The Eurozone Crisis: A Balance-of-Payments Problem or a Crisis Due to a Flawed Monetary Design?

2015 ◽  
Vol 44 (2) ◽  
pp. 157-160 ◽  
Author(s):  
Marc Lavoie
Keyword(s):  
Balance Of Payments ◽  
Eurozone Crisis

scholarly journals Currency Competition in the Eurozone: An Answer to the Crisis

e-Finanse ◽  
2016 ◽  
Vol 12 (1) ◽  
pp. 12-20
Author(s):  
Krzysztof Spirzewski
Keyword(s):  
Balance Of Payments ◽  
Financial Policy ◽  
The European Union ◽  
Common Currency ◽  
Eurozone Crisis ◽  
Main Hypothesis ◽  
The Common ◽  
Currency Competition ◽  
Optimum Currency ◽  
Theoretical Considerations

AbstractThe common currency was created as a result of theoretical considerations regarding the functioning of optimum currency areas. This theory refers to a number of benefits as well as costs. It imposes a number of requirements that are necessary for the newly created structure to be considered optimum. The economies of Eurozone countries did not meet these requirements. In consequence, the present functioning of the Eurozone encounters many disturbances - the strong differentiation of the balance of payments is a significant example. The reforms initiated in the European Union and undertaken in response to the financial crisis encompassed the Eurozone countries, yet they only concern financial policy. The adopted strategy of action arouses questions as to its effectiveness. The aim of this article is to present one of the reasons for the Eurozone crisis and a proposal for changing the monetary policy, in particular the exchange rate. In view of this objective, the main hypothesis reads as follows: one of the methods of counteracting the crisis is to introduce currency competition within the Eurozone.

Putting the Eurozone Crisis Experience in Perspective

2020 ◽  
pp. 33-65
Author(s):  
Raphael Reinke ◽  
Stefanie Walter ◽  
Ari Ray ◽  
Nils Redeker
Keyword(s):  
Crisis Management ◽  
Financial Support ◽  
Balance Of Payments ◽  
Large Set ◽  
Eurozone Crisis ◽  
External Adjustment ◽  
Comparative Framework ◽  
Trade Offs ◽  
Crisis Responses

Much research has treated the Eurozone crisis as a sui generis event. Yet we can only examine exactly how the Eurozone crisis is distinct from other crises if we compare it to other, similar crises. This chapter therefore develops a comparative framework that allows for us to study the distributional trade-offs inherent in crisis management of a large set of crises, including the Eurozone crisis. It argues the relative costs of external vs. internal adjustment will shape crisis politics, including the willingness of these countries to accept harsh conditionality in return for external financial support. The chapter develops measures to compare national vulnerabilities to internal and external adjustment and analyzes the crisis responses for a sample of 142 crisis episodes that occurred in a sample of 122 countries between 1990 and 2014. Our analysis shows that the vulnerability profile is a useful tool for analyzing crisis responses across a wide variety of balance-of-payments (BOP) crises. It also demonstrates that the Eurozone crisis is unusual because all crisis countries were located in the “misery corner”: Deficit country vulnerabilities to both internal and external adjustments were exceptionally high, and vulnerabilities frequently increased over the course of the crisis. In such a setting, quick and decisive crisis solutions are hard to find.

The Quality of Kazakhstan’s Economic Policy and Balance of Payments

2008 ◽  
pp. 120-132
Author(s):  
K. Arystanbekov
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Economic Development ◽  
Balance Of Payments ◽  
Foreign Investors ◽  
Negative Balance ◽  
Macroeconomic Efficiency

Kazakhstan’s economic policy in 1996-2007, its character and the degree of responsibility, the correlation between economic development and balance of current accounts are considered in the article. Special attention is paid to the analysis of their macroeconomic efficiency. It is concluded that in conditions of high rates of economic growth in Kazahkstan in 2000-2007 the net profits of foreign investors are 10-11% of GDP every year. The tendency of negative balance of current accounts in favor of foreign investors is also analyzed.

The U.S. Balance of Payments—Problems and Remedies

1965 ◽  
Vol 21 (5) ◽  
pp. 118-130
Author(s):  
C. Austin Barker
Keyword(s):  
Balance Of Payments ◽  
The U.S

Monetary Policy and the Balance of Payments

1965 ◽  
Vol 21 (3) ◽  
pp. 39-44
Author(s):  
David L. Grove
Keyword(s):  
Monetary Policy ◽  
Balance Of Payments

Analyzing the dynamics of Russia's balance of payments

2019 ◽  
Vol 25 (9) ◽  
pp. 2006-2021
Author(s):  
V.V. Smirnov ◽  
◽  
A.V. Mulendeeva ◽  
Keyword(s):  
Balance Of Payments

Economic Structure of Pakistan.—By Khawaja Amjad Saeed. Accountancy and Taxation Service Institute, Lahore, 1977. pp. 396.

1978 ◽  
Vol 17 (2) ◽  
pp. 264-265
Author(s):  
Moin-ud-din Moin-ud-din
Keyword(s):  
Foreign Aid ◽  
Statistical Data ◽  
International Comparisons ◽  
Balance Of Payments ◽  
Development Effort ◽  
Recent Past ◽  
World Economic ◽  
World Economic Order ◽  
The Impact ◽  
Vast Range

A number of books on Pakistan's economy have recently been published, but most of them do hot provide the latest statistical data or keep pace with events and development during the 1970's. The book under review, however, has admirably fulfilled the requirements. It covers a vast range of subjects concerning economic development in the country during the recent past The book is divided into nine parts and covers such diverse areas as development, industry, the price situation and the impact of inflation, Pakistan's planning and development effort, trade priorities and balance of payments situation, .taxation* foreign aid, and socio-economic reforms. The analysis is general, broadbased, and historical in perspective and a large amount of data have been put together. To bring out a clearer picture international comparisons are made whereever possible, especially in the last part of the book where the author reiterates on the need for a "New World Economic Order".

Pakistan's Export Possibilities

1973 ◽  
Vol 12 (1) ◽  
pp. 1-30
Author(s):  
Syed Nawab Haider Naqvi
Keyword(s):  
Economic Growth ◽  
Foreign Aid ◽  
Policy Maker ◽  
Time Horizon ◽  
Price Level ◽  
Balance Of Payments ◽  
Domestic Saving ◽  
Trade Offs ◽  
High Level

The recent uncertainties about aid flows have underscored the need for achieving an early independence from foreign aid. The Perspective Plan (1,965-85) had envisaged the termination of Pakistan's dependence on foreign aid by 1985. However, in the context of West Pakistan alone the time horizon can now be advanced by several years with considerable confidence in its economy to pull the trick. The difficulties of achieving independence from foreign aid can be seen by reference to the fact that aid flows make it possible for the policy-maker to pursue such ostensibly incompatible objectives as a balance in international payments (i.e., foreign aid finances the balance of payments), higher rates of economic growth (Lei, it pulls up domestic saving and investment levels), a high level of employment (i.e., it keeps the industries working at a fuller capacity than would otherwise be the case), and a reasonably stable price level (i.e., it lets a higher level of imports than would otherwise be possible). Without aid, then a simultaneous attainment of all these objectives at the former higher levels together with the balance in foreign payments may become well-nigh impos¬sible. Choices are, therefore, inevitable not for definite places in the hierarchy of values, but rather for occasional "trade-offs". That is to say, we will have to" choose how much to sacrifice for the attainment of one goal for the sake of somewhat better realization of another.

Sign in / Sign up

Export Citation Format

Share Document