Economic Imbalances and Institutional Changes to the Euro and the European Union.

Front Cover -- Economic Imbalances and Institutional Changes to the Euro and the European Union -- Copyright Page -- Contents -- List of Contributors -- Economic Imbalances and Institutional Changes to the Euro and the European Union -- Introduction -- Part I: Institutional and Political Issues in the Policy Framework of the Eurozone -- The Eurozone Policy Model and the Institutional Consolidation Process in the Long-Run -- Introduction -- The European Policy Model: Theoretical Underpinnings and Flaws -- Trust and Economic Performance -- Empirical Analysis -- Data and Methodology -- Empirical Results -- Conclusions -- Notes -- References -- In or Out of Love with Europe? An Empirical Analysis of the Determinants of National Political Parties' Orientation toward the European Union -- Introduction -- Determinants of Party Positioning on European Integration: A Review of the Literature -- Data -- Methodology -- Results and Discussion -- Conclusion -- Note -- References -- Development-Related Problems and Asymmetries in the Eurozone: The Challenge of the "Strategic" Approach. -- Introduction -- Regional and Industrial Disparities and Problems in the EEC/EU -- Regional and Industrial Policies in the Eurozone: An Overview -- Regional and Industrial Policies in the Eurozone: An Overall Evaluation -- The Developmental State Alternative -- Policy Considerations -- Conclusions -- Notes -- References -- Rules, Imbalances, and Growth in the Eurozone -- Introduction -- Rules, Policies, and Institutional Flaws in the Eurozone -- The New Institutional Framework of the Eurozone. Is It Enough? -- Current Account Imbalances -- Growth and Debt -- The Eurozone Needs a New Strategy -- Conclusions -- Notes -- References -- Back to National Currencies? Monetary Integration in an Asymmetrical Currency Area. -- Introduction.

The EMU Is Not an Optimum Currency Area and Its Policy-Mix Is Unsustainable -- The European Single Currency Is a Factor of Financial Instability and Systemic Crisis -- The Monetary-Structural Shortcomings of the TARGET2 Payment System -- A Monetary-Structural Reform to Achieve European Monetary Integration -- Conclusion -- Notes -- Acknowledgments -- References -- Part II: Monetary Policy, the Banking System and Financial Integration -- From Anti-Growth Bias to Quantitative Easing: The ECB's Belated Conversion? -- Introduction -- The ECB: A Peculiar Central Bank in Charge of a Unique Currency Union -- The Euro Area's Aggregate Performance: Inflation, Growth, and the Labor Market -- Intra-Area Divergences and Build-Up of Imbalances -- ECB Monetary Policy: 1999-2014 -- QE to the Rescue: The ECB's Belated Conversion? -- Making the Euro Viable: The ECB Needs a Euro Treasury Partner -- Concluding Remarks -- Notes -- References -- Quantitative Easing in the Eurozone -- Introduction -- History of QE -- Theory of QE -- The Impact of QE -- Adverse Effects of QE -- Alternative Perspectives -- Conclusions -- Notes -- References -- Updating the Evidence on Risk-Sharing through the Cross-Ownership of Assets in the Euro-Area -- Introduction -- Mechanisms of Risk-Sharing -- Empirical Analysis -- Methodology -- Measuring the Level of Risk-Sharing -- Measuring Potential Gains from Risk-Sharing -- Results -- Level of Risk-Sharing -- Potential Gains from Risk-Sharing -- Conclusion -- References -- Financial Integration at Times of Crisis and Recovery -- Introduction -- Literature Review -- Methodology: Measuring Financial Integration -- Results -- Price-Based Measures -- Beta-Convergence -- Sigma-Convergence -- News-Based Measures -- Composite Indicator of Financial Integration -- Conclusions -- Notes -- Acknowledgments -- References.

EU-Banking Union - Expectations, Deficiencies, and Criticisms -- Introduction -- The Theory of Optimal Currency Area-Based BU -- The Reasons for the Establishment of a BU -- The Main Pillars of the BU -- Single Supervisory Authority - Synergistic Effect -- The Assessment of the Balance Sheet -- Deficiencies and Criticisms of BU -- Conclusion -- References -- Part III: Macroeconomic imbalances and the convergence process -- Competitiveness and Macroeconomic Imbalances in Eurozone Countries -- Introduction -- What Do We Mean by Competitiveness? -- Competitiveness and Macroeconomic Imbalances -- Preliminary Evidence -- Conclusion -- Acknowledgement -- References -- Current Accounts and Competitiveness Issues in the North and South of the Euro Area -- Introduction -- Overview of the Literature -- Main Trends in Current Account Imbalances in the Euro Area -- Econometric Model -- Data and Results -- Testing Procedures -- Impulse-Response Functions -- Variance Decomposition -- Conclusion -- Notes -- Acknowledgment -- References -- Is There a Debt-Overhang Problem in the European Union? -- Introduction -- Literature Review -- Foreign Debt -- Analysis of Debt Indicators -- Research -- Methodology and Data -- Results -- Causality between Public Debt and GDP Growth Rates -- Causality between Public Debt and Unemployment Rates -- Causality between Public Debt and Current Account -- Causality between Public Debt and Interest Rates -- Macroeconomic Imbalances and Public Debt -- Conclusion -- Notes -- References -- Are They All the Same? Banking and Financial Crises in Debt-Ridden Euroarea Countries -- Introduction -- Studies of the Five Countries' Recent Crises -- Comparative Perspectives and Case Studies -- Connection between Monetary Integration and National Crises? -- Systematic Imbalances after the Euro -- Distinct Economic Characteristics and Performances.

Cycles Common to Precede Banking Crises -- Pressures Increasing Likelihood of Crises -- Real-Estate Sector Pressures -- Government Budget and Current Account Deficits -- Private and Public Consumption -- Yield and Foreign Debt Conditions -- The Not Always Told Crises' Aftermath -- Impacts on Banking Sectors -- Costs of Rescue Interventions -- Population Involvement -- Summary of Cycles and Phenomena Potentiating Banking Sector Crises in the Euro's Early Years -- Conclusion -- Notes -- References -- The Recent Experiences of Capital Flows and Fiscal Imbalances since the Creation of the Eurozone -- Introduction -- Review of the Literature -- Capital Inflows: Basic Stylized Facts for the European Union -- Data, Methodology, and Results -- The Methodology -- The Data Sources -- The Empirical Results -- The Descriptive Statistics -- Results from the Seemingly Unrelated Regression (SUR) Model -- Policy Implications -- Conclusions -- Notes -- References -- Intra-European Union Imbalances and Cyclical Position: Does Monetary Policy Matter? -- Introduction -- The Built-Up of Macroeconomic Imbalances: Lessons from the European Commission's Macroeconomic Imbalance Procedure Procedure -- Macroeconomic Imbalances -- Monetary Imbalances -- Financial Imbalances -- The Ineffectiveness of the One-Size-Fits-All Monetary Policy: A Taylor Rule Approach -- Methodology and Data -- Results -- The "Great Deviation" Hypothesis -- Is Monetary Policy Would Have Been More Effective with Membership of the Eurozone: A Counterfactual Analysis -- Conclusion -- Notes -- References -- Appendix -- Is there Convergence or Divergence in the International Competitiveness of the Eurozone Countries? -- Introduction -- Theoretical Background -- Divergence Versus Convergence of International Competitiveness among Eurozone Economies: Methodological Aspects -- Conclusion -- Note -- References.

Appendix -- Variable Definitions -- Sovereign Debt Crisis: Euro-Reality -- Introduction -- Sources of the Sovereign Debt Problem -- European Sovereign Debt Crisis -- Question of Responsibility -- Conclusion -- Notes -- References -- About the Authors -- Index.

This book offers a critical perspective from which to observe evolution of the Euro Area and the European Union in these times of growing economic and political conflict.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.