Government–Financial Market Relations after EMU
New Currency, New Constraints
Bibliographic Data
| ID | 6261990 |
|---|---|
| Authors | Layna Mosley (0000-0002-6842-0103, University of Notre Dame, corresponding author) |
| Year | 2004 |
| Volume | 5 |
| Issue | 2 |
| Pages | 181-209 |
| Publication date | 2004-06-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | European Union Politics (JOURNAL) |
| Journal identifiers | ISSN: 1465-1165 • E-ISSN: 1741-2757 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/1465116504042443 |
| OpenAlex | W2148644248 |
| Language | EN |
| Citations received | 22 |
| References cited | 42 |
The European Monetary Union (EMU) has generated a variety of changes, including the loss of national monetary policy autonomy and the creation of deeper integrated intra-European markets for goods, services, and financial instruments. This article explores the extent to which EMU has changed the ways in which and the extent to which international financial markets influence national policy choices. There are important reasons to expect that financial markets exert greater influence on governments after EMU; for instance, governments now borrow in what is essentially a foreign currency. This change might serve to heighten the perceived danger of default in Europe. At the same time, however, financial markets appear to reward governments for the fiscal consolidation and increased market liquidity that flow from the single currency. I argue that, as a result of these offsetting trends, there have thus far been no dramatic changes in financial market–government relations. Although governments continue to face external pressures on domestic policy-making, these pressures may be only slightly more severe for EMU than for non-EMU countries. As in the past, domestic politics and institutions will be as important as, if not more important than, financial market pressures in EU governments’ policy decisions
Business · Consolidation (business · Economic and monetary union · Economic policy · Economics · European union · Financial market · Financial system · International economics · Market liquidity · Monetary economics · Monetary policy · Fiscal Policies and Political Economy · Global Financial Crisis and Policies · Social Policy and Reform Studies · Finance
Is government debt a burden on workers' income share? An investigation on Italian dynamics
The political economy of pension reforms in Europe under financial stress
Macroeconomic imbalance procedure and technocratic appointments in national governments
Debt and Punishment
Where states and markets meet
The structural power of finance, the quest for EU safe assets and the prospect of a permanent EU borrowing capacity
All in
The political economy of the euro area's sovereign debt crisis
Wie wird bewertbar, ob ein Staat zu viele Schulden hat? Finanzexperten und ihr Bewertungswissen in der griechischen Schuldenkrise
Capacity, Willingness, and Sovereign Default Risk
Dismantling labour markets from above
The politics of IMF–EU co-operation
Eliciting Substance from ‘Hot Air
The euro area's common default risk
To bail out or not to bail out? Crisis politics, credibility, and default risk in the Eurozone
Austerity and credibility in the Eurozone
Embedded Macroeconomic Institutions
The Political Stability and Growth Pact is Dead
Categories, Creditworthiness, and Contagion
Political Institutions, Credible Commitment, and Sovereign Debt in Advanced Economies
German and Italian Pensions
Rating Politics? Partisan Discrimination in Credit Ratings in Developed Economies
Has Globalization Gone Too Far?
Globalization and the Welfare State
Varieties of Capitalism
The Swedish Social Democratic Party
Global Capital, Political Institutions, and Policy Change in Developed Welfare States
Continuity and Change in Contemporary Capitalism
The Welfare State in Hard Times
Development and Crisis of the Welfare State
Money, Markets, and the State
The New Politics of the Welfare State
European Social Democracy between Political Economy and Electoral Competition
The Causes of Welfare State Expansion
Where Have All the Members Gone? Globalization, Institutions, and Union Density
The Institutional Implications of EMU
Global Markets and National Politics
Trade, Democracy, and the Size of the Public Sector
Globalization, government spending and taxation in the OECD
The Causes of Globalization
How Constraining is Capital Mobility? The Partisan Hypothesis in an Open Economy
Mobile Capital, Domestic Institutions, and Electorally Induced Monetary and Fiscal Policy
| Unique citing works | 22 |
|---|---|
| Citations per year | 1,1 |
| Citation span | 2006 - 2026 (21) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 22 |