Wirtschaftspolitik Zwischen Spekulation Und Rezession (Economic Policy between Speculation and Recession)
46 Pages Posted: 11 Jul 2011
Date Written: July 5, 2010
Abstract
The Great Recession has triggered an ongoing discussion on its causes and on the conditions to avoid future crises. Although the international community has considered a number of improvements in the area of policy coordination and regulation of financial markets, the implementation of such measures has been slow and watered down by intervention from various interest groups. As the unfolding debt problems in Europe reveal, the crisis is by far not resolved. The Eurozone has proven to be just a fair weather system which is lacking a long-term stability mechanism and is thus not fit to withstand a major crisis. The paper argues that a reformed system will need on the European level a stringent fiscal coordination mechanism as well as an effective adjustment mechanism to avoid gross divergences in the development of national and regional competitiveness. Otherwise the Eurozone would end up as a transfer union, a vision which is currently repudiated by most political circles.
Note: Downloadable document is in German.
Keywords: Financial crisis, Great Recession, Great Depression
JEL Classification: E44, E58, E65
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
-
The Slide to Protectionism in the Great Depression: Who Succumbed and Why?
-
Made in Germany: The German Currency Crisis of July, 1931
By Thomas Ferguson and Peter Temin
-
What Can Be Learned from Crisis-Era Protectionism? An Initial Assessment
-
Did Monetary Forces Cause the Great Depression? A Bayesian VAR Analysis for the U.S. Economy
By Albrecht Ritschl and Ulrich Woitek
-
Breaking the Fetters: Why Did Countries Exit the Interwar Gold Standard?
By Tarik Yousef and Holger C. Wolf
-
Scylla and Charybdis - Explaining Europe's Exit from Gold, January 1928 - December 1936
-
Scylla and Charybdis: Explaining Europe's Exit from Gold, January 1928 - December 1936
-
Europe's Great Depression - Coordination Failure After the First World War