Who’s Afraid of the Big Bad Wolf? Rethinking the Core and Periphery in the Eurozone Crisis

Dooley, Neil

doi:10.1080/13563467.2017.1417363

Cited by 8 publications

(8 citation statements)

References 53 publications

(52 reference statements)

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“…For the key component of any analysis of the crisis should recognise how convergence around neoliberalism emerged through, and in spite of, the EU’s unevenness. While in crisis conditions the structure of the Eurozone favoured creditor states, this was not a pure ‘beggar-thy-neighbour’ scenario (Dooley 2019 ) and the category of periphery economy itself contained considerable unevenness (Dooley 2018 ). So, the dynamics of ideological plurality/cohesion do not map clearly onto the core/periphery categories.…”

Section: Authoritarian Pathways To the Present: The Case Of The Euroz...mentioning

confidence: 99%

From ‘I won’t protect you’ to ‘I will’: authoritarian protectionism and the end of neoliberal hegemony

Cooper

2023

Int Polit

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Section: Authoritarian Pathways To the Present: The Case Of The Euroz...mentioning

confidence: 99%

From ‘I won’t protect you’ to ‘I will’: authoritarian protectionism and the end of neoliberal hegemony

Cooper

2023

Int Polit

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“…36 Moreover, the period before the GFC was characterized not only by flows into deficit countries but also by large flows into surplus countries. 37 Figure 1 presents two cases that illustrate the independence of gross flows from the current account position. The upper panel shows that between 2004 and 2007, the Netherlands received a surge in gross inflows, which climbed from around 30 percent to more than 100 percent of GDP, while its current account surplus grew to a whopping 9 percent of GDP.…”

Section: Capital Flows and The Recycling Of Surplusesmentioning

confidence: 99%

Capital Flows and the Eurozone's North-South Divide

Köhler

2023

Politics & Society

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This article offers a monetary perspective on capital flows and the Eurozone's north-south divide. It argues that finance-centric narratives in comparative political economy rightly emphasize financial instability in the periphery, but that the role of capital flows therein requires clarification. The article draws on post-Keynesian monetary theory, coherent accounting, and balance-of-payments data to make three points. First, the focus on the financial account as a driver of current accounts should be abandoned in favor of an analysis of gross capital flows. Gross flows need not stem from excess savings in core countries and can be independent from trade flows. Second, explanations of financial instability in the periphery should go beyond bank flows and consider speculative portfolio flows into bond markets and foreign direct investment into real estate. Third, rising spreads in the periphery during the Eurozone crisis and the outbreak of the pandemic were not triggered by balance-of-payments problems but by a reversal of speculative bond flows. Comparative political economy should thus dedicate more attention to institutions that render peripheral countries susceptible to speculative flows into asset markets.

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“…How a very concentrated European banking landscape interlinks those models is, however, seldom explicitly analysed in such a discussion of macro-structures. Dooley (2019) has critically problematized aggregating member states into ‘core’ and ‘periphery’ categories, given their internal discrepancies, yet the absence of a coherent empirical basis in terms of such ‘fundamentals’ did not prevent the crisis-induced ‘lumping together’ of these states in such categories by financial market actors (Bassens et al, 2013).…”

Section: Geographies Of European Financial Integrationmentioning

confidence: 99%

Stuck in 2012: The hesitant geographies of European financial integration since the Eurozone crisis

Bassens,

Lindo

2023

European Urban and Regional Studies

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At the heart of the Eurozone crisis was a dramatic divergence in interest rates between member states and a reversal of previously booming cross-border credit expansion from ‘core’ to ‘periphery’ by European banks. The resulting crisis and retreat behind national borders across the Eurozone challenged European elites’ decade-long project of producing European scale as a space for financial accumulation. The Eurozone crisis has been well-described but post-crisis geographies of financial integration have received limited attention. We chart the financial positionality of member states and the relations between them in the period 2012–2019 using a variety of metrics including intra-Eurozone cross-border bank lending. The post-crisis period is dominated by the European Central Bank’s determination to do ‘whatever it takes’ to save the Euro and its financial system. The resulting asset purchases give it a qualitatively different place in the Eurozone financial system and end the crisis period’s retreat behind national borders. But they do not restore pre-crisis dynamics, and, in addition, unevenness along national lines remains. The crisis era core and peripheral labels still hold but the data also reveal important nuances: not least that the distribution of giant banks matters and offshore financial centres cut across core/periphery boundaries. Yet, even as there is no return to booming core-to-periphery credit, German lending into the Eurozone and its counterpart, Italian borrowing, symbolizes the continuing fragility of the Eurozone banking system. European Central Bank efforts ended the crisis, but more than asset purchases will be required if we are not to remain stuck in 2012.

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Who’s Afraid of the Big Bad Wolf? Rethinking the Core and Periphery in the Eurozone Crisis

Cited by 8 publications

References 53 publications

From ‘I won’t protect you’ to ‘I will’: authoritarian protectionism and the end of neoliberal hegemony

From ‘I won’t protect you’ to ‘I will’: authoritarian protectionism and the end of neoliberal hegemony

Capital Flows and the Eurozone's North-South Divide

Stuck in 2012: The hesitant geographies of European financial integration since the Eurozone crisis

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