Now showing 1 - 4 of 4
  • Publication
    Austerity in the European periphery: the Irish experience
    (University College Dublin. Geary Institute, 2016-01-28) ; ; ;
    Ireland has come to be seen as an exemplary case of the successful practice of austerity, both economically and politically. But these inferences would be misleading. The real story about fiscal adjustments in Ireland is more problematic, the reasons for recovery are more complex, and the political consequences are a good deal more nuanced. This paper sets the Irish experience alongside that of the other Eurozone periphery countries. It argues that these countries' recovery prospects depend on the EU economic policy framework, but that Ireland’s connections to non-Eurozone economies also shape its growth prospects. Political stability is problematic in all the periphery countries, with the rise of challenger parties articulating values and priorities that may be difficult to accommodate within the current European policy regime. This is connected to a wider problem of the decay of older political identities and loyalties and the emergence of a new legitimation gap for EU member states.
      576
  • Publication
    Austerity in the European periphery - the Irish experience
    Ireland has come to be seen as an exemplary case of the successful practice of austerity, both economically and politically. But these inferences would be misleading. The real story about fiscal adjustments in Ireland is more problematic, the reasons for recovery are more complex, and the political consequences are a good deal more nuanced. This paper sets the Irish experience alongside that of the other Eurozone periphery countries. It argues that these countries' recovery prospects depend on the EU economic policy framework, but that Ireland's connections to non-Eurozone economies also shape its growth prospects. Political stability is problematic in all the periphery countries, with the rise of challenger parties articulating values and priorities that may be difficult to accommodate within the current European policy regime. This is connected to a wider problem of the decay of older political identities and loyalties and the emergence of a new legitimation gap for EU member states.
      229
  • Publication
    Pathways from the European Periphery: Lessons from the Political Economy of Development
    The European economic crisis need not be considered as a problem that is sui generis. Drawing on literature from the political economy of development that centers on finance and monetary policy, we show that the economic vulnerabilities and policy predicaments facing the European periphery share many similarities with problems encountered by middle-income developing countries. Three main concerns guide our discussion: the politics of credible commitment, the significance of state capacity for stabilizing credibility, and the challenges of maintaining democratic legitimacy during times of financial volatility. Our analysis of the dynamics of hard currency pegs and monetary unions draws on lessons from the classic Gold Standard and on more recent experiences of financial crises in emerging markets. We consider how these may apply to the Eurozone periphery, before drawing out some implications for the problems of core-periphery relationships in European Monetary Union.
      336Scopus© Citations 5
  • Publication
    Pathways from the European Periphery: Lessons from the Political Economy of Development
    The European economic crisis need not be considered as a problem that is sui generis. Drawing on literature from the political economy of development that centers on finance and monetary policy, we show that the economic vulnerabilities and policy predicaments facing the European periphery share many similarities with problems encountered by middle-income developing countries. Three main concerns guide our discussion: the politics of credible commitment, the significance of state capacity for stabilizing credibility, and the challenges of maintaining democratic legitimacy during times of financial volatility. Our analysis of the dynamics of hard currency pegs and monetary unions draws on lessons from the classic Gold Standard and on more recent experiences of financial crises in emerging markets. We consider how these may apply to the Eurozone periphery, before drawing out some implications for the problems of core–periphery relationships in European Monetary Union.
      273Scopus© Citations 5