The Governance of a Fragile Eurozone

By P. Grauwe. 2011

699 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/3bc547e5fc9451a28efd2781a694ca4f26d0aa29

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Yuemei Ji
2. A. Verdun
3. Serkan Arslanalp
4. T. Tsuda
5. Patrick. Leblond
6. D. Ioannou
7. A. Niemann
8. F. Scharpf

In Finance

1. A. Verdun
2. Yuemei Ji
3. D. Ioannou
4. A. Niemann
5. Patrick. Leblond
6. Serkan Arslanalp
7. T. Tsuda
8. M. Obstfeld

Citations in the corpus

• Democracy in crisis? The declining support for national democracy in European countries, 2007-2011 (2014, neutral): “The causes of the crisis in the Eurozone are to a considerable degree connected to the weak institutional foundations of the common currency, which are not necessarily related to bad governance or weak economic performance at the national level (De Grauwe 2011; Scharpf 2011).”
• The "Mystery of the Printing Press" Monetary Policy and Self-fulfilling Debt Crises (2016, neutral): “Proposition 1 Holding the conditions (11) and (12), there will be either one or two rational expectations equilibria which satisfy the pricing condition (10), together with the government optimizing conditions (7) through (9) and”
• A historical institutionalist explanation of the EU's responses to the euro area financial crisis (2015, background): “Economists from the United States (US) and elsewhere uttered serious criticisms of the design of Europe’s Economic and Monetary Union (EMU) and the EU as a whole (De Grauwe 2011, 2012; De Grauwe and Ji 2012; Eichengreen 2012a, 2012b; Feldstein 2012; Krugman 2011; 2012; Sargent 2011).”
• Mispricing of Sovereign Risk and Multiple Equilibria in the Eurozone. CEPS Working Document No. 361, January 2012 (2012, positive): “Source: Datastream The analysis of such “bubbles” is important because as argued in De Grauwe(2011) they can lead to multiple equilibria whereby countries are driven into a bad equilibrium characterized by self-fulfilling default crises and deep recessions.”
• Tracking Global Demand for Advanced Economy Sovereign Debt (2012, positive): “Several studies have shown that euro area banks are at more risk of instability due to their higher exposures to own government debt and other euro-area-specific sovereign-bank interdependencies (Acharya, Drechsler, and Schnabl, 2011; De Grauwe, 2011; Merler and Pisani-Ferry, 2012b).”
• Mispricing of Sovereign Risk and Macroeconomic Stability in the Eurozone (2012, positive): “Second, the fragility of a monetary union also implies that fears are enlarged 9 For a more formal model, see also De Grauwe (2011a).”
• Monetary union, fiscal crisis and the preemption of democracy (2011, background): “…Pact (Heipertz/ Verdun 2010), nor were they considered by mainstream monetary economics prior to the present crisis (De Grauwe 2009; but see, De Grauwe 2011).14 Under the dominant view, the ECB was responsible only for average price stability in the eurozone as a whole, whereas all…”
• European integration and the crisis: practice and theory (2015, positive): “…in the European context, the support of illiquid banks to ensure financial stability became difficult for over-indebted national governments, especially given the absence of a clear crisis management framework that included a lender of last resort and a fiscal backstop (de Grauwe 2011).”
• The Euro and the Geography of International Debt Flows (2014, background): “See Lane (2006), Blank and Buch (2007), Lane and Milesi-Ferretti (2007), Spiegel (2009a), and Pels (2010) for the evidence on increased gross flows within the euro area and De Santis et al. (2003), Coeurdacier and Martin (2009), De Santis and Gerard (2009), Spiegel (2009b), and Kalemli-Ozcan et al.”