages thus were subordinated to manufacturing wages, a set-up policed by export sector unions, aided by the central bank. With the introduction of the single currency, the European Central Bank replaced the national central banks and, as a result, their capacity to control labour unions disappeared. The strong links between wages in the public sector unions and wages in the manufacturing export sector weakened dramatically in many countries, wage inflation re-emerged, and the stage was set for the current account divergences at the basis of the crisis of EMU.
Adjusting to EMU
Author: B. Ardy
Publisher: Springer
ISBN: 0230554741
Category : Business & Economics
Languages : en
Pages : 363
Book Description
This book provides an original and wide-ranging analysis of the impact of Economic and Monetary Union (EMU) on economic governance in the EU and in several key Member States within and outside the Euro area. Its emphasis is on adaptation: how EMU encourages change in national and EU institutions and in national economic regimes. It brings together economic, political science and legal perspectives to explain how national economies adapted, the dynamics of policy-making and the complex web of laws, processes and actors in the EMU.
Publisher: Springer
ISBN: 0230554741
Category : Business & Economics
Languages : en
Pages : 363
Book Description
This book provides an original and wide-ranging analysis of the impact of Economic and Monetary Union (EMU) on economic governance in the EU and in several key Member States within and outside the Euro area. Its emphasis is on adaptation: how EMU encourages change in national and EU institutions and in national economic regimes. It brings together economic, political science and legal perspectives to explain how national economies adapted, the dynamics of policy-making and the complex web of laws, processes and actors in the EMU.
The European Labour Market
Author: Floro Ernesto Caroleo
Publisher: Springer Science & Business Media
ISBN: 3790816809
Category : Business & Economics
Languages : en
Pages : 341
Book Description
This book brings together up-to-date findings on the regional dimensions of European labour markets. It provides a conceptual and empirical study of the interactions between the European economy and its regions, paying particular attention to the issue of the transition of Central and Eastern European countries to a market economy. The topics analysed include: the structure of the shocks affecting employment (regional, industrial, national), the relationships between labour market efficiency and the regional distribution of unemployment, wage flexibility in EU member countries or in their regions and the role of active labour market policies in affecting the regional distribution of employment and unemployment.
Publisher: Springer Science & Business Media
ISBN: 3790816809
Category : Business & Economics
Languages : en
Pages : 341
Book Description
This book brings together up-to-date findings on the regional dimensions of European labour markets. It provides a conceptual and empirical study of the interactions between the European economy and its regions, paying particular attention to the issue of the transition of Central and Eastern European countries to a market economy. The topics analysed include: the structure of the shocks affecting employment (regional, industrial, national), the relationships between labour market efficiency and the regional distribution of unemployment, wage flexibility in EU member countries or in their regions and the role of active labour market policies in affecting the regional distribution of employment and unemployment.