Varieties of Capitalism and the Euro Crisis

By P. Hall. 2014

236 citations recorded by the source corpus.

This article examines the role played by varieties of capitalism in the euro crisis, considering the origins of the crisis, its progression, and the response to it. Deficiencies in the institutional arrangements governing the single currency are linked to economic doctrines of the 1990s. The roots of the crisis are linked to institutional asymmetries between political economies. Northern European economies equipped to operate export-led growth models suitable for success within a monetary union are joined to southern economies whose demand-led growth models were difficult to operate successfully without the capacity to devalue. The response to a tripartite crisis of confidence, debt, and growth is explained in terms of the interaction of institutions, interests, and ideas, and its importance for the future of European integration is explored.

Subfields: Economics and Econometrics, Finance, Political Science and International Relations

View Paper: https://www.semanticscholar.org/paper/3ce1159dbfe836b1dfdc122c0f50be8ddbff2b44

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Citations in the corpus

The Euro Crisis’ Theory Effect: Northern Saints, Southern Sinners, and the Demise of the Eurobond (2015, background): “These wholesale reforms have not yet succeeded and may never do so given political pushback and institutional stickiness of the varieties of capitalism found across Europe (Hall 2014).”
Varieties of capitalism in light of the euro crisis (2018, background): “In light of these observations, Hall (2012, 2014) argues that the governments of Mediterranean market economies are more inclined to pursue demand-led growth, namely, economic growth based on the expansion of consumer demand, an approach also characteristic of liberal market economies (Iversen and…”
European Integration, Capitalist Diversity and Crises Trajectories on Europe’s Eastern Periphery (2018, background): “Other authors distinguish between consumption-led and export-led growth (e.g. Hall 2014, Baccaro and Pontusson 2016, Johnston and Regan, 2016).”
Economic causes of the Eurozone crisis: the analytical contribution of Comparative Capitalism (2016, background): “…and political upheaval in Southern Europe, thereby overthrowing a system of rule that has been established over several decades, inter alia, to mobilize support for the democratic governments in Greece (but also Portugal and Spain) that have taken over from authoritarian rule (Hall, 2014, p. 1230).”
Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective (2016, unknown): “The VoC approach (Johnston et al. 2013, Hall 2014) regards differences in wage bargaining coordination and their ability to restrain wage growth as the root of the crisis as key for explaining the crisis.”