The political economy of the Eurozone's rollercoaster: Greece and Portugal from the global financial crisis to Covid-19
Gespeichert in:
1. Verfasser: | |
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Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Cham, Switzerland
Palgrave Macmillan
[2024]
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Schriftenreihe: | International political economy series
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Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis Register // Gemischte Register |
Beschreibung: | xxii, 214 Seiten Diagramme |
ISBN: | 9783031421976 |
Internformat
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Datensatz im Suchindex
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adam_text |
Contents 1 Introduction 1.1 Why Greece and Portugal? 1.2 Methods and Data Sources 1.3 Overview of the Book’s Chapters References 2 The Neoclassical and Keynesian Perspectives and the Rebirth of Comparative PoliticalEconomy 2.1 The Neoclassical Perspective 2.1.1 The ‘Expansionary’ Austerity 2.1.2 The Internal Devaluation 2.1.3 ‘Structural’Reforms 2.2 The Keynesian Perspective 2.2.1 The ‘Lender of Last Resort’ 2.2.2 European Financial Stability Facility: ‘Too Little Too Late’ 2.2.3 ‘Extend and Pretend’ 2.2.4 The Self-Defeating Austerity 2.2.5 Structural Reforms: ‘Too Much to Do’ 2.3 Comparative Political Economy and the Eurozone Crisis: Reconciling the Varieties of Capitalism and Growth Model Perspectives 2.3.1 The Rebirth of Comparative Political Economy and the Rise of Varieties of Capitalism 1 7 9 11 13 17 17 18 23 24 27 28 29 31 33 34 39 39 xiii
xiv CONTENTS The Growth Model Perspective and the European ‘Growth Models’ 2.3.3 The Reconciliation of the Varieties of Capitalism and Growth Model Perspectives 2.4 The‘Intermediate’ Economies References 2.3.2 3 42 45 49 54 From the Birth of the Euro to the Eurozone Crisis: What Went Wrong? 65 65 65 70 3.1 From the Birth of the Euro to the Eurozone Crisis 3.1.1 The Birth of the Eurozone 3.1.2 Eurozone: The Flawed Architecture 3.1.3 The Rising Macroeconomic Imbalances in the Eurozone 3.2 The Political Economy of the ‘Intermediate’ Economies Before the Crisis 3.2.1 The Political Economy of Greece on the Eve of the Crisis 3.2.2 The Political Economy of Portugal Before the Outbreakof the Crisis 82 References 4 The European Response to the Global Financial Crisis: Reinforcing the Status Quo? 4.1 The German-Franco Hegemony and the Spread of the Crisis 4.1.1 Greece on the Brink of Collapse 4.1.2 The European Influence Inside the IMF 4.1.3 Ireland and Portugal Turn Insolvent 4.1.4 Greece Falls Again 4.1.5 The Crisis Spreads from the Periphery to the Core of the Eurozone 4.2 Divide and Conquer 4.3 The False‘Anti-Austerity’Promise 4.4 Reinforcing the Status Quo 4.4.1 ‘No Eurobonds as Long as I Live’ References 73 77 77 87 91 92 93 95 97 98 100 102 104 107 108 111
CONTENTS The Bailout Programmes in the ‘Intermediate’ Economies The Bailout Programmes in Greece and Portugal 5.1.1 The First Bailout Programme in Greece 5.1.2 The Second Bailout Programme in Greece 5.1.3 The Third Bailout Programme in Greece 5.1.4 The Bailout Programme in Portugal 5.2 Implementation in Greece 5.2.1 Labour Market Reforms in Greece 5.2.2 Product Market and Business Environment Reforms in Greece 5.3 Implementation in Portugal 5.3.1 Labour Market Reforms in Portugal 5.3.2 Product Market and Business Environment Reforms in Portugal References 5.1 6 The European Response and its Effects on Greece and Portugal: Is This the Way Out of the ‘Intermediate’ Trap? 6.1 The Rapid Decline in Domestic Demand 6.2 An Unprecedented Fiscal Adjustment 6.3 The Debt Remains High 6.4 A Relentless Internal Devaluation 6.5 Trade Balance Adjustment 6.6 The Bailout Programmes Failed to Boost the Export Sectors 6.7 The Sluggish Bank Credit Flows 6.8 The Collapse in Investment 6.9 The Supply-side Factors Impede a Transition to a Sustainable Export-led Growth Model 6.9.1 The Weakness in Developing ‘Economies of Scale’ 6.9.2 The Dysfunctional Allocation of the Labour Force 6.9.3 The Low Added-Value Production and the Global Competition References XV 117 117 117 119 121 123 125 129 131 132 133 134 135 137 137 138 141 143 145 149 151 152 154 154 155 156 162
XVÎ 7 8 CONTENTS The European Response to Covid-19: A Break with the Past? 7.1 The Covid-19 Shock 7.2 The German-Trench Engine and the Spread of Covid-19 in the Eurozone 7.3 The Keynesian Responseto the Covid-19 Crisis 7.3.1 The ECB as a ‘Lender of Last Resort’! 7.3.2 No‘Stability and Growth Pact’Anymore! 7.3.3 The Next Generation EU: A Real Promise for the Eurozone’sFuture! 7.4 The Persistent Macroeconomic Imbalances in the Eurozone After theCovid-19 Pandemic References 167 167 172 177 178 181 184 188 191 Conclusions 197 8.1 The Reconciliation of the Varieties of Capitalism and Growth Model Perspectives 200 8.2 Rethinking the Crisis Management, the ‘Intermediate’ Economies, and the Future of the Eurozone 205 References 207 Appendix: List of Interviews 209 Index 211
Index A Alesina, Alberto, 21-23, 33, 34, 91, 198, 199 Anti-austerity, 12, 104-106, 109, 205 Asymmetry, 5, 6, 11, 13, 68, 73, 107, 187, 188, 205, 206 Austerity, 2, 4, 18-21, 23, 33-35, 38, 91, 94, 97-99, 101, 104-107, 109, 110, 121, 125-127, 132, 137-140, 151, 153, 172, 174, 177, 181, 182, 190, 198, 199, 204-206 China, 1, 2, 76, 159, 167, 168, 197 Coelho, Pedro Passos, 21, 103, 105, 106, 132, 140, 144, 145 Comparative Political Economy (CPE), 5, 7, 11, 13, 39, 40, 42, 45, 47, 53, 200, 204 Co-ordinated Market Economies, 5, 41 Covid-19, 1-6, 9-11, 13, 49, 141, 143, 161, 162, 167, 169-178, 181, 182, 184, 185, 187-190, 197, 198, 204-207 В Baccaro, Lucio, 6, 42^14 Bailout, 2, 8, 9, 12, 21, 25, 29, 31, 3 5,49, 72, 94-106,111, 117-123, 125-132, 134, 135, 138, 140-143, 149, 153, 160, 161, 190, 206 Blanchard, Oliver, 24, 26, 82, 170, 183 Blyth, Mark, 19, 20, 22, 28, 69 D Deauville Declaration, 107 Divide and conquer, 205 Draghi, Mario, 24, 29, 102, 178, 18 3 E Eastern Enlargement, 157 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2024 K. Myrodias, The Political Economy of the Eurozone’s Rollercoaster, International Political Economy Series, https://doi.org/10.1007/978-3-031-42198-3 211
212 INDEX Eastern Europe, 12, 52, 53, 76, 85, 86, 138, 149, 157, 158, 160, 202-204 Euro, 4, 8, 29, 44, 45, 65-70, 72, 73, 77, 82, 100-102, 109-111, 123, 172, 174, 182, 183, 190 European Central Bank (ECB), 10, 17, 18, 28, 29, 68-70, 92, 93, 103, 106, 161, 173, 178, 181, 206 European Commission, 3, 8-10, 18, 21, 24, 27, 28, 31, 35, 66, 84, 93, 94, 98-100, 103, 106, 117-125, 127-129, 133, 137, 140, 142, 168, 172, 175-177, 182-188 European Union, 117 European Union (EU), 2, 4, 8, 9, 18, 21, 52, 65, 76, 79, 81, 85, 92, 93, 99, 101, 104, 106, 110, 111, 117, 120, 121, 123, 134, 155, 157, 158, 172, 175, 182, 185-187, 203 Eurozone, 2-13, 17, 18, 22, 23, 27-35, 37-39, 44, 52, 53, 65-73, 75-77, 79, 81, 84-86, 91-94, 99-104, 107-109, 111, 138, 142, 144, 148, 150, 151, 153, 154, 157, 160, 172-174, 176-179, 181, 184, 187-189, 191, 197-200, 202-207 F Financialisation, 4, 6, 12, 36, 43, 45, 48, 50, 71, 86, 199, 200, 203, 205 France, 27, 29, 31, 41, 51, 66, 68, 69, 92-94, 101, 102, 109, 111, 126, 157, 168, 169, 172, 175, 181, 182, 184, 186 Germany, 31, 41, 67-69, 73-75, 92-94, 109, 111, 157, 158, 169, 172, 173, 175, 184, 186 Global Financial Crisis, 1, 3, 4, 7, 9, 11-13, 17-20, 22, 23, 27, 29, 30, 35-37, 39, 41, 42, 45, 49, 5 3, 73, 77, 82, 93, 102, 106, 109, 125, 129, 137, 141, 149, 153-155, 160, 171, 172, 174, 177-179, 181, 186, 189, 191, 198-200, 204-207 Great Depression, 2 Greece, 2, 3, 5-13, 17, 18, 25, 27-35, 41, 45, 47, 49, 51-53, 68, 69, 73, 76-81, 84, 86, 93, 94, 96-100, 103-106, 109-111, 117-122, 124-133, 135, 137-146, 148-160, 162, 172, 174, 178-180, 182, 184-186, 189, 198-204
Gross Domestic Product, 7 Growth Model (GM), 6, 9, 12, 44, 45, 47, 49, 80, 81, 85, 103, 118, 125, 137, 143, 145, 146, 148, 149, 151-153, 156, 160, 162, 188, 199, 201, 203-205 H Hall, Peter, 5, 39-41, 47, 50, 51, 76, 200 Hayek, Friedrich, 19 Hollande, François, 93, 100, 101 I Imbalances, 2, 4, 5, 11, 13, 24, 44, 71-73, 77, 86, 91, 92, 108, 120, 123, 137, 143, 154, 161, 172, 178, 183, 184, 188, 191, 199, 206, 207
INDEX Intermediate Economies, 9, 53, 162, 188, 189, 202 Internal devaluation, 2, 4, 8, 12, 23, 24, 26, 38, 91, 104, 107, 120, 121, 135, 137, 138, 143-150, 152, 158, 160, 161, 190, 198, 199, 204 International Monetary Eund (IMF), 2, 10, 32, 35, 93, 99, 101, 104, 106, 117, 120, 121, 171 J Juncker, Jean-Claude, 27, 99 К Keynesian perspective, 4, 27, 37, 82 Krugman, Paul, 29, 33 L Lagarde, Christine, 9, 103, 178, 181 Lender of last resort, 28-30, 178 Μ Mediterranean economies, 9, 50 Merkel, Angela, 29, 31, 93, 94, 99-103, 107, 108, 151, 174 Monetarism, 20, 70 N Neoclassical perspective, 3, 4, 17, 23, 37 New Democracy, 79, 104, 126, 155, 156 Next Generation EU, 3, 5, 13, 175, 176, 178, 184-188, 206 Northern European economies, 23, 73, 75, 76, 149, 155, 157, 176, 200 213 OECD, 18, 22, 25, 41, 71, 82, 122, 124, 131, 133, 134, 139, 140, 144, 146, 148, 152 Optimal Currency Area (OCA), 72 Pandemic Emergency Purchase Programme (PEPP), 3, 179 Papaconstantinou, George, 5, 33, 94, 95 Papandreou, George, 94, 95, 99, 100, 104, 108, 126, 151 PASOK, 78, 79, 126, 155, 156 Pontusson, Jonas, 6, 42-44 Portugal, 2-13, 17, 18, 21, 25-31, 33, 34, 41, 45, 47, 49, 51-53, 68, 69, 76, 82-86, 97, 98, 103-105, 109-111, 117, 123-125, 132-135, 137, 138, 140-146, 148-162, 172, 174, 179, 180, 182, 185, 189, 198-204 Post-Keynesian Economics, 42 R Recovery and Resilience Facility, 10, 176, 185-188 Referendum, 78, 99, 100, 106, 111, 126, 128 Regling, Klaus, 25 Research and Development (R D), 41 Samaras, Antonis, 104-106, 126-128, 131 Sarkozy, Nicholas, 93, 94, 99, 100, 107, 151 Schäuble, Wolfgang, 3, 9, 18, 19,
27, 103, 109
214 INDEX Single European Market, 174, 202, 203, 205 Soskice, David, 39-11, 47, 51, 200 Southern Europe, 2, 4, 6, 7, 10-12, 17, 18, 21, 23-30, 32-35, 37, 38, 44, 45, 49, 51-53, 71, 75-77, 85, 91, 93, 100, 102-111, 137, 138, 141-143, 146, 147, 149, 151, 152, 154, 157, 158, 160, 177, 178, 180, 182, 187-189, 198-202, 205, 207 Southern European economies, 3-5, 7, 17, 21, 23, 28, 30, 32, 37, 38, 41, 49-52, 71, 74, 75, 85, 92, 103, 139, 150, 152, 154, 159, 174, 175, 178, 179, 187, 188, 190, 191, 198, 199, 203, 205 Stability and Growth Pact (SGP), 3, 13,44, 71, 72, 107, 173, 181-184 Status quo, 92, 107-111, 174, 190, 191, 205, 206 Stiglitz, Joseph, 4, 33, 34, 70, 183, 184, 187, 199 Stockhammer, Engelbert, 6, 7, 42, 44-16, 48, 74, 149 Streeck, Wolfgang, 6, 76 Syriza, 105, 106, 121, 126, 128, 131 T There is no alternative (TINA), 110 Thomsen, Poul, 25 Tooze, Adam, 31, 97, 167, 169-171 Transmission Protection Instrument (TPI), 181 Treaty on Stability, Coordination and Governance (TSCG), 107 Trichet, Jean-Claude, 23, 24, 28, 29, 31, 101 Trump, Donald, 168 Tsipras, Alexis, 105, 106 U United States (US), 2, 17, 20, 27, 34, 45, 67, 81, 91, 93, 97, 168, 169, 171, 176, 197 V Vaccine, 176, 177 Varieties of Capitalism (VoC), 5, 7, 39, 40, 42, 45-51, 53, 200, 201 Varoufakis, Yanis, 10, 28, 31, 32, 34, 35, 91, 103 Venizelos, Evangelos, 99 Virus, 1, 167-170, 172, 176, 197 W World Bank, 75, 146, 147, 150-153, 159-161, 170, 190 World Health Organisation (WHO), 169 World Trade Organisation (WTO), 159 World War II (WWII), 8, 42 Z Zapatero, José Luis, 101 |
any_adam_object | 1 |
author | Myrodias, Konstantinos |
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dewey-tens | 320 - Political science (Politics and government) |
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era | Geschichte 2008-2023 gnd |
era_facet | Geschichte 2008-2023 |
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owner_facet | DE-12 |
physical | xxii, 214 Seiten Diagramme |
psigel | BSB_NED_20240909 |
publishDate | 2024 |
publishDateSearch | 2024 |
publishDateSort | 2024 |
publisher | Palgrave Macmillan |
record_format | marc |
series2 | International political economy series |
spelling | Myrodias, Konstantinos Verfasser (DE-588)1331585198 aut The political economy of the Eurozone's rollercoaster Greece and Portugal from the global financial crisis to Covid-19 Konstantinos Myrodias Cham, Switzerland Palgrave Macmillan [2024] © 2024 xxii, 214 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier International political economy series Geschichte 2008-2023 gnd rswk-swf International Political Economy’ International Relations Theory European Politics International economic relations International relations Europe / Politics and government Politische Ökonomie (DE-588)4115586-5 gnd rswk-swf Eurozone (DE-588)7553526-9 gnd rswk-swf Griechenland (DE-588)4022047-3 gnd rswk-swf Portugal (DE-588)4046843-4 gnd rswk-swf Griechenland (DE-588)4022047-3 g Portugal (DE-588)4046843-4 g Eurozone (DE-588)7553526-9 g Politische Ökonomie (DE-588)4115586-5 s Geschichte 2008-2023 z DE-604 Erscheint auch als Online-Ausgabe 978-3-031-42198-3 Digitalisierung BSB München - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=035149802&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung BSB München - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=035149802&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Register // Gemischte Register |
spellingShingle | Myrodias, Konstantinos The political economy of the Eurozone's rollercoaster Greece and Portugal from the global financial crisis to Covid-19 International Political Economy’ International Relations Theory European Politics International economic relations International relations Europe / Politics and government Politische Ökonomie (DE-588)4115586-5 gnd |
subject_GND | (DE-588)4115586-5 (DE-588)7553526-9 (DE-588)4022047-3 (DE-588)4046843-4 |
title | The political economy of the Eurozone's rollercoaster Greece and Portugal from the global financial crisis to Covid-19 |
title_auth | The political economy of the Eurozone's rollercoaster Greece and Portugal from the global financial crisis to Covid-19 |
title_exact_search | The political economy of the Eurozone's rollercoaster Greece and Portugal from the global financial crisis to Covid-19 |
title_full | The political economy of the Eurozone's rollercoaster Greece and Portugal from the global financial crisis to Covid-19 Konstantinos Myrodias |
title_fullStr | The political economy of the Eurozone's rollercoaster Greece and Portugal from the global financial crisis to Covid-19 Konstantinos Myrodias |
title_full_unstemmed | The political economy of the Eurozone's rollercoaster Greece and Portugal from the global financial crisis to Covid-19 Konstantinos Myrodias |
title_short | The political economy of the Eurozone's rollercoaster |
title_sort | the political economy of the eurozone s rollercoaster greece and portugal from the global financial crisis to covid 19 |
title_sub | Greece and Portugal from the global financial crisis to Covid-19 |
topic | International Political Economy’ International Relations Theory European Politics International economic relations International relations Europe / Politics and government Politische Ökonomie (DE-588)4115586-5 gnd |
topic_facet | International Political Economy’ International Relations Theory European Politics International economic relations International relations Europe / Politics and government Politische Ökonomie Eurozone Griechenland Portugal |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=035149802&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=035149802&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
work_keys_str_mv | AT myrodiaskonstantinos thepoliticaleconomyoftheeurozonesrollercoastergreeceandportugalfromtheglobalfinancialcrisistocovid19 |