The Eurozone Crisis: Phoenix Miracle or Lost Decade?

Barry Eichengreen, Naeun Jung, Stephen Moch and Ashoka Mody

Journal of Macroeconomics, 2014, vol. 39, issue PB, 288-308

Abstract: We analyze why the Eurozone crisis increasingly resembles Latin America’s lost decade instead of Asia’s phoenix miracle, emphasizing the roles of the real exchange rate, the external environment, and debt restructuring. In addition, we contrast the adjustment to housing bubbles in Ireland, Spain and the U.S. Here our explanation for the contrast departs from the conventional wisdom in placing less emphasis on labor mobility but more on participation rates and bank mergers and acquisitions in the adjustment process.

Keywords: Fiscal policy; Phoenix miracle; Housing bubble; Banking crisis (search for similar items in EconPapers)
JEL-codes: E44 E62 G01 H63 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (20)

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Working Paper: The eurozone crisis: phoenix miracle or lost decade? (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:39:y:2014:i:pb:p:288-308

DOI: 10.1016/j.jmacro.2013.08.005

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