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Taking a historical perspective of economic changes, this paper argues that muddling through crises-induced reforms characterizes well the evolutionary process of forming currency unions. The economic distortions facing the euro include structural challenges in the labor and product markets, and financial distortions. While both structural and financial distortions are costly and prevalent, they differ in fundamental ways. Financial distortions are moving at the speed of the Internet, and their welfare costs are determined more by the access to credit lines and leverage, than by the GDP of each country. In contrast, the structural distortions are moving at a slow pace relative to the financial distortions, and their effects are determined by inter-generational dynamics. These considerations suggest that the priority should be given to dealing with the financial distortions. A more perfect Eurozone is not assured without successfully muddling through painful periodic crises.

In their fight against the debt crisis, the European Union and its member states took measures that have profoundly changed the euro. It now differs fundamentally from when it was introduced by the Treaty of Maastricht. Surprisingly, this change has come about with hardly any formal amendment to the Union's 'basic constitutional charter', the Treaties. How, then, to understand it? This book argues that the constitution of the EU has transformed, which occurs when constitutions change without amendment. The transformation is characterized by a broadening of the currency union's stability conception from price stability to also financial stability. Using solidarity as a lens, the book conceptualises the unity of the member states and analyses how this was preserved during the crisis. Subsequently, it explains how that changed the currency union's set-up and why the European Court of Justice could not turn against the change in Pringle and Gauweiler.

The current and future costs of meeting climate change mitigation needs in the global South vastly exceed levels of available funding from public sources in the North. As a possible solution to this problem, policy-makers and various observers have pushed increasingly for the adoption of market-based carbon financing strategies, with the United Nations Clean Development Mechanism (CDM) representing the most consistent application of this approach to date. Nevertheless, market-based carbon finance remains highly volatile given its heavy dependence on conditions in the broader global carbon market which remains in the throes of a devastating crisis, earning carbon the distinction of 2011s worst performing global commodity. By demonstrating that it is through carbon's market price that finance-generating investment in the CDM is largely derived, and which also determines the ex post value of CDM projects, this paper argues for the decoupling of climate change finance from carbon's market value. The need to do so is particularly pressing since, it is argued, the current crisis in the global carbon market reflects an embedded crisis tendency in that market, born in part from the political machinations through which it was born and which leaves it prone to persisting crises of oversupply. Adapted from the source document.

The two great financial crises of the past century are the Great Depression of the 1930s and the Great Recession, which began in 2008. Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Pain and s.

This book provides rigorous analysis of some of the major episodes during Israel's economic transition and spells out, empirically, how globalization played a crucial role in advancing Israel's economic progress. Economists and policy makers can gain insights as to how a globalized economy can take advantage of international trade, labor mobility, its international financial links, while at the same time navigate shocks like the 2008 global financial crisis. It discusses the collapse of the Soviet Union and the massive wave of high skill immigration to Israel which followed; the Great Moderation in inflation and employment fluctuations in the advanced economies, and the convergence of Israel's inflation to the low world inflation rates; the 2008 Global Financial Crisis and the surprising robust performance of the Israeli economy; the rise of the Asian markets, recently opened up to Israel's exports, which became abundant source of outward foreign direct investments; the global information technology surge and its spillovers to the emerging high-tech sector in Israel; brain drain facilitated by Israel's higher education system; and the economic implications of the Palestinian-Israeli crisis. In addition to analyzing the past and current state of Israel, the book compares developments within the Israeli economy to developed and emerging-market economies in similar circumstances. It combines economic theory with empirical evidence, and includes a review of the literature covering earlier stages of Israel's economic development.

This research seeks to establish some of the implications for the stability of the international financial system of capital movements that occur in the context of the use of cryptocurrencies as legal tender and as an investment asset, trying to observe some specific lines for the Central American case. It addresses global entities of the international financial system, central banks of several continents and Central America. I makes evident the discourse and practices from a qualitative perspective using the discourse analysis technique which is combined with descriptive statistical analysis on the number of cryptocurrency owners in countries. It concludes that there is a relationship between the 2008 financial crisis and a very strong movement of the technical and computer sectors in the line of generating a whole process of reconceptualization and repositioning as financial consumers in the international and national financial system. In addition, it visualizes three possible scenarios for resolving the tension between the private cryptocurrency instrumental sectors and international banking. On the other hand, it determines that in Central America there are no operational and technical conditions for the generation of Central Bank policies in relation to the incorporation of these in digital currencies.

Examines progress towards eradication of ten developing countries' debt burdens by Apr. 2000; Uganda, Mozambique, Mauritania, Bolivia, Benin, Burkina Faso, Tanzania, Mali, Côte d'Ivoire, and Guyana.

"This book explores the links between European integration and globalisation, and examines the potential for social transformation in the context of the global economic crisis and the resulting EU reforms. Divided into three parts, this book offers both empirical and theoretical analyses of social integration, supranationality and global competition. Drawing on Critical Political Economy research, Neo-Gramscian, Open Marxist, Regulationist and Post-structuralist scholars subject a wide range of European flagship policies in matters of competition, trade and security to critical scrutiny and relate them to global political economy dynamics. Contributors examine the ways in which current global economic turbulence has affected the European Union, its membership and its adjacent areas, and determine the potential for economic and political transformation in light of the global economic crisis and Europe's 2020 Strategy. In the emerging multi-polar world, in which the EU and the US are expected to share global policymaking with new powers, this book argues for a revised conceptualisation of European integration and its relationship with globalisation."--Provided by publisher

The economic policies of the governments of Lula da Silva (2003–2010) and Dilma Rousseff (2011–2016) combined orthodox measures with distinctive pro-growth measures that, although they deviated from neoliberalism, cannot be called "developmentalist" either. They lacked a long-term strategy for reversing the deindustrialization of the country or advancing to a new technological paradigm. They did, however, have a historical commitment to income redistribution that was largely implemented. The broad social pact proposed by Lula acknowledged the hegemony of financial capital, and its contradiction was that it protected the hegemonic group by means of monetary and fiscal policies that required growth in the gross domestic product, a favorable balance of payments, and a gap between wages and productivity. When these conditions no longer held, Rousseff responded to the crisis with a "new macroeconomic matrix" that amounted to the abandonment of Lula's class-coalition pact. As políticas econômicas dos governos de Lula da Silva (2003–2010) e Dilma Rousseff (2011–2016) combinaram medidas ortodoxas com distintas medidas pró-crescimento que, embora se desviassem do neoliberalismo, também não podem ser chamadas de "desenvolvimentalista." Eles careceram de uma estratégia de longo prazo para reverter a desindustrialização do país e avançar para um novo paradigma tecnológico. Eles tinham, no entanto, um compromisso histórico com a redistribuição de renda que foi implementada em grande parte. O amplo pacto social proposto por Lula reconheceu a hegemonia do capital financeiro, e sua contradição foi que protegia o grupo hegemônico por meio de políticas monetárias e fiscais que exigiam crescimento do produto interno bruto, uma balança de pagamentos favorável e uma lacuna entre salários e produtividade. Quando essas condições não mais se mantiveram, Rousseff respondeu à crise com uma "nova matriz macroeconômica" que resultou no abandono do pacto de coalizão de classes de Lula.

The choice of a lifestyle was and will remain an important part of the way in which we organise our life, certainly in the given socio-economic and cultural conditions. Lifestyle is built in agreement with the wish of each and any of us to achieve satisfaction with life, or in philosophical language, happiness. The concept of subjective wellbeing is a fundamental one in the quality-of-life paradigm. The main indicator of the subjective state is satisfaction with life. Global satisfaction with life is the outcome of the degree of fulfillment of the individual as general average of all fields of life. In this indicator are included important human benefits, results of economic growth in relationship with the wishes and aspirations to happiness and welfare. They express the permanent orientation of the individual towards self-development/self-construction. In fact, satisfaction with life, as subjective state of individual wellbeing depends on both economic personal welfare (living standard, income, employment, financial situation) and on the state of society's organization and governance quality, family situation, type of interpersonal and neighborship relations, social participation, etc. The lifestyle is also a key-factor here. Sectoral indicators of satisfaction with life cover the main spheres of human existence (family, profession, work, free time, safety, civic and political participation, personal development, interpersonal relationships, neighborship and friendship relationships, etc.). Subjective wellbeing or "subjective/perceived quality of life" is a critical structural component of the global state of wellbeing. It is the human filter of the objective living conditions. The subjective quality of life is not just the summation of the quality of life's components, but more than that, the synthesis of its results: the state of human balance, tranquility, wellness. And, the result might allow accessing happiness, the perpetual aspiration of the human. By means of the subjective indicators for satisfaction with life, happiness benefits of ways for precise measurement and analysis. The concept of happiness is a key-concept of all philosophical systems, but it entered by operational forms also in socio-humane, medical and economic sciences, etc.

The reforms in the EU's economic and financial governance structure in response to the Euro crisis have been put to the test by the Coronavirus pandemic. While the resurfacing of the sovereign debt crisis has highlighted the inadequacies of the Union's fiscal policy reforms, the relative stability of the banking system so far hints at […]
The post The Coronavirus crisis as a test to the EU's fiscal and banking policy reforms appeared first on Post-Crisis Democracy in Europe.

Von Anfang an sollte der Euro mehr sein als eine Währung: Er verkörpert den Wunsch nach Einheit und Frieden in Europa. Doch gut ein Jahrzehnt nach seiner Einführung geht ein tiefer Riss durch Europa. Im Süden bleibt die Arbeitslosigkeit unerträglich, die Wirtschaft liegt am Boden. Der Norden sieht sich in die Rolle des Zahlmeisters gedrängt und wird von der EZB in Geiselhaft genommen. So wächst auf beiden Seiten die Unzufriedenheit. Wir haben einen politischen Weg eingeschlagen, der unsere Marktwirtschaft, die Demokratie und den Frieden in Europa gefährdet. Hans-Werner Sinn liefert in diesem Buch eine Analyse der jüngsten Entwicklungen und zeigt, was zu tun ist, um die Krise zu beenden. Hans-Werner Sinn, geboren 1948, ist seit 1984 Ordinarius in der volkswirtschaftlichen Fakultät der Ludwig-Maximilians-Universität München. Nach zahlreichen abgelehnten Rufen, u. a. auf ein Max-Planck-Institut, wurde er 1999 Präsident des ifo Instituts für Wirtschaftsforschung in München und Leiter des CESifo-Forscher-Netzwerks, weltweit eines der größten seiner Art. Er war Präsident des Weltverbandes der Finanzwissenschaftler (IIPF) und Vorsitzender des Vereins für Socialpolitik, des Verbandes der deutschsprachigen Ökonomen. Er hat viele Auszeichnungen und Preise erhalten und ist Autor zahlreicher Bücher und Fachartikel sowie ein gefragter Gesprächspartner in Medien und Politik. Bei Twitter: @HansWernerSinn