Secular stagnation and core-periphery uneven development in post-crisis eurozone
نویسندگان
چکیده
In this paper, we analyse secular stagnation in the eurozone. We adopt a core-periphery perspective and whether 2007–2008 financial crisis triggered off diverging dynamics growth potential of core peripheral eurozone countries. find that affects whole but is much more serious concern periphery. Among components GDP, NAIRU particular has diverged since 2008. increase strongly related to demand-side factors such as investment demand fiscal policy stance, well technological level economy. Labour market institutions seem play relatively minor role, which may also change depending on development an line with these findings, argue reforms should focus levelling out gap via industrial policy, creation homogenous macroeconomic conditions among member countries, rather than generalized deregulation labour markets.
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ژورنال
عنوان ژورنال: Competition and Change
سال: 2021
ISSN: ['1477-2221', '1024-5294']
DOI: https://doi.org/10.1177/10245294211003864