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Social Models, Growth and the International Monetary System: Implications for Europe and the United States

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Author Info
Roberto Scazzieri
Lilia Costabile

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Abstract

This paper explores the relationship between economic growth and the welfare state. We argue that: (i) the institutional constraints set by the international monetary system may be at least as effective determinants of growth differentials between countries as the different dimensions of their welfare states. We show how this international system may impose an asymmetric discipline/flexibility mix on the macreoconomic policies of different countries, thereby influencing their growth performance.; (ii) the European currency reshapes some of the pre-existing constraints and also open up new opportunities; (iii) in the new international setting, Europe is facing a choice between alternative models. In one alternative, the “welfare system” needs to be reduced to a minimum; in the second, its role should be enhanced and made more active, through an appropriate mix of welfare policies oriented towards the promotion of social well-being and policies oriented towards the promotion of productive capacities.

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Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp117.

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Date of creation: 2006
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Handle: RePEc:uma:periwp:wp117

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Related research
Keywords: international monetary system; macroeconomic policies; welfare state; welfare policies;

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Find related papers by JEL classification:
F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
I0 - Health, Education, and Welfare - - General

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References listed on IDEAS
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  1. Gourinchas, Pierre-Olivier & Rey, Hélène, 2005. "International Financial Adjustment," CEPR Discussion Papers 4923, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Dasgupta, Partha & M Ler, Karl-G Ran, 2000. "Net national product, wealth, and social well-being," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 69-93, February. [Downloadable!]
  3. Philip Lane & Gian Maria Milesi-Ferretti, 2001. "THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries," Trinity Economics Papers 20014, Trinity College Dublin, Department of Economics. [Downloadable!]
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  4. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2003. "An Essay on the Revived Bretton Woods System," NBER Working Papers 9971, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Blanchard, Olivier & Giavazzi, Francesco & Sa, Filipa, 2005. "The US Current Account and the Dollar," CEPR Discussion Papers 4888, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Philip R. Lane & Gian Maria Milesi-Ferretti, 2004. "The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates," The Review of Economics and Statistics, MIT Press, vol. 86(4), pages 841-857, 02. [Downloadable!] (restricted)
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