Pathways from the European Periphery: Lessons from the Political Economy of Development
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|Dellepiane et al, Pathways from the European periphery. SCID, final accepted version.pdf||494.89 kB||Adobe PDF||Download|
|Title:||Pathways from the European Periphery: Lessons from the Political Economy of Development||Authors:||Dellepiane-Avellaneda, Sebastian
|Permanent link:||http://hdl.handle.net/10197/10457||Date:||Jun-2018||Online since:||2019-05-15T08:54:11Z||Abstract:||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.||Type of material:||Journal Article||Publisher:||Springer||Journal:||Studies in Comparative International Development||Volume:||53||Issue:||2||Start page:||239||End page:||260||Copyright (published version):||2018 Springer||Keywords:||European periphery; Financial crises; Emerging markets; Credibility of monetary commitments; State capacity||DOI:||10.1007/s12116-018-9261-6||Language:||en||Status of Item:||Peer reviewed|
|Appears in Collections:||Politics and International Relations Research Collection|
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