Overshooting the maastricht criteria : external imbalances and income convergence in the European Union / Menbere Workie Tiruneh.

Format:

Book

Author/Creator:

Tiruneh, Menbere Workie, author.

Series:

Economic issues, problems and perspectives series.

Economic Issues, Problems and Perspectives

Language:

English

Subjects (All):

Financial institutions, International.

Economic policy.

Economic history.

European Union countries--Economic conditions.

European Union countries.

European Union countries--Economic policy.

Physical Description:

1 online resource (241 pages).

Place of Publication:

New York : Nova Science Publishers, Inc., [2018]

Summary:

While mainstream economists were convinced they had solved the business cycle phenomena of macroeconomic policy making, the Great Recession has once again underscored the verdict of history, where every boom has almost always been accompanied by a bust and recession. The book discusses theoretical controversies and state-of-the art empirical studies on the link between external imbalances and real income convergence in the European Union. The book shows successful real income convergence across the European Union on the country level and pinpoints persistent regional disparities within countries in most of the member states of the European Union. The book addresses broader aspects of external imbalances and their key determinants and provides fresh empirical and exploratory evidence on paradigm shifts in the past several decades. This book also empirically estimates both the causality between public debt and economic growth as well as the optimum level of public debt for EU member states. Additionally, the book discusses the link between illicit capital flows and external imbalances in the European Union. Overall, the book critically investigates both theoretical frameworks of global imbalances and systematically evaluates milestones and paradigm shifts in global imbalances; it also offers new empirical results based on the panel data of both "old" and "new" EU member states in the past several decades. Finally, the book addresses a number of the policy challenges, disputes and controversies in the European Union in terms of solving the ongoing external imbalances and harmonizing policies to prevent future challenges.

Contents:

Machine generated contents note: ch. 1 Global Imbalances: Theoretical Framework

1.1.Theoretical Underpinnings of Global Imbalances

1.2.Theoretical Underpinnings of External Imbalances: Literature Review

1.3.The Intertemporal Model of the Current Account Balance

1.4.The Phenomenon of Twin Deficits in the EU

1.5.Results

ch. 2 Paradigm Shifts in Global Imbalances

2.1.The First Phase of Global Imbalances: The 1980s

2.2.The Second Phase of Global Imbalances: The 1990s

2.3.The Third Phase of Global Imbalances: The New Millennium

ch. 3 Capital Flight and External Imbalances

3.1.Concept of Capital Flight

3.2.The Causes of Capital Flight

3.3.From Capital Flight to External Debt and Back Again

3.4.Measurement of Capital Flight

ch. 4 The Theory and Empirics of Economic Growth and Convergence

4.1.Harrod-Domar Model

4.2.The Neoclassical Model of Economic Growth

4.3.Endogenous Growth Model

Note continued: 4.4.The Augmented Solow Model and Its Empirical Specification

4.5.The Impact of the Global Financial Crisis on Income Convergence in the EU

ch. 5 Growth and Income Convergence in Times of External Imbalances: A Focus on the European Union

5.1.The Evolution of European External Imbalances: Overshooting the Maastricht Criteria

5.2.The Debt-Growth Nexus: Theoretical Reviews

5.3.Does Public Debt Granger-Cause Economic Growth?

5.4.The External Imbalance-growth Nexus in the EU: Some Stylized Facts

ch. 6 External Imbalances and Policy Dilemmas.

Notes:

Description based on print version record.

ISBN:

1-5361-3586-0