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Fiscal Federalism

In: Crisis in the Eurozone

Author

Listed:
  • Mark Baimbridge

    (University of Bradford)

  • Philip B. Whyman

    (University of Central Lancashire)

Abstract

The 2008 international financial crisis, which was triggered by problems related to sub-prime housing loans and securitisation via collateralised loan obligations and credit-default swaps, led to a deep economic recession across most of the industrialised world. It highlighted not only the fragility of the European banking system, but additionally the flaws in design of the particular form of Economic and Monetary Union (the eurozone) established amongst a number of European Union (EU) member states. The tensions caused by the financial crisis have not caused these problems, however, but rather magnified pre-existing weaknesses that have long been recognised by a number of academic commentators who have written on this topic over the past two decades or more (Eichengreen, 1992; de Grauwe and Vanhaverbeke, 1993; Burkett et al., 1996; Feldstein, 1997; Arestis and Sawyer, 2000; Lane, 2006). Moreover, it is not only the design of the eurozone, and the rules established to limit participation to suitable candidate nations, which have been found to be at fault, but also the economic architecture introduced in an attempt to sustain this new arrangement (Degryse, 2012: 6).

Suggested Citation

  • Mark Baimbridge & Philip B. Whyman, 2015. "Fiscal Federalism," Palgrave Macmillan Books, in: Crisis in the Eurozone, chapter 10, pages 156-170, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-32903-5_10
    DOI: 10.1057/9781137329035_10
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    Cited by:

    1. Eduard Hochreiter & Anton Korinek & Pierre L. Siklos, 2003. "The potential consequences of alternative exchange rate regimes: A study of three candidate regions," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(4), pages 327-349.

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