The German Model and the European Crisis
Identifieur interne : 007E38 ( Istex/Curation ); précédent : 007E37; suivant : 007E39The German Model and the European Crisis
Auteurs : Luigi Bonatti ; Andrea Fracasso [Italie]Source :
- JCMS: Journal of Common Market Studies [ 0021-9886 ] ; 2013-11.
Descripteurs français
- Wicri :
English descriptors
- KwdEn :
- Address problems, Aggregate demand, Andrea, Andrea fracasso, Bonatti, Budgetary policy, Capital goods, Cent increase, Cepr discussion paper, Collective agreements, Collective bargaining, Common market studies, Comparative advantage, Competitiveness, Consumer durables, Convergence, Core countries, Country report, Credit booms, Current account, Current account imbalances, Debt crisis, Depressive impact, Domestic demand, Economic perspectives, Economic policy, Economic policy research, Endogenous changes, Euro, Euro area, European authorities, European countries, European crisis, European union, Eurozone, Eurozone countries, External challenges, Financial times, Fracasso, German authorities, German citizens, German dilemma, German economy, German growth, German model, German stance, Global, Global competitiveness, Global leadership, Global player, Grand bargain, Hartz reforms, Imbalance, Incumbent government, Industrial relations, Interest rate, International competitiveness, International economics, Jcms, John wiley sons, Labour, Labour costs, Luigi, Luigi bonatti, Many germans, Marginal employment, Michael trautwein, Monetary policy, Monetary union, Nancial, Nancial assistance, Nancial crisis, Nancial integration, Nancial markets, Nancial support, Nominal exchange rates, Norbert walter, Oecd economics department, Ongoing process, Output growth, Painful reforms, Periphery, Periphery countries, Periphery debts, Political economy, Price competitiveness, Private sector, Productivity growth, Real convergence, Real interest rates, Scal, Scal discipline, Scal policy, Scal transfers, Service sector, Service sectors, Social insurance, Social market economy, Social order, Social security system, Structural adjustments, Structural policies, Structural reforms, Undesirable effects, Unfavourable exchange rate parity, Unit labour costs, Wage dynamics, Wage moderation, Wage restraint, Widespread concern, Work councils.
- Teeft :
- Address problems, Aggregate demand, Andrea, Andrea fracasso, Bonatti, Budgetary policy, Capital goods, Cent increase, Cepr discussion paper, Collective agreements, Collective bargaining, Common market studies, Comparative advantage, Competitiveness, Consumer durables, Convergence, Core countries, Country report, Credit booms, Current account, Current account imbalances, Debt crisis, Depressive impact, Domestic demand, Economic perspectives, Economic policy, Economic policy research, Endogenous changes, Euro, Euro area, European authorities, European countries, European crisis, European union, Eurozone, Eurozone countries, External challenges, Financial times, Fracasso, German authorities, German citizens, German dilemma, German economy, German growth, German model, German stance, Global, Global competitiveness, Global leadership, Global player, Grand bargain, Hartz reforms, Imbalance, Incumbent government, Industrial relations, Interest rate, International competitiveness, International economics, Jcms, John wiley sons, Labour, Labour costs, Luigi, Luigi bonatti, Many germans, Marginal employment, Michael trautwein, Monetary policy, Monetary union, Nancial, Nancial assistance, Nancial crisis, Nancial integration, Nancial markets, Nancial support, Nominal exchange rates, Norbert walter, Oecd economics department, Ongoing process, Output growth, Painful reforms, Periphery, Periphery countries, Periphery debts, Political economy, Price competitiveness, Private sector, Productivity growth, Real convergence, Real interest rates, Scal, Scal discipline, Scal policy, Scal transfers, Service sector, Service sectors, Social insurance, Social market economy, Social order, Social security system, Structural adjustments, Structural policies, Structural reforms, Undesirable effects, Unfavourable exchange rate parity, Unit labour costs, Wage dynamics, Wage moderation, Wage restraint, Widespread concern, Work councils.
Abstract
The large current account imbalances in the eurozone reflect persistent diverging trends between core and periphery countries, also fed by low interest rates and abundant capital flows brought about by the introduction of the euro. With the global financial crisis, the market sentiment has changed, and capital has left the periphery countries suffering from debt and growth problems due to their failure to bring price–wage dynamics into uniformity with those of the more disciplined countries. Germany is called upon to provide financial assistance and additional external demand; however, though the euro is at stake, Germans are recalcitrant. This article investigates the rationale of the German stance in light of the (corporatist‐etatist, neo‐mercantilist) German socio‐economic model and the widespread concern about losing the competitiveness that Germany regained through painful reforms and changes in the last two decades.
Url:
DOI: 10.1111/jcms.12067
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Luigi Bonatti<affiliation><mods:affiliation>University of Trento</mods:affiliation>
<wicri:noCountry code="no comma">University of Trento</wicri:noCountry>
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<front><div type="abstract">The large current account imbalances in the eurozone reflect persistent diverging trends between core and periphery countries, also fed by low interest rates and abundant capital flows brought about by the introduction of the euro. With the global financial crisis, the market sentiment has changed, and capital has left the periphery countries suffering from debt and growth problems due to their failure to bring price–wage dynamics into uniformity with those of the more disciplined countries. Germany is called upon to provide financial assistance and additional external demand; however, though the euro is at stake, Germans are recalcitrant. This article investigates the rationale of the German stance in light of the (corporatist‐etatist, neo‐mercantilist) German socio‐economic model and the widespread concern about losing the competitiveness that Germany regained through painful reforms and changes in the last two decades.</div>
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