Matches in SemOpenAlex for { <https://semopenalex.org/work/W169946219> ?p ?o ?g. }
Showing items 1 to 70 of
70
with 100 items per page.
- W169946219 abstract "At the time of the September 1992 crisis, the conventional wisdom held in the ERM was due to an unfortunate contuence of exceptional circumstances -- the shock of German reunification, a debt-driven recession in Britain, and the uncertainties caused by the Danish and French referenda on Maastricht. This paper points to systemic factors at both the EC and domestic levels in explaining the September crisis. At the Community level, it is argued that the ERM was the victim of an underlying structural flaw in the Maastricht 3-stage plan for EMU. Intergovemmental bargaining, reflecting the differing national preferences of Germany and France in particular, produced an untenable compromise with potentially chaotic consequences: the matching of demanding economic convergence criteria with a strict timetable for their fulfillment, upon commencement of Stage II of the EMU process set for January 1994. Far from being epiphenomenal, this bargain was only the latest manifestation of an ongoing debate between economist and monetarist approaches to monetary integration, tracing back to the early 1970s. and I argue that the framing effects of the Stage II criteria fundamentally altered the nature of economic discourse at Stage I, beginning in 1990. Specific reference numbers for debt ratios and relative and interest rate targets emphasized economic divergence in countries with clearly overvalued currencies, and invited markets to test the strength of govemments' political commitments to their exchange rate pegs. The second component of my explanation of the September crisis lies at the domestic level. Even though strict convergence criteria and timetables provided a severe test of the credibility of members' European commitments, it was not a foregone conclusion that the Maastricht bargain would result in turbulence on the currency markets. A margin of maneuver was left to the member governments, through the demonstration of a willingness to take painful measures, such as fiscal and wage restraint or timely interest rate hikes, to defend the ERM commitment." @default.
- W169946219 created "2016-06-24" @default.
- W169946219 creator A5035611479 @default.
- W169946219 date "1995-01-01" @default.
- W169946219 modified "2023-09-24" @default.
- W169946219 title "Explaining the September 1992 ERM Crisis: The Maastricht Bargain and Domestic Politics in Germany, France and Great Britain" @default.
- W169946219 hasPublicationYear "1995" @default.
- W169946219 type Work @default.
- W169946219 sameAs 169946219 @default.
- W169946219 citedByCount "2" @default.
- W169946219 countsByYear W1699462192014 @default.
- W169946219 crossrefType "journal-article" @default.
- W169946219 hasAuthorship W169946219A5035611479 @default.
- W169946219 hasConcept C120527767 @default.
- W169946219 hasConcept C138921699 @default.
- W169946219 hasConcept C139719470 @default.
- W169946219 hasConcept C162324750 @default.
- W169946219 hasConcept C165556158 @default.
- W169946219 hasConcept C17744445 @default.
- W169946219 hasConcept C18547055 @default.
- W169946219 hasConcept C190974861 @default.
- W169946219 hasConcept C195742910 @default.
- W169946219 hasConcept C199539241 @default.
- W169946219 hasConcept C2776988154 @default.
- W169946219 hasConcept C2777553417 @default.
- W169946219 hasConcept C2910001868 @default.
- W169946219 hasConcept C46355384 @default.
- W169946219 hasConcept C94625758 @default.
- W169946219 hasConceptScore W169946219C120527767 @default.
- W169946219 hasConceptScore W169946219C138921699 @default.
- W169946219 hasConceptScore W169946219C139719470 @default.
- W169946219 hasConceptScore W169946219C162324750 @default.
- W169946219 hasConceptScore W169946219C165556158 @default.
- W169946219 hasConceptScore W169946219C17744445 @default.
- W169946219 hasConceptScore W169946219C18547055 @default.
- W169946219 hasConceptScore W169946219C190974861 @default.
- W169946219 hasConceptScore W169946219C195742910 @default.
- W169946219 hasConceptScore W169946219C199539241 @default.
- W169946219 hasConceptScore W169946219C2776988154 @default.
- W169946219 hasConceptScore W169946219C2777553417 @default.
- W169946219 hasConceptScore W169946219C2910001868 @default.
- W169946219 hasConceptScore W169946219C46355384 @default.
- W169946219 hasConceptScore W169946219C94625758 @default.
- W169946219 hasLocation W1699462191 @default.
- W169946219 hasOpenAccess W169946219 @default.
- W169946219 hasPrimaryLocation W1699462191 @default.
- W169946219 hasRelatedWork W1565891974 @default.
- W169946219 hasRelatedWork W1571443446 @default.
- W169946219 hasRelatedWork W1602519491 @default.
- W169946219 hasRelatedWork W188018774 @default.
- W169946219 hasRelatedWork W1988321721 @default.
- W169946219 hasRelatedWork W2073278761 @default.
- W169946219 hasRelatedWork W2106996161 @default.
- W169946219 hasRelatedWork W2215192361 @default.
- W169946219 hasRelatedWork W2235251914 @default.
- W169946219 hasRelatedWork W2258224446 @default.
- W169946219 hasRelatedWork W2338857548 @default.
- W169946219 hasRelatedWork W251740070 @default.
- W169946219 hasRelatedWork W3121946678 @default.
- W169946219 hasRelatedWork W3125882986 @default.
- W169946219 hasRelatedWork W349917975 @default.
- W169946219 hasRelatedWork W5202362 @default.
- W169946219 hasRelatedWork W610220702 @default.
- W169946219 hasRelatedWork W770861683 @default.
- W169946219 hasRelatedWork W90745994 @default.
- W169946219 hasRelatedWork W1481110208 @default.
- W169946219 isParatext "false" @default.
- W169946219 isRetracted "false" @default.
- W169946219 magId "169946219" @default.
- W169946219 workType "article" @default.