The Financial Underpinnings of the EU Crisis: Financial Deregulation, Privatization, and Asymmetric State Power
This dissertation asks the following questions. How has financial liberalization affected the incidence of financial crisis in Europe? How have power asymmetries within Western Europe facilitated the process of financial liberalization, and distributed the costs and gains from this liberalization? H...
Main Author: | |
---|---|
Format: | Text |
Language: | unknown |
Published: |
ScholarWorks@UMass Amherst
2014
|
Subjects: | |
Online Access: | https://scholarworks.umass.edu/dissertations_2/181 https://doi.org/10.7275/5693696.0 https://scholarworks.umass.edu/context/dissertations_2/article/1173/viewcontent/100714_Nina_Eichacker_Dissertation_Submission.pdf |
id |
ftunivmassamh:oai:scholarworks.umass.edu:dissertations_2-1173 |
---|---|
record_format |
openpolar |
spelling |
ftunivmassamh:oai:scholarworks.umass.edu:dissertations_2-1173 2024-04-28T08:26:05+00:00 The Financial Underpinnings of the EU Crisis: Financial Deregulation, Privatization, and Asymmetric State Power Eichacker, Nina Q 2014-11-12T20:07:19Z application/pdf https://scholarworks.umass.edu/dissertations_2/181 https://doi.org/10.7275/5693696.0 https://scholarworks.umass.edu/context/dissertations_2/article/1173/viewcontent/100714_Nina_Eichacker_Dissertation_Submission.pdf unknown ScholarWorks@UMass Amherst https://scholarworks.umass.edu/dissertations_2/181 doi:10.7275/5693696.0 https://scholarworks.umass.edu/context/dissertations_2/article/1173/viewcontent/100714_Nina_Eichacker_Dissertation_Submission.pdf Doctoral Dissertations Crisis Europe Finance International Macroeconomics Power Political Economy Case Study Economic History International Economics Other International and Area Studies text 2014 ftunivmassamh https://doi.org/10.7275/5693696.0 2024-04-03T14:44:17Z This dissertation asks the following questions. How has financial liberalization affected the incidence of financial crisis in Europe? How have power asymmetries within Western Europe facilitated the process of financial liberalization, and distributed the costs and gains from this liberalization? How have these dynamics been demonstrated at the state level? It charts the institutional liberalization and privatization of European finance from the 1960s onward and presents a survey of descriptive statistics that show how different financial stability, financial flow, and macroeconomic variables have changed in Western Europe since the early 1980s, generally increasing financial and economic instability. It also demonstrates the change in securitization, and European banks’ tendencies to hold securitized assets on their balance sheets. An econometric investigation of the relationship between financial liberalization and the incidence of financial crisis shows that a statistically significant and positive correlation exists between international financial flows and the onset of financial crisis. It creates a framework for understanding the power dynamics between national, industrial, and class interests in Western Europe that promoted secular financial liberalization as well as the institutional design of the EMU that mandated financial liberalization. Finally, it examines the process of financial liberalization in detail in three states, Iceland, Ireland, and Germany. It finds ambiguous evidence that financial liberalization has helped these economies when comparing domestic class interests, or when comparing international interests. Text Iceland University of Massachusetts: ScholarWorks@UMass Amherst |
institution |
Open Polar |
collection |
University of Massachusetts: ScholarWorks@UMass Amherst |
op_collection_id |
ftunivmassamh |
language |
unknown |
topic |
Crisis Europe Finance International Macroeconomics Power Political Economy Case Study Economic History International Economics Other International and Area Studies |
spellingShingle |
Crisis Europe Finance International Macroeconomics Power Political Economy Case Study Economic History International Economics Other International and Area Studies Eichacker, Nina Q The Financial Underpinnings of the EU Crisis: Financial Deregulation, Privatization, and Asymmetric State Power |
topic_facet |
Crisis Europe Finance International Macroeconomics Power Political Economy Case Study Economic History International Economics Other International and Area Studies |
description |
This dissertation asks the following questions. How has financial liberalization affected the incidence of financial crisis in Europe? How have power asymmetries within Western Europe facilitated the process of financial liberalization, and distributed the costs and gains from this liberalization? How have these dynamics been demonstrated at the state level? It charts the institutional liberalization and privatization of European finance from the 1960s onward and presents a survey of descriptive statistics that show how different financial stability, financial flow, and macroeconomic variables have changed in Western Europe since the early 1980s, generally increasing financial and economic instability. It also demonstrates the change in securitization, and European banks’ tendencies to hold securitized assets on their balance sheets. An econometric investigation of the relationship between financial liberalization and the incidence of financial crisis shows that a statistically significant and positive correlation exists between international financial flows and the onset of financial crisis. It creates a framework for understanding the power dynamics between national, industrial, and class interests in Western Europe that promoted secular financial liberalization as well as the institutional design of the EMU that mandated financial liberalization. Finally, it examines the process of financial liberalization in detail in three states, Iceland, Ireland, and Germany. It finds ambiguous evidence that financial liberalization has helped these economies when comparing domestic class interests, or when comparing international interests. |
format |
Text |
author |
Eichacker, Nina Q |
author_facet |
Eichacker, Nina Q |
author_sort |
Eichacker, Nina Q |
title |
The Financial Underpinnings of the EU Crisis: Financial Deregulation, Privatization, and Asymmetric State Power |
title_short |
The Financial Underpinnings of the EU Crisis: Financial Deregulation, Privatization, and Asymmetric State Power |
title_full |
The Financial Underpinnings of the EU Crisis: Financial Deregulation, Privatization, and Asymmetric State Power |
title_fullStr |
The Financial Underpinnings of the EU Crisis: Financial Deregulation, Privatization, and Asymmetric State Power |
title_full_unstemmed |
The Financial Underpinnings of the EU Crisis: Financial Deregulation, Privatization, and Asymmetric State Power |
title_sort |
financial underpinnings of the eu crisis: financial deregulation, privatization, and asymmetric state power |
publisher |
ScholarWorks@UMass Amherst |
publishDate |
2014 |
url |
https://scholarworks.umass.edu/dissertations_2/181 https://doi.org/10.7275/5693696.0 https://scholarworks.umass.edu/context/dissertations_2/article/1173/viewcontent/100714_Nina_Eichacker_Dissertation_Submission.pdf |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Doctoral Dissertations |
op_relation |
https://scholarworks.umass.edu/dissertations_2/181 doi:10.7275/5693696.0 https://scholarworks.umass.edu/context/dissertations_2/article/1173/viewcontent/100714_Nina_Eichacker_Dissertation_Submission.pdf |
op_doi |
https://doi.org/10.7275/5693696.0 |
_version_ |
1797585616879222784 |