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Crisis In The Euro Area. Coopetitive Game Solutions As New Policy Tools

  • David CARFÌ


    (Faculty of Economics, Department DESMAS University of Messina, Italy)

  • Daniele SCHILIRÒ


    (DESMAS "V.Pareto" University of Messina, Italy)

The crisis within the euro area has become frequent during 2010. First was the Greek economy to face a default problem of its sovreign debt, in November it was Ireland who has been in a serious financial situation at the verge of collapse causing difficulties to the euro. In this contribution we focus on the Greek crisis and we suggest, through a model of competition based on game theory and conceived at a macro level, feasible solutions in a cooperative perspective for the divergent interests which drive the economic policies in Germany and Greece, with the aim of improving the position of Greece, Germany and the whole euro area, also making a contribution to expand the set of macroeconomic policy tools. By means of our general analytical framework of competition, we show the strategies that could bring to feasible solutions in a cooperative perspective for Germany and Greece, where these feasible solutions aim at offering a win-win outcome for both countries, letting them to share the pie fairly within a growth path represented by a non-zero sum game. A remarkable analytical result of our work consists in the determination of the win-win solution by a new selection method on the transferable utility Pareto boundary of the competitive game.

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Article provided by ASERS Publishing in its journal Theoretical and Practical Research in Economic Fields.

Volume (Year): II (2011)
Issue (Month): 1 (June)
Pages: 23-36

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Handle: RePEc:srs:tpref1:2:v:2:y:2011:i:1:p:23-36
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  1. Alberto Alesina & Silvia Ardagna, 2010. "Large Changes in Fiscal Policy: Taxes versus Spending," NBER Chapters, in: Tax Policy and the Economy, Volume 24, pages 35-68 National Bureau of Economic Research, Inc.
  2. Jean Pisani-Ferry & Adam Posen, . "The euro at ten: the next global currency?," Books, Bruegel, number 303, December.
  3. von Hagen, Jurgen & Strauch, Rolf R, 2001. " Fiscal Consolidations: Quality, Economic Conditions, and Success," Public Choice, Springer, vol. 109(3-4), pages 327-46, December.
  4. Schilirò, Daniele, 2008. "Knowledge, learning, networks and performance of firms in knowledge-based economies," MPRA Paper 30901, University Library of Munich, Germany.
  5. Frederick L. Joutz & Stephan Danninger, 2007. "What Explains Germany’s Rebounding Export Market Share?," IMF Working Papers 07/24, International Monetary Fund.
  6. Stephan Danninger & Fred Joutz, 2007. "What Explains Germany’s Rebounding Export Market Share?," CESifo Working Paper Series 1957, CESifo Group Munich.
  7. Daniele Schilirò, 2010. "Jean Pisani-Ferry and Adam S. Posen. 2009. The Euro at Ten: The next global currency? (Washington D.C.: Peterson Institute for International Economics, Bruegel)," The Review of International Organizations, Springer, vol. 5(1), pages 101-105, March.
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