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The aim of this study was to provide answers to two research questions. While the first one is concerned with the causes of the remarkable macroeconomic resilience of the Nordic EU-countries since the mid-1990s, the second one is related to the sustainability of a high degree of government...
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In this paper we outline alternative policy recommendations addressing the problems of differential inflation, divergence in competitiveness, and associated current account imbalances within the euro area. The major purpose of these alternative policy proposals is to generate sustainably high...
Persistent link: https://www.econbiz.de/10010930554
This paper challenges the institutional sclerosis view of the German crisis according to which rigid labour markets and generous welfare state institutions have driven Germany into its position as „Europe’s sick man“. In general, the view is not convincing, because the underlying...
Persistent link: https://www.econbiz.de/10005076737
The paper questions the predominant view on unemployment and wages in the European Un-ion according to which high unemployment is primarily caused by labour market rigidities, i.e. social institutions and regulations which prevent “market-clearing” real wage levels and structures. It is...
Persistent link: https://www.econbiz.de/10005076845
The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...
Persistent link: https://www.econbiz.de/10010697208
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The bank-based financial systems of Germany and Japan were considered most conducive to growth in the 1980s. After the Japanese stagnation of the 1990s and the most recent slump in Germany, the conviction that the market-based Anglo-American financial systems are a prerequisite for a dynamic...
Persistent link: https://www.econbiz.de/10005764554