Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/64490 
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dc.contributor.authorAizenman, Joshuaen
dc.date.accessioned2012-06-06-
dc.date.accessioned2012-09-28T12:41:18Z-
dc.date.available2012-09-28T12:41:18Z-
dc.date.issued2012-
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
dc.language.isoengen
dc.publisher|aUniversity of California, Economics Department |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x699en
dc.subject.jelF02en
dc.subject.jelF33en
dc.subject.jelF34en
dc.subject.jelF42en
dc.subject.ddc330en
dc.subject.keywordcurrency unionsen
dc.subject.keywordfinancial regulationsen
dc.subject.keywordfinancial reformsen
dc.subject.keywordevolutionary approach to institutionsen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwWährungsunionen
dc.subject.stwRegulierungen
dc.subject.stwReformen
dc.subject.stwEurozoneen
dc.titleThe euro and the global crises: Finding the balance between short term stabilization and forward looking reforms-
dc.typeWorking Paperen
dc.identifier.ppn717167496en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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