Excessive fiscal spending is commonly cited as a primary cause of the current European sovereign debt crisis. We develop an alternative hypothesis which better accounts for systemic differences towards EMU countries' exposure to market speculation: the rise of competitiveness imbalances which...

What explains the shift from the moderate to high inflation rates of the Golden Age of post-war capitalism to the low inflation regime of monetarism in the 1970s and 1980s? Conventional views emphasise the rise of monetarism as a new economic paradigm that convinced policy makers to delegate...

Although the operation of national coordinated wage-bargaining systems in EMU has produced low inflation rates, EMU-wide inflation has been above the ECB target rate for the last 3 years. By contrast, under the ERM, inflation rates declined steadily after 1992 to below 2 per cent in both the...

This paper examines different levels of wage moderation in EMU member states since the introduction of the euro. Most arguments examining wage restraint have done so relying on the assumptions that relations between EMU member states are symmetric and that wage-setting systems are similar across...

During the 1990s, wage setting increasingly became coordinated in many Member States of the European Union (EU), often through new arrangements involving broad encompassing social pacts between employers, trade unions, and governments striking deals across policy areas from wages to social and...

This paper discusses the introduction and implementation of ISO 9000 qualitystandards in the German and French car industry. Rather than a transfer of a set ofconcrete, well-understood rules, which are ready to be implemented, the paperargues, the quality standards have to be reconstructed and...

This paper discusses finance problems of small firms. Since small firms and banks belong to different economic worlds, as a result of which information assymetries emerge, credit rationing leads to sub-optimal financing arrangements. The paper analyses institutional solutions to these...

Vertreter einer einflußreichen Argumentationsrichtung in der neueren Forschungüber die industrielle Reorganisation in modernen Industriegesellschaften sehen imAufbau zwischenbetrieblicher Vertrauensstrukturen und im relational contracting mögliche Wege, die betriebliche Organisation an die...

This paper discusses industrial and economic adjustment in France in the 1980s. Itargues that French industry followed a path of adjustment throughout the decade,which was fundamentally different from both the German-Japanese style organisedcapitalism, and the US-UK type of deregulated...

According to the contemporary political economy literature on France, the country appears caught in the worst of all possible worlds: it fails to create the conditions for economic growth and employment by deregulating labour markets as the UK has done, and it lacks the institutional...