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Over-indebted Youth: Unemployment and Deleveraging in the Euro Zone

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Author Info

  • Harald Sander

    (Maastricht School of Management & Institute of Global Business & Society, Cologne University of Applied Sciences)

Abstract

This paper looks at the Euro-zone crisis from the point of view of the Euro-zone youth. Young people in many Euro-zone countries are today confronted with high and persistent unemployment with potentially long-lasting “scarring effects” compromising their present and future well-being. While lower and sustainable public debts are desirable from the point of view of inter-generational justice, it is argued that this objective cannot be achieved by means of front-loaded austerity policies. With long-term negative consequences of short-term austerity it is shown that not only social consideration but also the underlying public debt dynamics in the presence of scarring and other hysteresis effects make a strong case for a gradual growth-oriented approach to deleveraging that carefully aims at balancing short- and long-term costs and benefits while protecting vulnerable young people.

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File URL: http://web2.msm.nl/RePEc/msm/wpaper/MSM-WP2013-10.pdf
File Function: First version, 2013
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Bibliographic Info

Paper provided by Maastricht School of Management in its series Working Papers with number 2013/10.

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Length: 21 pages
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:msm:wpaper:2013/10

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Keywords: Youth unemployment; scarring effects; hysteresis; debt deleveraging; European Monetary Union; financial crisis;

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