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Macroeconomic Demand and Growth Regimes in the Eurozone Before and After the 2009 Crisis: The Role of the European Economic Policy Mix

  • This paper investigates whether macroeconomic policy regimes contributed to the emergence and shifts in macroeconomic demand and growth regimes in the core Euro Area before and after the Eurozone crisis. Against the background of Post-Keynesian/ Kaleckian theory, it is argued that financialisation has led to higher income inequality, lower investment in capital stock, an increase in the potential for debt- and wealth-based consumption as well as high current account imbalances. These four characteristics entailed the emergence of unstable and extreme macroeconomic demand and growth regimes, in particular the export-led mercantilist and the debt-led private demand boom type, in financialised economies. In a qualitative analysis based on quantitative data, it is assessed by which regime type eleven core Eurozone economies were characterized in the periods 2001-2009 and 2010-2019. In a second step, the main transmission channels of economic policies, namely of fiscal, monetary and wage policies, as well as open economy conditions on aggregate demand are examined, and placed in the European policy context. Building upon findings of the first empirical part, the macroeconomic policy mix of four prototype and major Eurozone economies is analysed for the period before and after the crisis. It is found that macroeconomic policy regimes contributed to the emergence and shifts in macroeconomic demand and growth regimes in core Eurozone economies during the considered period.

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Metadaten
Author:Judith Martschin
Referee:Eckhard Hein
Advisor:Daniel Detzer
Document Type:Master's Thesis
Language:English
Date of first Publication:2021/01/01
Publishing Institution:Hochschulbibliothek HWR Berlin
Granting Institution:Hochschule für Wirtschaft und Recht Berlin
Release Date:2021/09/20
Page Number:84
Institutes:FB I - Wirtschaftswissenschaften / International Economics M.A.
Licence (German):License LogoUrheberrechtsschutz