From convergence to crisis : labor markets and the instability of the euro / Alison Johnston.

What explains Eurozone member-states' divergent exposure to Europe's sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnst...

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Bibliographic Details
Main Author: Johnston, Alison, 1982- (Author)
Format: eBook
Language:English
Published: Ithaca : Cornell University Press, 2016.
Series:Cornell studies in money.
Subjects:
Online Access:Click for online access

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100 1 |a Johnston, Alison,  |d 1982-  |e author. 
245 1 0 |a From convergence to crisis :  |b labor markets and the instability of the euro /  |c Alison Johnston. 
264 1 |a Ithaca :  |b Cornell University Press,  |c 2016. 
300 |a 1 online resource (xvii, 223 pages) 
336 |a text  |b txt  |2 rdacontent 
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347 |b PDF 
490 1 |a Cornell studies in money 
504 |a Includes bibliographical references and index. 
505 0 |a Incomplete monetary union and Europe's current crisis -- From order to disorder : how monetary union changed national labor markets -- Monetary regimes, sectoral wage relations and the current account crisis in the EMU south : empirical evidence -- National central banks promoting inflation convergence : Danish and Dutch experiences inside and outside of the euro -- Wage setting politics favoring exports : German, Dutch and Italian experiences under EMU -- Wage-drift and sheltered-sector politics under a common currency : the Irish and Spanish experiences -- EMU, the politics of wage inflation and crisis : implications for current debates and policy. 
588 0 |a Print version record and CIP data provided by publisher; resource not viewed. 
520 |a What explains Eurozone member-states' divergent exposure to Europe's sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe's monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe's distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe's corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South. The euro's institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency's corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union's removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU's goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets. 
546 |a In English. 
610 2 0 |a Economic and Monetary Union. 
610 2 7 |a Economic and Monetary Union  |2 fast 
650 0 |a Monetary policy  |z European Union countries. 
650 0 |a Labor market  |z European Union countries. 
650 0 |a Financial crises  |z European Union countries. 
650 0 |a Euro. 
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650 7 |a POLITICAL SCIENCE  |x Political Economy.  |2 bisacsh 
650 7 |a Euro  |2 fast 
650 7 |a Financial crises  |2 fast 
650 7 |a Labor market  |2 fast 
650 7 |a Monetary policy  |2 fast 
651 7 |a European Union countries  |2 fast 
758 |i has work:  |a From convergence to crisis (Text)  |1 https://id.oclc.org/worldcat/entity/E39PCGvfTtVRmRhbRhJGHmPcMX  |4 https://id.oclc.org/worldcat/ontology/hasWork 
776 0 8 |i Print version:  |t From convergence to crisis.  |d Ithaca : Cornell University Press, 2016  |z 9781501702655  |w (DLC) 2015038093 
830 0 |a Cornell studies in money. 
856 4 0 |u https://ebookcentral.proquest.com/lib/holycrosscollege-ebooks/detail.action?docID=4813203  |y Click for online access 
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