Alternative economic policies in the euro zone

Mazier, Jacques; Duwicquet, Vincent

Type de document :

Partie d'ouvrage: Chapitre

DOI :

10.4324/9780429437786-8

URL permanente :

http://hdl.handle.net/20.500.12210/20382

Titre :

Alternative economic policies in the euro zone

Auteur(s) :

Mazier, Jacques [Auteur]
Centre d'Economie de l'Université Paris Nord [CEPN]
Duwicquet, Vincent [Auteur]

Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 [CLERSÉ]

Titre de l’ouvrage :

Global Imbalances and Financial Capitalism

Pagination :

147-195

Éditeur :

Routledge

Date de publication :

2020-05-07

ISBN :

9780429437786

Discipline(s) HAL :

Sciences de l'Homme et Société/Economies et finances

Résumé en anglais : [en]

The chapter analyses in two ways the alternative economic policies that are put forward to overcome the blockages of the euro area. First, the consistency of the different alternatives is discussed; second, a two-country ...
Lire la suite >The chapter analyses in two ways the alternative economic policies that are put forward to overcome the blockages of the euro area. First, the consistency of the different alternatives is discussed; second, a two-country SFC model of the monetary union is used to evaluate the macroeconomic impact of these alternatives. Several typical alternative structures have been suggested: reaffirmation of the no-bail-out clause for the national governments, fiscal federalism, eurobonds, creation of a Euro Treasury. These alternatives, and other more pragmatic ones, raise many problems and are, in many cases, hardly realistic in political terms. According to the simulations of the SFC model, the stabilisation effects advocated by the ‘international risk-sharing approach’ are weak or even nonexistent in some cases. When interest rates increase due to credit rationing, a cumulative slowdown can emerge. On the contrary a federal budget, even if small but with federal transfers, can have an efficient stabilising role. Large European investments projects financed by eurobonds are also a powerful instrument. The mutualisation of public national debts with eurobonds or the enlargement of financial support by northern countries can contribute to stabilisation, but in a limited way. On the whole, the alternative economic policies are whether unlikely (federal budget, eurobonds), or hardly feasible (European investments) or have only a limited impact (eurobonds, northern financial support). The risk of a status quo is high.Lire moins >

Langue :

Anglais

Audience :

Non spécifiée

Établissement(s) :

Université de Lille
CNRS
Univ. Littoral Côte d’Opale

Collections :

Centre Lillois d'Études et de Recherches Sociologiques et Économiques (CLERSE) - UMR 8019

Équipe(s) de recherche :

Économies et sociétés : développement, richesse, innovation et régulation

Date de dépôt :

2020-05-13T16:23:14Z
2020-05-14T07:21:38Z

Numéro de version	Lien	Date de modification
2	20.500.12210/20382*	2020-05-14T07:18:01Z
1	20.500.12210/20382.1	2020-05-13T16:23:14Z

Alternative economic policies in the euro zone

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Alternative economic policies in the euro zone

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