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dc.contributor.authorAizenman, Joshuaen_US
dc.date.accessioned2012-06-06en_US
dc.date.accessioned2012-09-28T12:41:18Z-
dc.date.available2012-09-28T12:41:18Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/64490-
dc.description.abstractThis paper analyzes reforms and adjustments in the context of the Euro and the global financial crises. Taking the perspective of the evolutionary approach to institutions, the formation of a new currency area is not unidirectional. The process leading to the euro is an example of a common upbeat and optimistic attitude to the formation of new institutions. Such a Panglossian attitude to policies may reflect built-in fiscal myopia, possibly both at the level of the principal [the policy maker] and of the agents [consumers and households]. Next, the paper reviews the evolution of institutions buffering the stability of unions in the aftermath of crises, where fiscal restraints and the allocation of significant bargaining clout to the Federal Center increase the stability of a union. The paper concludes with an overview of the challenges associated with finding the proper balance between financial integration and financial regulations.en_US
dc.language.isoengen_US
dc.publisherUniv. of California at Santa Cruz, Dep. of Economics Santa Cruz, Calif.en_US
dc.relation.ispartofseriesWorking Papers, UC Santa Cruz Economics Department 699en_US
dc.subject.jelF02en_US
dc.subject.jelF33en_US
dc.subject.jelF34en_US
dc.subject.jelF42en_US
dc.subject.ddc330en_US
dc.subject.keywordcurrency unionsen_US
dc.subject.keywordfinancial regulationsen_US
dc.subject.keywordfinancial reformsen_US
dc.subject.keywordevolutionary approach to institutionsen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwWährungsunionen_US
dc.subject.stwRegulierungen_US
dc.subject.stwReformen_US
dc.subject.stwEurozoneen_US
dc.titleThe euro and the global crises: Finding the balance between short term stabilization and forward looking reformsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn717167496en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Economics Department, UC Santa Cruz

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