Exporting Assets: EMU and the Financial Drivers of European Macroeconomic Imbalances

References

• Auer, R.A. (2014), ‘What Drives TARGET2 Balances? Evidence from a Panel Analysis’, Economic Policy, 29 (77), pp. 139–97. doi:10.1111/1468-0327.12024.
   Web of Science ®Google Scholar
• Baume, M.de L. (2017), ‘Calls for Dijsselbloem to Quit Eurogroup Over “Stupid Jokes”’, POLITICO. Available from: http://www.politico.eu/article/calls-for-dijsselbloem-to-quit-as-eurogroup-chief-over-stupid-jokes/ [accessed 28 March 2017].
   Google Scholar
• Belke, A. and Dreger, C. (2013), ‘Current Account Imbalances in the Euro Area: Does Catching Up Explain the Development? Current Account Imbalances in the Euro Area’, Review of International Economics, 21 (1), pp. 6–17. doi:10.1111/roie.12016.
   Web of Science ®Google Scholar
• Blyth, M. (2013), Austerity: The History of a Dangerous Idea (Oxford: Oxford University Press).
   Google Scholar
• Caballero, R.J., Farhi, E. and Gourinchas, P.-O. (2008). ‘An Equilibrium Model of “Global Imbalances” and Low Interest Rates’, American Economic Review, 98 (1), pp. 358–93. doi:10.1257/aer.98.1.358.
   Web of Science ®Google Scholar
• Caballero, R.J., Farhi, E. and Gourinchas, P.-O. (2008). ‘Financial “Whac-a-Mole”: Bubbles, Commodity Prices and Global Imbalances’, Brookings Papers on Economic Activity, 2008 (2), pp. 1–55. doi:10.1353/eca.0.0013.
   Google Scholar
• Chen, R., Milesi-Ferretti, G.M and Tressel, T. (2013). ‘External Imbalances in the Eurozone’, Economic Policy, 28 (73), pp. 101–42. doi:10.1111/1468-0327.12004.
   Web of Science ®Google Scholar
• Chinn, M.D., Eichengreen, B. and Ito, H. (2014), ‘A Forensic Analysis of Global Imbalances’, Oxford Economic Papers, 66 (2), pp. 465–90. doi:10.1093/oep/gpt027.
   Web of Science ®Google Scholar
• Choi, C. and Park, K. (2014), ‘The Euro Bias of Bank Assets in the Eurozone’, Emerging Markets Finance and Trade, 50 (5), pp. 172–85.
   Google Scholar
• Cooper, R.N. (2008), ‘Global Imbalances: Globalization, Demography, and Sustainability’, Journal of Economic Perspectives, 22 (3), pp. 93–112. doi:10.1257/jep.22.3.93.
   Web of Science ®Google Scholar
• De Grauwe, P. and Ji, Y. (2013), ‘From Panic-Driven Austerity to Symmetric Macroeconomic Policies in the Eurozone: From Panic-Driven Austerity to Symmetric Macroeconomic Policies’, JCMS: Journal of Common Market Studies, 51, pp. 31–41. doi:10.1111/jcms.12042 doi: 10.1128/JCM.01627-12
   Web of Science ®Google Scholar
• Diaz-Sanchez, J.L. and Varoudakis, A. (2015), ‘Tracking the Causes of Eurozone External Imbalances: New Evidence and Some Policy Implications’, International Economics and Economic Policy. doi:10.1007/s10368-015-0316-0.
   Google Scholar
• Epstein, G. (ed.) (2005), Financialization and the World Economy (Northampton: Edward Elgar).
   Google Scholar
• European Central Bank (2012), Competitiveness and External Imbalances Within the Euro Area (European Central Bank), Occasional Paper. Available from: https://www.ecb.europa.eu/pub/pdf/scpops/ecbocp139.pdf?804041e4c5c65f012d75584c211873d0 [accessed 18 March 2017].
   Google Scholar
• European Commission (2009), ‘Quarterly Report on the Euro Area’, 8 (1). Available from: http://ec.europa.eu/economy_finance/publications/qr_euro_area/2009/pdf/qrea1_en.pdf [accessed 18 March 2017].
   Google Scholar
• European Commission (2015), ‘ Macroeconomic Imbalances Procedure (MIP) – Frequently Asked Questions (FAQ)’. Available from: http://ec.europa.eu/eurostat/documents/16624/0/FAQ_13-11-2015 [accessed 19 March 2017].
   Google Scholar
• Felipe, J. and Kumar, U. (2011), Unit Labour Costs in the Eurozone: The Competitiveness Debate Again (Annandale-on-Hudson, NY: Levy Economics Institute), Working Paper 651. Levy Economics Institute Working Paper Collection. Available from: http://www.levyinstitute.org/pubs/wp_651.pdf [accessed 7 April 2015].
   Google Scholar
• Ferguson, N. and Schularick, M. (2007), ‘“Chimerica” and the Global Asset Market Boom: “Chimerica” and the Global Asset Market Boom’, International Finance, 10 (3), pp. 215–39. doi:10.1111/j.1468-2362.2007.00210.x.
   Web of Science ®Google Scholar
• Ferguson, N. and Schularick, M. (2011), ‘The End of Chimerica: The End of Chimerica’, International Finance, 14 (1), pp. 1–26. doi:10.1111/j.1468-2362.2010.01274.x.
   Web of Science ®Google Scholar
• Fratzscher, M., Juvenal, L. and Sarno, L. (2010), ‘Asset Prices, Exchange Rates and the Current Account’, European Economic Review, 54 (5), pp. 643–58. doi:10.1016/j.euroecorev.2009.12.005.
   Web of Science ®Google Scholar
• Fratzscher, M. and Straub, R. (2013), ‘Asset Prices, News Shocks, and the Trade Balance’, Journal of Money, Credit and Banking, 45 (7), pp. 1211–51. doi:10.1111/jmcb.12050.
   Web of Science ®Google Scholar
• Frieden, J. (2015), ‘The Political Economy of Adjustment and Rebalancing’, Journal of International Money and Finance, 52, pp. 4–14. doi:10.1016/j.jimonfin.2014.11.010.
   Web of Science ®Google Scholar
• Friedman, M. (1997), ‘ Why Europe Can’t Afford the Euro’, The Times, 19 November.
   Google Scholar
• Fuller, G.W. and Jones E. (2015a), ‘Europe and the Global Economic Crisis’, in R. Tiersky and E. Jones (eds), Europe Today: A Twenty-First Century Introduction, 5th ed. (Lanham, MD: Rowman & Littlefield), pp. 343–67.
   Google Scholar
• Fuller, G.W. and Jones, E. (2015b), ‘European Macroeconomic Governance’, in J. Richardson (ed.), European Union: Power and Policymaking, 4th ed. (New York: Routledge), pp. 327–50.
   Google Scholar
• Gabrisch, H., and Staehr, K. (2015), ‘The Euro Plus Pact: Competitiveness and External Capital Flows in the EU Countries: The Euro Plus Pact’, JCMS: Journal of Common Market Studies, 53 (3), pp. 558–76. doi:10.1111/jcms.12220.
   Web of Science ®Google Scholar
• Gouliamaki, L. (2012), Untitled (Athens: AFP/GettyImages). Available from: http://www.telegraph.co.uk/news/picturegalleries/worldnews/9596775/Protests-in-Athens-over-German-Chancellor-Angela-Merkels-visit-to-Greece.html?frame=2364143 [accessed 21 April 2017].
   Google Scholar
• de Grauwe, P. (2012), In Search of Symmetry in the Eurozone (Centre for European Policy Studies), Policy Brief 268. Available from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2060116 [accessed 18 March 2017].
   Google Scholar
• Gros, D. and Busse, M. (2013), The Macroeconomic Imbalance Procedure and Germany: When Is a Current Account Surplus an ‘Imbalance’? (Centre for European Policy Studies), CEPS Policy Brief 301. Available from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2360470 [accessed 13 March 2017].
   Google Scholar
• Helleiner, E. (1993), ‘When Finance Was the Servant: International Capital Movements in the Bretton Woods Order’, in Philip G. Cerny (ed.), In Finance and World Politics (Brookfield: Edward Elgar), pp. 20–48.
   Google Scholar
• Holinski, N. and Vermeulen, R. (2012), ‘The International Wealth Channel: A Global Error-Correcting Analysis’, Empirical Economics, 43 (3), pp. 985–1010. doi:10.1007/s00181-011-0514-8.
   Web of Science ®Google Scholar
• Hope, D. and Soskice, D. (2016), ‘Growth Models, Varieties of Capitalism, and Macroeconomics’, Politics & Society, 44 (2), pp. 209–26. doi:10.1177/0032329216638054.
   Web of Science ®Google Scholar
• Johnston, A., Hancké, B. and Pant, S. (2014), ‘Comparative Institutional Advantage in the European Sovereign Debt Crisis’, Comparative Political Studies, 47 (13), pp. 1771–1800. doi: 10.1177/0010414013516917
   Web of Science ®Google Scholar
• Johnston, A. and Regan, A. (2016), ‘European Monetary Integration and the Incompatibility of National Varieties of Capitalism’, JCMS: Journal of Common Market Studies, 54 (2), pp. 318–36. doi:10.1111/jcms.12289.
   Web of Science ®Google Scholar
• Jones, E. (2012a), ‘Italy’s Sovereign Debt Crisis’, Survival, 54 (1), pp. 83–110. doi:10.1080/00396338.2012.657545.
   Web of Science ®Google Scholar
• Jones, E. (2012b), Eurobonds, Flight to Quality, and TARGET2 Imbalances (Swedish Institute for European Policy Studies), 2012:4epa. European Policy Analysis. Available from: http://www.sieps.se/sites/default/files/2012_4epa%20EN_A4.pdf [accessed 25 April 2015].
   Google Scholar
• Jones, E. (2013), ‘Getting to Greece: Uncertainty, Misfortune, and the Origins of Political Disorder’, European Political Science, 12 (3), pp. 294–304. doi:10.1057/eps.2012.35.
   Web of Science ®Google Scholar
• Jones, E. (2015), ‘Getting the Story Right: How You Should Choose Between Different Interpretations of the European Crisis (and Why You Should Care)’, Journal of European Integration, 37 (7), pp. 817–32. doi: 10.1080/07036337.2015.1079376
   Web of Science ®Google Scholar
• Jonung, L. and Drea, E. (2009), The Euro: It Can’t Happen. It’s a Bad Idea. It Won’t Last. US Economists on the EMU, 1989-2002, 395 (European Commission), Economic Papers. Available from: http://ec.europa.eu/economy_finance/publications/publication16345_en.pdf [accessed 25 July 2016].
   Google Scholar
• Knibb, M. (2015), ‘A Critique of Nominal and Real Macro Unit Labour Costs as an Indicator of Competitiveness’, World Economics Association Newsletter, 5 (3). Available from: https://www.worldeconomicsassociation.org/newsletterarticles/ulc/ [accessed 28 July 2016].
   Google Scholar
• Krugman, P. and Obstfeld, M. (2006), International Economics: Theory and Policy, 7th ed. (Boston, MA: Addison-Wesley).
   Google Scholar
• Magdoff, H. and Sweezy, P. (1987), Stagnation and the Financial Explosion (New York: Monthly Review Press).
   Google Scholar
• Matthijs, M. and Blyth, M. (eds). (2015), The Future of the Euro (New York: Oxford University Press).
   Google Scholar
• Merler, S. and Pisani-Ferry, J. (2012), Sudden Stops in the Euro Area 2012/06. Bruegel Policy Contribution (Brussels: Bruegel). Available from: http://bruegel.org/2012/03/sudden-stops-in-the-euro-area-2/ [accessed 24 August 2015].
   Google Scholar
• Moschella, M. (2014), ‘Monitoring Macroeconomic Imbalances: Is EU Surveillance More Effective than IMF Surveillance? Monitoring Macroeconomic Imbalances’, JCMS: Journal of Common Market Studies, 52 (6), pp. 1273–89. doi:10.1111/jcms.12136.
   Web of Science ®Google Scholar
• Nougayrède, N. (2017), ‘ Anti-German, Soft on Putin – Mélenchon Is No Saviour of the Left’, The Guardian, 18 April. Available from: https://www.theguardian.com/commentisfree/2017/apr/18/jean-luc-melenchon-germany-putin-french-presidential-race [accessed 21 April 2017].
   Google Scholar
• Papademos, L. (2007), ‘ Inflation and Competitiveness Divergences in the Euro Area Countries: Causes, Consequences, and Policy Responses’, presented at the ECB and its Watchers IX, Frankfurt, 7 September. Available from: http://www.ecb.int/press/key/date/2007/html/sp070907_2.pdf [accessed 11 May 2012].
   Google Scholar
• Regan, A. (2015), ‘The Imbalance of Capitalisms in the Eurozone: Can the North and South of Europe Converge?’, Comparative European Politics. doi:10.1057/cep.2015.5.
   Google Scholar
• Rutte, M. and de Jager, J.K. (2011), ‘ Expulsion from the Eurozone Has To Be the Final Penalty’, Financial Times, 7 September. Available from: https://www.ft.com/content/5284d4a4-d93a-11e0-884e-00144feabdc0 [accessed 18 March 2017].
   Google Scholar
• Sandbu, M.E. (2015), Europe’s Orphan: The Future of the Euro and the Politics of Debt (Princeton, NJ: Princeton University Press).
   Google Scholar
• Schaeuble, W. (2011), ‘ Achieving Sustainable Growth’, Chatham House, 16 October.
   Google Scholar
• Schelkle, W. (2017), The Political Economy of Monetary Solidarity (New York: Oxford University Press).
   Google Scholar
• Schwartz, H. (2009), Subprime Nation: American Power, Global Capital, and the Housing Bubble. Cornell Studies in Money (Ithaca, NY: Cornell University Press).
   Google Scholar
• Schwartz, H. (2016), ‘Banking on the FED: QE1-2-3 and the Rebalancing of the Global Economy’, New Political Economy, 21 (1), pp. 26–48. doi:10.1080/13563467.2015.1041480.
   Web of Science ®Google Scholar
• Skidelsky, R. (2014). ‘ Could Germany’s Surplus Damage the Eurozone?’, World Economic Forum, 25 July. Available from: https://www.weforum.org/agenda/2014/07/germany-surplus-eurozone-robert-skidelsly/ [accessed 18 March 2017].
   Google Scholar
• Stockhammer, E. (2008), ‘Some Stylized Facts on the Finance-Dominated Accumulation Regime’, Competition & Change, 12 (2), pp. 184–202. doi:10.1179/102452908X289820.
   Web of Science ®Google Scholar
• Stockhammer, E. (2016), ‘Neoliberal Growth Models, Monetary Union and the Euro Crisis. A Post-Keynesian Perspective’, New Political Economy, 21 (4), pp. 365–79. doi:10.1080/13563467.2016.1115826.
   Web of Science ®Google Scholar
• Unger, R. (2017), ‘Asymmetric Credit Growth and Current Account Imbalances in the Euro Area’, Journal of International Money and Finance. doi:10.1016/j.jimonfin.2017.02.017.
   Web of Science ®Google Scholar
• Wolf, M. (2013), ‘ Germany Is a Weight on the World’, Financial Times, 3 November. Available from: https://www.ft.com/content/291a5ca6-42ec-11e3-8350-00144feabdc0 [accessed 18 March 2017].
   Google Scholar
• Wyplosz, C. (2013), ‘The Eurozone Crisis and the Competitiveness Legend’, Asian Economic Papers, 12 (3), pp. 63–81. doi:10.1162/ASEP_a_00238.
   Web of Science ®Google Scholar