IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/14370_1.html
   My bibliography  Save this book chapter

Institutional Illusion and Financial Entrepreneurship in the European Debt Scheme

In: Institutions in Crisis

Author

Listed:
  • Gabriel A. Giménez-Roche

Abstract

This critical and thought-provoking book explores the causes and consequences of Europe’s failed political and economic institutions. Europe’s recession has created new challenges as market turmoil has shaken the foundations of the twin pillars of the new drive for European integration – political and monetary unions. This book critically assesses the patchwork solutions continually offered to hold the troubled unions together. Failed political policies, from the prodigious ‘Common Agricultural Policy’ to ever more common fiscal stimulus packages, are shown to have bred less than stellar results in the past, and to have devastating implications for future European growth. The contributors outline the manner through which European monetary union has subsidized and continues to exacerbate the burgeoning debt crisis. Most strikingly, the interplay between Europe’s political and economic realms is exposed as the boondoggle it is, with increasingly bureaucratic institutions plaguing the continent and endangering future potential.

Suggested Citation

  • Gabriel A. Giménez-Roche, 2011. "Institutional Illusion and Financial Entrepreneurship in the European Debt Scheme," Chapters, in: David Howden (ed.), Institutions in Crisis, chapter 1, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14370_1
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9780857932112.00008.xml
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. David Howden, 2010. "Knowledge shifts and the business cycle: When boom turns to bust," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(2), pages 165-182, June.
    2. René M. Stulz, 2004. "Should We Fear Derivatives?," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 173-192, Summer.
    3. Daniela Vandone, 2009. "Consumer Credit in Europe," Contributions to Economics, Springer, number 978-3-7908-2101-7.
    4. Hallerberg,Mark & Rainer Strauch,Rolf & von Hagen,Jürgen, 2010. "Fiscal Governance in Europe," Cambridge Books, Cambridge University Press, number 9780521138260, October.
    5. Giuseppe Bertola & Richard Disney & Charles Grant (ed.), 2006. "The Economics of Consumer Credit," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026015, April.
    6. Carlo Cottarelli & Paolo Mauro & Lorenzo Forni & Jan Gottschalk, 2010. "Default in Today's Advanced Economies; Unnecessary, Undesirable, and Unlikely," IMF Staff Position Notes 2010/12, International Monetary Fund.
    7. Holcombe, Randall G, 2002. "Political Entrepreneurship and the Democratic Allocation of Economic Resources," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 15(2-3), pages 143-159, June.
    8. Serena Sandri, 2009. "Reflexivity in Economics," Contributions to Economics, Springer, number 978-3-7908-2092-8.
    9. Bertrand Candelon & Franz Palm, 2010. "Banking and Debt Crises in Europe: The Dangerous Liaisons?," De Economist, Springer, vol. 158(1), pages 81-99, April.
    10. Kathryn M. E. Dominguez, 2006. "The European Central Bank, the Euro, and Global Financial Markets," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 67-88, Fall.
    11. Altunbas, Yener & Gambacorta, Leonardo & Marques-Ibanez, David, 2009. "Securitisation and the bank lending channel," European Economic Review, Elsevier, vol. 53(8), pages 996-1009, November.
    12. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
    13. Howard Davies & David Green, 2010. "Banking on the Future: The Fall and Rise of Central Banking," Economics Books, Princeton University Press, edition 1, number 9154.
    14. David Howden (ed.), 2011. "Institutions in Crisis," Books, Edward Elgar Publishing, number 14370.
    15. Bertrand Candelon & Franz Palm, 2010. "Erratum to: Banking and Debt Crises in Europe: The Dangerous Liaisons?," De Economist, Springer, vol. 158(3), pages 337-340, September.
    16. Philipp Bagus & David Howden, 2009. "The Federal Reserve And Eurosystem´S Balance Sheet Policies During The Financial Crisis: A Comparative Analysis," Romanian Economic Business Review, Romanian-American University, vol. 4(3), pages 165-186, September.
    17. Ben W. Lewis, 1937. "The Corporate Entrepreneur," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(3), pages 535-544.
    18. Bagus, Philipp & Howden, David, 2010. "The Term Structure of Savings, the Yield Curve, and Maturity Mismatching," MPRA Paper 79592, University Library of Munich, Germany.
    19. Mr. John Kiff & Ms. Jennifer A. Elliott & Mr. Elias G. Kazarian & Ms. Jodi G Scarlata & Carolyne Spackman, 2009. "Credit Derivatives: Systemic Risks and Policy Options?," IMF Working Papers 2009/254, International Monetary Fund.
    20. Petra Gerlach, 2010. "The dependence of the financial system on central bank and government support," BIS Quarterly Review, Bank for International Settlements, March.
    21. Philipp Bagus & David Howden, 2009. "Qualitative Easing In Support Of A Tumbling Financial System: A Look At The Eurosystem'S Recent Balance Sheet Policies," Economic Affairs, Wiley Blackwell, vol. 29(4), pages 60-65, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Malte Tobias Kähler, 2011. "From German Rules to European Discretion: Policy’s Slippery Slope," Chapters, in: David Howden (ed.), Institutions in Crisis, chapter 9, Edward Elgar Publishing.
    2. Gabriel A. Giménez-Roche, 2011. "A Socially Situated Praxeological Approach to Entrepreneurship," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 20(2), pages 159-187, September.
    3. Philipp Bagus, 2011. "The Eurosystem: Costs and Tragedies," Chapters, in: David Howden (ed.), Institutions in Crisis, chapter 7, Edward Elgar Publishing.
    4. Maria Alvarado & Laura Muro & Kirk Lee Tennant, 2011. "Europe’s Crisis of Accounting," Chapters, in: David Howden (ed.), Institutions in Crisis, chapter 5, Edward Elgar Publishing.
    5. Bagus, Philipp & Howden, David, 2010. "The Term Structure of Savings, the Yield Curve, and Maturity Mismatching," MPRA Paper 79592, University Library of Munich, Germany.
    6. Karatas, B., 2014. "Financial crisis and monetary policy," Other publications TiSEM 41e463f0-e122-4379-8db5-6, Tilburg University, School of Economics and Management.
    7. Eijffinger, Sylvester C.W. & Karataş, Bilge, 2023. "Three sisters: The interlinkage between sovereign debt, currency, and banking crises," Journal of International Money and Finance, Elsevier, vol. 131(C).
    8. Anthony J. Evans, 2016. "The unintended consequences of easy money: How access to finance impedes entrepreneurship," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(3), pages 233-252, September.
    9. Raymond J. March & Adam G. Martin & Audrey Redford, 2016. "The substance of entrepreneurship and the entrepreneurship of substances," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 5(2), pages 201-220, August.
    10. Bagus, Philipp & Gabriel, Amadeus & Howden, David, 2014. "Causes and Consequences of Inflation," MPRA Paper 79608, University Library of Munich, Germany.
    11. David Howden & Amadeus Gabriel, 2015. "The Interest Rate Brake on Maturity Transformation," Journal of Economic Issues, Taylor & Francis Journals, vol. 49(4), pages 1100-1111, October.
    12. Carlos A. Primo Braga & Gallina A. Vincelette, 2011. "Sovereign Debt and the Financial Crisis : Will This Time Be Different?," World Bank Publications - Books, The World Bank Group, number 2534.
    13. Hederer, Christian, 2007. "Political Entrepreneurship and Institutional Change: an Evolutionary Approach," MPRA Paper 8249, University Library of Munich, Germany.
    14. Lin, Wanlin & Lin, George C.S., 2023. "Strategizing actors and agents in the functioning of informal property Rights: The tragicomedy of the extralegal housing market in China," World Development, Elsevier, vol. 161(C).
    15. Vogiazas, Sophocles & Alexiou, Constantinos, 2014. "‘Putting The Horse Before The Cart’: A Pre-Crisis Panel Data Investigation Of Greek Bank’S Credit Growth," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 10(1-2), January.
    16. Philipp Bagus & David Howden, 2012. "Monetary equilibrium and price stickiness: A rejoinder," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(3), pages 271-277, September.
    17. Purificación Parrado-Martínez & Antonio Partal-Ureña & Pilar Gómez Fernández-Aguado, 2016. "Banking Soundness Indicators and Sovereign Risk in Time of Crisis: The Case of the European Union," The World Economy, Wiley Blackwell, vol. 39(8), pages 1172-1193, August.
    18. Emily Chamlee-Wright & Virgil Storr, 2011. "Social capital, lobbying and community-based interest groups," Public Choice, Springer, vol. 149(1), pages 167-185, October.
    19. Mekki Hamdaoui & SaifEddine Ayouni & Samir Maktouf, 2022. "Financial crises: explanation, prediction, and interdependence," SN Business & Economics, Springer, vol. 2(8), pages 1-52, August.
    20. Erkko Autio & Kun Fu, 2015. "Economic and political institutions and entry into formal and informal entrepreneurship," Asia Pacific Journal of Management, Springer, vol. 32(1), pages 67-94, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:14370_1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.