The political economy of monetary solidarity: understanding the Euro experiment
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| Main Author: | |
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| Format: | Electronic eBook |
| Language: | English |
| Published: |
Oxford, United Kingdom
Oxford University Press
2017
|
| Edition: | First edition |
| Subjects: | |
| Online Access: | DE-188 DE-91 DE-945 Volltext Inhaltsverzeichnis |
| Item Description: | Literaturverzeichnis Seite [330]-366 |
| Physical Description: | 1 Online-Ressource (xii, 370 Seiten) Diagramme |
| ISBN: | 9780191787416 9780191027772 |
| DOI: | 10.1093/acprof:oso/9780198717935.001.0001 |
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Titel: The political economy of monetary solidarity
Autor: Schelkle, Waltraud
Jahr: 2017
Contents
List ofFigures xi
ListofTables xiii
List of Abbreviations xv
1. Introduction: Understanding the Euro Experiment 1
1.1 The Political-Economic Paradox of Diversity 1
1.1.1 Diversity as Opportunity and as Challenge 4
1.1.2 The Puzzle of Monetary Solidarity 7
1.1.3 Overcoming Colleetive Acrion Problems 9
1.2 The Economic Underpinning of Monetary Solidarity 12
1.2.1 Risks to Be Shared in Monetary Integration 13
1.2.2 Risk-Sharing Mechanisms 16
1.2.3 Monetary Solidarity as the Outcome of Institutional
Evolution 17
1.2.4 The Non-Solution of Mainstream Economic Theory 19
1.3 Overview 22
Part I. Building Blocks
2. The Political Economy of Monetary Solidarity 31
2.1 The Puzzle of Rational Cooperation 32
2.2 The By-Product Theory of Colleetive Acrion 37
2.2.1 Origins in the Logic of Colleetive Action 39
2.2.2 Governing a Commons 42
2.3 Political Market Failures 46
2.3.1 Externalities 47
2.3.2 Asymmetrie Information 50
2.3.3 Lack of Commitment 52
2.3.4 Misperception 54
2.4 Forms of Risk Sharing 56
3. Economic Risk Sharing between States 61
3.1 The Idea of Risk Diversification 62
Contents _"_
3.2 Sharing the Risk of Output Shocks between States 65
3.2.1 What Are the Main Channels of Risk Sharing
between States? 66
3.2.2 How Much Do Various Channels Contribute to
Risk Sharing? 71
3.2.3 Does Monetary Integration Lead to More Financial
Risk Sharing? 74
3.2.4 What Have We Learnt? 75
3.3 From Channels to Interfaces of Risk Sharing 79
3.3.1 Negative Feedback Loops 81
3.3.2 Fiscal Backstops 82
3.3.3 Monetary-Financial Transmission 83
3.3.4 Variable Fiscal Multipliers 84
3.4 The Limitations of Financial Risk Sharing 84
Appendix 87
Part II. Evolving Monetary Unions of Limited Risk Sharing
4. A Short History of Risk Sharing in the US Monetary Union 91
4.1 The Relationship between Monetary and Political Integration 92
4.2 The Emerging Interfaces of Money, Banking, and Federal
Public Finances 95
4.2.1 Alexander Hamilton's Plan for Central Risk Pooling 96
4.2.2 Experimenting with Federalism and Free Banking 99
4.2.3 Panicking towards the New Deal 102
4.2.4 The Fiscal Underpinning of the Great Society 108
4.2.5 Deregulation and the Return of Financial Instability 110
4.3 The Political Economy of Monetary Solidarity in the
US Dollar Area 112
4.3.1 The Interface of Public Finances and Banking 114
4.3.2 The Interface of Banking and Money 116
4.3.3 The Interface of Money and Public Finances 119
4.3.4 Compaiative Political Economy 121
5. The System of Limited Risk Sharing in the Euro Area 125
5.1 Currency Unification against the Odds 125
5.1.1 TheTiauma of the 1992-3 Crisis 126
5.1.2 Joining the Risk Pool of a Hard-Currency Area 129
5.2 The Interfaces of Money, Banking, and State Budgets 135
5.2.1 The Set-Up of the Euro Area System 135
5.2.2 Elements of Risk Sharing before 2008 139
5.2.3 Exemptions from Monetary Solidarity 150
VIII
Contents
5.3 The Political Economy of Monetary Solidarity in
the Euro Area 153
6. The Euro Area Crisis as a Stress Test for Monetary Solidarity 158
6.1 The Puzzling Crisis and Its Costly Management 159
6.1.1 Multiple Crises in One 159
6.1.2 Unprecedented Assistance in an Unprecedented Crisis 166
6.2 Explaining the Crisis of the Euro Area 174
6.2.1 Revenge of the Optimum Currency Area? 174
6.2.2 Incompatible Growth Regimes? 179
6.2.3 Incompleteness and Reversal of Risk Sharing? 185
63 Monetary Solidarity at Crossroads 196
Appendix: Drivers of Debt Accumulation before and after
Troika Programs 197
7. Monetary Solidarity by Default and by Design 199
7.1 Changing Risk-Return Profiles through Integration 200
7.2 Reforms at the Interfaces of Risk Sharing in Response
to Crisis 205
7.2.1 Early Interventions to Contain Fiscal Risk Sharing 206
7.2.2 Fiscal Capacity Building and Lending of Last Resort
to Sovereigns 210
7.2.3 Banking Union and an Expanded ECB Mandate 217
7.3 Reforming the Governance of the Commons 223
Part IN. Solidarity in Action
8. Social Solidarity through Labor Market Integration 229
8.1 Labor Mobility in a World of Weifare 230
8.2 The Social Right to Internal Migration in Two
Monetary Unions 234
8.2.1 Territorial Access and Weifare Entitlements 235
8.2.2 Dualism in Labor Markets and Risk Sharing 241
8.3 Interstate Risk Sharing through Free Movement in
a Monetary Union 251
8.3.1 Sharing the Risk of Economic Fluctuations? 252
8.3.2 Sharing the Risk of Income Divergence? 256
8.4 Free Movement and the Political Economy of Labor
Market Integration 261
9. Monetary Solidarity in Financial Integration 266
9.1 The Political Challenge of a Payments System 268
9.2 Payments Systems of Two Monetary Unions 276
IX
Contents
9.2.1 Payments Systems in Normal Times 276
9.2.2 Payments Systems in Extraordinary Times 279
9.3 The Beneficiaries of TARGET Insurance 284
9.3.1 Insurance against Sudden Stops of Trade Finance? 286
9.3.2 Insurance but also a Conduit for Capital Flight? 289
9.3.3 Hedging against the Break-Up of the Euro Area? 295
9.4 TARGET and the Political Economy of Insurance 297
10. The Experiment of the Euro 303
10.1 Diversity as Economic Opportunity and Political
Challenge 305
10.2 Policy Implications 311
10.2.1 Solidarity and Integration 314
10.2.2 Fiscal Risk Sharing through Reinsurance 316
10.3 European Political Economy 322
10.3.1 Political Legitimation of Monetary Solidarity 323
10.3.2 Reflexive Policy Advice 327
Bibtiography 331
Index 367 |
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| spelling | Schelkle, Waltraud 1961- Verfasser (DE-588)170988392 aut The political economy of monetary solidarity understanding the Euro experiment Waltraud Schelkle First edition Oxford, United Kingdom Oxford University Press 2017 1 Online-Ressource (xii, 370 Seiten) Diagramme txt rdacontent c rdamedia cr rdacarrier Literaturverzeichnis Seite [330]-366 Europäische Union (DE-588)5098525-5 gnd rswk-swf Währungsunion (DE-588)4188829-7 gnd rswk-swf Euro Währung (DE-588)4408931-4 gnd rswk-swf Euro Währung (DE-588)4408931-4 s DE-604 Europäische Union (DE-588)5098525-5 b Währungsunion (DE-588)4188829-7 s Erscheint auch als Druck-Ausgabe 978-0-198-71793-5 https://doi.org/10.1093/acprof:oso/9780198717935.001.0001 Verlag URL des Erstveröffentlichers Volltext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029773328&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schelkle, Waltraud 1961- The political economy of monetary solidarity understanding the Euro experiment Europäische Union (DE-588)5098525-5 gnd Währungsunion (DE-588)4188829-7 gnd Euro Währung (DE-588)4408931-4 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4188829-7 (DE-588)4408931-4 |
| title | The political economy of monetary solidarity understanding the Euro experiment |
| title_auth | The political economy of monetary solidarity understanding the Euro experiment |
| title_exact_search | The political economy of monetary solidarity understanding the Euro experiment |
| title_full | The political economy of monetary solidarity understanding the Euro experiment Waltraud Schelkle |
| title_fullStr | The political economy of monetary solidarity understanding the Euro experiment Waltraud Schelkle |
| title_full_unstemmed | The political economy of monetary solidarity understanding the Euro experiment Waltraud Schelkle |
| title_short | The political economy of monetary solidarity |
| title_sort | the political economy of monetary solidarity understanding the euro experiment |
| title_sub | understanding the Euro experiment |
| topic | Europäische Union (DE-588)5098525-5 gnd Währungsunion (DE-588)4188829-7 gnd Euro Währung (DE-588)4408931-4 gnd |
| topic_facet | Europäische Union Währungsunion Euro Währung |
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