Institutional Change after the Great Recession : European Growth Models at the Crossroads book cover
1st Edition

Institutional Change after the Great Recession
European Growth Models at the Crossroads

ISBN 9780367896980
Published August 13, 2021 by Routledge
430 Pages 13 B/W Illustrations

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Book Description

This book combines demand-led growth models and the institutionalist approach, in order to explain the macroeconomic performance of the main European countries in recent years followed by which a coherent explanation of the institutional change since the Great Recession, including the economic policy response to the economic and financial crisis (2008) and to the debt crisis (2010) is provided.

A "Comparative Political Economy" (CPE) analytical framework and provide an institutional base to the different European growth models is built, in general terms over the period 1995-2018. The results allow us to link diverse growth dynamics to the changes of the institutional framework as a consequence of the economic and financial crises. In each chapter for country case studies (France, Germany, Italy, Spain, Greece, Sweden, UK and Poland) there;’s an ntroduction with a general characterization of the country and the most relevant changes that have occurred subsequently (main legislative milestones or changes in the behaviour of social agents) especially the process of dualization or deregulation of European economies. In addition, an analysis of the macroeconomic evolution and the situation of the labour market before and after the crisis from a demand-side perspective is included, concluding with the linkages between both issues and the characterization of the growth model.

This book is of special interest to all the students and university professors who will use this book to be able to follow a multitude of subjects from Applied Economy to International Economic Structure but can also be useful for researchers, doctoral students and teaching staff who want to expand knowledge in the fields of comparative political economy, institutions and the European Union. In general, this book is aimed at anyone interested in expanding their knowledge of the evolution of Europe today.

Table of Contents

  1. Introduction

2. Foundations of a growth model perspective

  1. Institutional reform and changes in the economic governance of the European Union after the economic crisis
  2. France: low inequality despite poor economic performance. Analyzing the role of workers protection institutions in a debt-financed consumption-led model
  3. The mechanics of German capitalism: dualism and inequality in an export-led economy
  4. The impact of the institutional change on the economic growth path in Greece
  5. Italy and the Global Financial Crisis: The Fallacy of Debt-led Growth through Moderation, Austerity, and Populism
  6. In the Eye of the Storm: the "success" of the Spanish growth model
  7. This Time was Different. The Crisis that Went Past Sweden
  8. Financial services industry power and labour market polarization in the UK debt-led growth model
  9. Financial and economic crisis within the EU: consequences for the Polish banking institutional system
  10. Conclusions

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Luis Cárdenas holds a PhD in Economics from the Complutense University of Madrid. He is also an associate researcher at the Complutense Institute for International Studies (ICEI) and is Associate Professor of Macroeconomics at the Universidad Complutense. He has been also a visiting researcher at the National Autonomous University of Mexico (UNAM). His research has been focused on macroeconomic analysis and labor economics, and it has been published in articles in Structural Change and Economic Dynamics, Cambridge Journal of Economics, British Journal of Industrial Relations, International Labour Review, Review of Keynesian Economics, Spanish Journal of Economics and Finance, among others.

Javier Arribas currently works as Associate Lecturer at the Complutense University of Madrid and at the Rey Juan Carlos University. He holds a Ph. D. in Economics at the Universidad Complutense, Madrid. The Ph. D. was funded by a doctoral research fellowship granted by the Madrid City Hall. He has been Visiting Lecturer and Visiting researcher in Quito (Ecuador) or Mar del Plata (Argentina). His research has been focused on public services, institutional economy and History of economic thought. His research line includes publications in Journal of Economic Issues or Ola Financiera.