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In Search of a New Equilibrium
The book shows that the overcoming of the negative imbalances in the current accounts of the large majority of peripheral Member States in the euro area is mainly due to a recession-driven decrease in import, a monetary wage compression, and below average rates of inflation. This re-equilibrating process thus leads to short-term adjustments, in the sense that it is unable to structurally fill the competitive gaps accumulated inside the euro area during the first decade of its life (1999-2007), owing to the inefficient allocation of the financial flows coming from the European central countries and invested in the European peripheral countries. Contrary to the predictions of the standard macr...
Competitiveness in the European Economy
This book deals with the relationship between the competitiveness of countries in Europe and the analysis of macroeconomic imbalances. It focuses mainly on a European analysis, along with special studies of the German economy, which is rarely considered to be a cause for the current crisis. The book also compares Germany with Italy, providing a comparative perspective on structural reforms. The first part of this book analyses macroeconomic imbalances based on a new framework from the analysis of the flow of founds rather than balance of payments, and presents an alternative measure of unit labour cost comparisons to investigate the relationship between imbalances and competitiveness. The se...
Challenges for Global Macroeconomic Stability and the Role of the G7
In view of the Italian Presidency of the Group of Seven (G7) in 2017, the Istituto Affari Internazionali (IAI) conducted a research project on “Major Challenges for Global Macroeconomic Stability and the Role of the G7” together with a major policy think tank in each of the other G7 member countries: Center for International Governance Innovation (CIGI, Canada); Centre d’Etudes Prospectives et d’Information Internationales (CEPII, France); Kiel Institute for the World Economy (IfW, Germany); Japan Institute for International Affairs (JIIA, Japan); Royal Institute for International Affairs (Chatham House, United Kingdom); Peterson Institute for International Economics (PIIE, United St...
Migration in the Mediterranean
Migration in the Mediterranean region is a widely debated and much studied topic. This is due to the present refugee crisis, consequences of Arab revolutions, the proximity with emigration and transit countries, but also to the involvement of southern European countries and the mass arrival of migrants. The management of Border controls, migration, development, human trafficking, human rights and the clash or convergence of civilizations has generated a great deal of controversy and media attention. Migration in the Mediterranean offers a unique multidisciplinary theoretical and methodological framework, bringing together scholars from different subject areas. This book aims to address the f...
The Economics of Urban Property Markets
This book examines the relationship between the property market and urban economy. The stimulus for this work was provided by the seemingly ever-accelerating process of urban economic change and the noticeable failure of existing studies to adequately explore the pivotal role that the property market plays in this process. Drawing on institutional economics, the central argument of the book is that the property market as an institution is a mediator through which urban economic potential can be realised and served. In developing this argument, the book provides a critical realist ontological framework that advances understanding of the institutional structure of the economy and the complex i...
The Contradictions of Austerity
The great financial crisis of 2008 and the ensuing global economic and financial turmoil have launched a search for "models" for recovery. The advocates of austerity present the Baltic States as countries that through discipline and sacrifice showed the way out of crisis. They have proposed the "Baltic model" of radical public sector cuts, wage reductions, labor market reforms and reductions in living standards for other troubled Eurozone countries to emulate. Yet, the reality of the Baltic "austerity fix" has been neither fully accepted by its peoples, nor is it fully a success. This book explains why and what are the real social and economic costs of the Baltic austerity model. We examine ...
Designing a European Fiscal Union
Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements...
Southern Europe?
According to mainstream discourse of the Cold War, post-1945 Western Europe was essentially a homogeneous historical space fully integrated into modern industrial society. But as Southern Europe? makes clear, Western European societies were in fact divided by deep political and economic inequalities. While nations in the north embodied consolidated democracies, Spain, Portugal, and Greece were at times all authoritarian regimes. Deeply afflicted with underdevelopment, these countries were cut off from the "economic miracles" other Western European states were experiencing. With its weak democracy, Italy held a contradictory position between the struggles of the Iberian and Greek peninsulas and the progress of its neighbors beyond the Alps. Now, old inequalities long believed to be things of the past have resurfaced, and a new debt crisis appears to be splitting the continent apart along historic lines. This book raises the important question of whether studying the geopolitics and social history of southern Europe might be a valuable analytical tool for understanding these contemporary financial catastrophes.
Economic Policy Coordination in the Euro Area
The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e...
Technological Innovation and Defence: The Forza NEC Program in the Euro-Atlantic Framework
Technological innovation and the military have always been in a state of constant interaction, fostered especially during the post-Cold War period. In this context, the present study focuses on the relationship of Italian, American, British, French and German Armed Forces with Information Communication Technology (ICT). The aim is to analyse in a Euro-Atlantic perspective the path undertaken by the Italian Army to develop Network Enabled Capabilities (NEC) through the “Forza NEC” Program. The acronym NEC refers to the interconnection of different elements of the Armed Forces in a single broad network, making them interact in order to achieve a strategic superiority. The book is composed ...
