The Euro trap: on bursting bubbles, budgets, and beliefs
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford
Oxford University Press
2014
|
| Edition: | 1. edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIX, 380 Seiten Illustrationen 24 cm |
| ISBN: | 9780198702139 |
Staff View
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Record in the Search Index
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Titel: The Euro trap
Autor: Sinn, Hans-Werner
Jahr: 2014
CONTENTS
List of Figures xvii
List of Tables xxi
Introduction: The Euro Crisis i
1. Wish and Reality 9
Euro Dynamics 9
The Euro and Peace 14
Advantages of the Euro for Trade and Capital Flows 22
The Path to a Currency Union 26
The Price of German Reunification? 28
Transfer and Debt Union 30
The European Central Bank 33
2. Bubbles in the Periphery 38
Importing Capital 38
The Disappearance of Interest Rate Spreads 41
The Timing Problem 47
Relief for Government Budgets 49
The Lack of Fiscal Discipline 52
Italy's Missed Opportunity 58
The Foreign Debt Problem 61
Bubbles 67
Property Prices 70
Private Wealth 72
Market or Government Failure? 74
3. The Other Side of the Coin 82
Euro Winners and Euro Losers 82
Capital Exports from the Core to the Periphery 87
Mass Unemployment in Germany 94
xiv CONTENTS
Agenda 2010 96
The New Construction Boom 97
Misunderstanding the Tango 99
4. The Competitiveness Problem 105
Why the Current Accounts Improved 105
Dying Industries no
Too Expensive 112
The Necessary Real Depreciation 117
Little Progress 122
How Did Ireland Do It? 127
The Baltics: Austerity works 130
The True Competitors 132
Caught in the Euro Trap: The Terrors of Deflation 135
5. The White Knight 142
The Crash 142
Help from the Printing Press 147
Lowering Collateral Standards and Extending Maturities 153
Moral Hazard 165
ELA Credit 169
6. The European Balance-of-Payments Crisis 176
The Target Balances 176
Ballooning Target Balances 187
Why Target Balances are a Measure of Credit 192
Target Balances as a Public Capital Export 196
Inside Money, Outside Money, and the Local Printing Press 197
Crowding out Refinancing Credit in the North 201
7. Current Accounts, Capital Flight, and Target Balances 209
Financing Balance-of-Payments Deficits 209
Greece, Portugal, and Cyprus Living off the Printing Press 220
Irish Capital Flight 224
The Flight from Italy and Spain 225
France in Between 230
Germany: Exporting for Target Claims 232
Finland and the Netherlands 237
Bretton Woods and the European Payment Union 238
Transfer Roubles 243
CONTENTS XV
The Swiss Example 244
How Target-Like Balances Are Settled in the United States 245
A Fundamental Dichotomy in the Rescue Policies 251
8. Stumbling Along 257
The Six Steps of the Crisis 257
Buying Government Bonds: The SMP 261
No Risk to Taxpayers? 265
ESM Co 267
Overview of Rescue Funds 270
The Liability Risk 274
The OMT Controversy 280
The Statement of the German Constitutional Court 290
Banking Union: Bail-in or Bailout? 294
The Plan 302
Bailing out the ECB 307
Undermining the Market Economy and Democracy 310
9. Rethinking the Eurosystem 319
Changing Course 319
Learning from the United States 321
Hard Budget Constraints 324
Neutral Money 327
Unbearable Debt 331
Restructuring the Debt 337
A breathing Currency Union: Between Bretton Woods
and the Dollar 343
The Path Towards Unity 353
Name Index 361
Subject Index 363
Author and Editor Index 375 |
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| isbn | 9780198702139 |
| language | English |
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| physical | XIX, 380 Seiten Illustrationen 24 cm |
| publishDate | 2014 |
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| spelling | Sinn, Hans-Werner 1948- Verfasser (DE-588)128406607 aut The Euro trap on bursting bubbles, budgets, and beliefs Hans-Werner Sinn The Eurotrap 1. edition Oxford Oxford University Press 2014 XIX, 380 Seiten Illustrationen 24 cm txt rdacontent n rdamedia nc rdacarrier Europäische Union (DE-588)5098525-5 gnd rswk-swf Finanzkrise (DE-588)7635855-0 gnd rswk-swf Euro Währung (DE-588)4408931-4 gnd rswk-swf Europäische Union (DE-588)5098525-5 b Euro Währung (DE-588)4408931-4 s Finanzkrise (DE-588)7635855-0 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027452664&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sinn, Hans-Werner 1948- The Euro trap on bursting bubbles, budgets, and beliefs Europäische Union (DE-588)5098525-5 gnd Finanzkrise (DE-588)7635855-0 gnd Euro Währung (DE-588)4408931-4 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)7635855-0 (DE-588)4408931-4 |
| title | The Euro trap on bursting bubbles, budgets, and beliefs |
| title_alt | The Eurotrap |
| title_auth | The Euro trap on bursting bubbles, budgets, and beliefs |
| title_exact_search | The Euro trap on bursting bubbles, budgets, and beliefs |
| title_full | The Euro trap on bursting bubbles, budgets, and beliefs Hans-Werner Sinn |
| title_fullStr | The Euro trap on bursting bubbles, budgets, and beliefs Hans-Werner Sinn |
| title_full_unstemmed | The Euro trap on bursting bubbles, budgets, and beliefs Hans-Werner Sinn |
| title_short | The Euro trap |
| title_sort | the euro trap on bursting bubbles budgets and beliefs |
| title_sub | on bursting bubbles, budgets, and beliefs |
| topic | Europäische Union (DE-588)5098525-5 gnd Finanzkrise (DE-588)7635855-0 gnd Euro Währung (DE-588)4408931-4 gnd |
| topic_facet | Europäische Union Finanzkrise Euro Währung |
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