Pathways from the European Periphery: Lessons from the Political Economy of Development

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Title: Pathways from the European Periphery: Lessons from the Political Economy of Development
Authors: Dellepiane-Avellaneda, Sebastian
Hardiman, Niamh
Pagoulatos, George
Blavoukos, Spyros
Permanent link: http://hdl.handle.net/10197/9958
Date: 13-Apr-2018
Online since: 2019-04-16T07:33:52Z
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 Nature
Keywords: European peripheryFinancial crisesEmerging marketsCredibility of monetary commitmentsState 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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