Coverart for item
The Resource From convergence to crisis : labor markets and the instability of the euro, Alison Johnston

From convergence to crisis : labor markets and the instability of the euro, Alison Johnston

Label
From convergence to crisis : labor markets and the instability of the euro
Title
From convergence to crisis
Title remainder
labor markets and the instability of the euro
Statement of responsibility
Alison Johnston
Creator
Subject
Language
eng
Summary
What explains Eurozone member-states' divergent exposure to Europe’s sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe’s monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe’s distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe’s corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South. The euro’s institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency’s corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union’s removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU’s goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets
Member of
http://library.link/vocab/creatorDate
1982-
http://library.link/vocab/creatorName
Johnston, Alison
Dewey number
331.1094
Index
index present
Language note
In English
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
Cornell studies in money
http://library.link/vocab/subjectName
  • Economic and Monetary Union
  • Monetary policy
  • Labor market
  • Financial crises
  • Euro
Label
From convergence to crisis : labor markets and the instability of the euro, Alison Johnston
Instantiates
Publication
Antecedent source
unknown
Bibliography note
Includes bibliographical references and index
Color
multicolored
Contents
Incomplete monetary union and Europe's current crisis -- From order to disorder : how monetary union changed national labor markets -- Monetary regimes, sectoral wage relations and the current account crisis in the EMU south : empirical evidence -- National central banks promoting inflation convergence : Danish and Dutch experiences inside and outside of the euro -- Wage setting politics favoring exports : German, Dutch and Italian experiences under EMU -- Wage-drift and sheltered-sector politics under a common currency : the Irish and Spanish experiences -- EMU, the politics of wage inflation and crisis : implications for current debates and policy
Control code
ocn950613715
Dimensions
unknown
Extent
1 online resource
File format
unknown
Form of item
online
Isbn
9781501703775
Level of compression
unknown
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)950613715
Label
From convergence to crisis : labor markets and the instability of the euro, Alison Johnston
Publication
Antecedent source
unknown
Bibliography note
Includes bibliographical references and index
Color
multicolored
Contents
Incomplete monetary union and Europe's current crisis -- From order to disorder : how monetary union changed national labor markets -- Monetary regimes, sectoral wage relations and the current account crisis in the EMU south : empirical evidence -- National central banks promoting inflation convergence : Danish and Dutch experiences inside and outside of the euro -- Wage setting politics favoring exports : German, Dutch and Italian experiences under EMU -- Wage-drift and sheltered-sector politics under a common currency : the Irish and Spanish experiences -- EMU, the politics of wage inflation and crisis : implications for current debates and policy
Control code
ocn950613715
Dimensions
unknown
Extent
1 online resource
File format
unknown
Form of item
online
Isbn
9781501703775
Level of compression
unknown
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)950613715

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