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From wage suppression to sovereign debt crisis in Western Europe: who pays for the costs of the crisis?

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  • Ozlem Onaran

Abstract

This paper discusses the costs of the crisis with respect to public finance and labour market outcomes. The paper shows the effects of the crisis on public debt, and discusses the possible effects on the functional distribution of taxes and the composition of public spending between public goods and inputs. With regards to labour market outcomes, we discuss the trends in employment, unemployment, wages, wage share, and personal income distribution after the crisis.

Suggested Citation

  • Ozlem Onaran, 2011. "From wage suppression to sovereign debt crisis in Western Europe: who pays for the costs of the crisis?," International Journal of Public Policy, Inderscience Enterprises Ltd, vol. 7(1/2/3), pages 51-69.
  • Handle: RePEc:ids:ijpubp:v:7:y:2011:i:1/2/3:p:51-69
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    Citations

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    Cited by:

    1. Jorge Uxó & Jesús Paúl & Eladio Febrero, 2012. "European economic policy and the problem of current account imbalances: the case of Germany and Spain," Chapters,in: Keynes’s General Theory for Today, chapter 12, pages 207-225 Edward Elgar Publishing.
    2. Engelbert Stockhammer & Dimitris P. Sotiropoulos, 2014. "Rebalancing the Euro Area: The Costs of Internal Devaluation," Review of Political Economy, Taylor & Francis Journals, vol. 26(2), pages 210-233, April.
    3. Engelbert Stockhammer & Ozlem Onaran, 2013. "Wage-led growth: theory, evidence, policy," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(1), pages 61-78, January.
    4. Jesper Jespersen & Mogens Ove Madsen (ed.), 2012. "Keynes’s General Theory for Today," Books, Edward Elgar Publishing, number 15049.
    5. Fernando Luengo Escalonilla & Lucía Vicent Valverde, 2014. "Encrucijadas de la moneda única: Algunas claves para una reflexión desde la periferia," Policy Papers del Instituto Complutense de Estudios Internacionales 14-01, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.

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