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Germany and the European and Global Crises

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  • Sergio Cesaratto
  • Antonella Stirati

Abstract

Moving from the current global and European imbalances and crises, and from the consideration of the German reaction to them, the paper explores the political economy origins of the conservative German policy stance. It emerges that an export-oriented economy was a deliberate decision of the German elite after WW II and that the external constraint may be regarded as appropriately designed for internal discipline and efficiency (and vice-versa) in a self-reinforcing process. The conclusions illustrate some possible future scenarios for Europe.

Suggested Citation

  • Sergio Cesaratto & Antonella Stirati, 2011. "Germany and the European and Global Crises," Department of Economics University of Siena 607, Department of Economics, University of Siena.
  • Handle: RePEc:usi:wpaper:607
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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-578, May.
    2. Yeva Nersisyan & L. Randall Wray, 2010. "Does Excessive Sovereign Debt Really Hurt Growth? A Critique of This Time Is Different, by Reinhart and Rogoff," Economics Working Paper Archive wp_603, Levy Economics Institute.
    3. Fitoussi Jean Paul & Saraceno Francesco, 2010. "Europe: How Deep Is a Crisis? Policy Responses and Structural Factors Behind Diverging Performances," Journal of Globalization and Development, De Gruyter, vol. 1(1), pages 1-19, January.
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    Keywords

    European Monetary Union; financial crisis; Germany; neo-mercantilism;
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