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Peripheral Europe's debt and German wages: the role of wage policy in the Euro area

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  • Engelbert Stockhammer

Abstract

The paper argues that the Greek debt crisis, as well as those of other Southern European countries and Ireland, has to be seen in macroeconomic context. The sum of the public sector balance, the (domestic) private sector balance and the current account deficit (or equivalently: the capital inflows) has to add up to zero. By implication in a country that has a current account deficit either the private sector or the public sector has to run a deficit. Therefore, the peripheral countries can only solve their public debt problems if there is a change in German current account surpluses. The paper explores the implications of this for wage policy in the Euro zone.

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Bibliographic Info

Article provided by Inderscience Enterprises Ltd in its journal Int. J. of Public Policy.

Volume (Year): 7 (2011)
Issue (Month): 1/2/3 ()
Pages: 83-96

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Handle: RePEc:ids:ijpubp:v:7:y:2011:i:1/2/3:p:83-96

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Web page: http://www.inderscience.com/browse/index.php?journalID=97

Related research

Keywords: Economic and Monetary Union; EMU; euro area; eurozone; European Union; EU; financial crises; single currency; currencies; sovereign debt; wage policies; wage coordination; Southern Europe; Germany; Greece; Ireland; macroeconomics; public sector; financial balances; domestic sector; private sector; current accounts; account deficits; capital inflows; peripheral countries; public debt; account surpluses; wages; Portugal; Italy; Spain; peripheral Europe; public policy; economic policies; alternative paradigms.;

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Ingemar Lindberg: ”Sjunkande löneandel har bidragit till krisen”
    by Debatt in Dagens Arena on 2012-03-14 00:30:53
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Cited by:
  1. Alison Johnston & Bob Hancké & Suman Pant, 2013. "Comparative institutional advantage in the European sovereign debt crisis," LSE Research Online Documents on Economics 53177, London School of Economics and Political Science, LSE Library.
  2. Hubert Gabrisch & Karsten Staehr, 2012. "The Euro Plus Pact: Competitiveness and External Capital Flows in the EU Countries," Working Papers 324, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).
  3. Hein, Eckhard, 2012. "Finance-dominated capitalism, re-distribution and the financial and economic crises: A European perspective," IPE Working Papers 14/2012, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  4. Hermann, Christoph, 2013. "Crisis, structural reform and the dismantling of the European Social Model(s)," IPE Working Papers 26/2013, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  5. Alison Johnston & Bob Hancké & Suman Pant, 2013. "Comparative Institutional Advantage in the European Sovereign Debt Crisis," LEQS – LSE 'Europe in Question' Discussion Paper Series 66, European Institute, LSE.
  6. Alison Johnston & Bob Hancké & Suman Pant, 2013. "Comparative Institutional Advantage in the European Sovereign Debt Crisis," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 6, London School of Economics / European Institute.

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