LEADER 05002nam 2200721 450 001 9910465555803321 005 20220203225233.0 010 $a1-5017-0376-5 010 $a1-5017-0377-3 024 7 $a10.7591/9781501703775 035 $a(CKB)3710000000704041 035 $a(SSID)ssj0001675012 035 $a(PQKBManifestationID)16483850 035 $a(PQKBTitleCode)TC0001675012 035 $a(PQKBWorkID)14803986 035 $a(PQKB)11104583 035 $a(StDuBDS)EDZ0001599462 035 $a(MiAaPQ)EBC4813203 035 $a(OCoLC)950613715 035 $a(MdBmJHUP)muse51401 035 $a(DE-B1597)478246 035 $a(OCoLC)957690015 035 $a(OCoLC)984650942 035 $a(DE-B1597)9781501703775 035 $a(Au-PeEL)EBL4813203 035 $a(CaPaEBR)ebr11353120 035 $a(CaONFJC)MIL951823 035 $a(EXLCZ)993710000000704041 100 $a20170315h20162016 uy 0 101 0 $aeng 135 $aur||||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFrom convergence to crisis $elabor markets and the instability of the euro /$fAlison Johnston 210 1$aIthaca, New York ;$aLondon, [England] :$cCornell University Press,$d2016. 210 4$dİ2016 215 $a1 online resource $cillustrations (black and white) 225 1 $aCornell Studies in Money 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-5017-0265-3 320 $aIncludes bibliographical references and index. 327 $tFrontmatter --$tContents --$tList of Illustrations --$tPreface --$tList of Abbreviations --$t1. Incomplete Monetary Union and Europe's Current Crisis --$t2. From Order to Disorder: How Monetary Union Changed National Labor Markets --$t3. Monetary Regimes, Wage Bargaining, and the Current Account Crisis in the EMU South: Empirical Evidence --$t4. National Central Banks and Inflation Convergence: Danish and Dutch Corporatism Inside and Outside of Monetary Union --$t5. Strength in Rigidity: Public Sector Employment Reform and Wage Suppression in Germany, the Netherlands, and Italy --$t6. Sheltered Sector Dominance under a Common Currency: Irrational Exuberance in Ireland and Fragmentation in Spain --$t7. EMU, the Politics of Wage Inflation, and Crisis: Implications for Current Debates and Policy --$tAppendix I. Exposed and Sheltered Sectors and the Meaning of Wage Moderation --$tAppendix II. Variable Measurement and Data Sources --$tNotes --$tReferences --$tIndex 330 $aWhat explains Eurozone member-states' divergent exposure to Europe's sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe's monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe's distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe's corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South.The euro's institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency's corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union's removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU's goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets. 410 0$aCornell studies in money. 606 $aMonetary policy$zEuropean Union countries 606 $aLabor market$zEuropean Union countries 606 $aFinancial crises$zEuropean Union countries 606 $aEuro 608 $aElectronic books. 615 0$aMonetary policy 615 0$aLabor market 615 0$aFinancial crises 615 0$aEuro. 676 $a331.1094 700 $aJohnston$b Alison$f1982-$01039141 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910465555803321 996 $aFrom convergence to crisis$92461172 997 $aUNINA