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Banking, International Capital Flows and Growth in Europe - Financial Markets, Savings and Monetary Integration in a World with Uncertain Convergence (Hardcover, 1997 ed.)
Loot Price: R4,783
Discovery Miles 47 830
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Banking, International Capital Flows and Growth in Europe - Financial Markets, Savings and Monetary Integration in a World with Uncertain Convergence (Hardcover, 1997 ed.)
Expected to ship within 10 - 15 working days
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Paul J.J. Welfens and Holger C. Wolf While the economies of Asia
and, more recently, South as well as North America have enjoyed
sustained high growth, the growth performance of western Europe and
in particular continental Europe has been rather modest. Coupled
with sizable improvements in labor productivity and - at best -
steady capital productivity, growth proved insufficient to sustain
employment levels, much less to replicate the US job creation
success. Relative inflation performance has been much better: in
the run-up to European Monetary Union inflation rates have
dramatically converged towards the lower end of the distribution
while risk premia on formerly high inflation economies have fallen.
Yet, looking forward, the undoubted success in achieving price
stability is mitigated by the lackluster growth -and in particular
employment -performance. Indeed, the relative little attention paid
to initiatives directed at raising economic growth is startling,
not only in the light of the US policy record but also in light of
the remarkable rebound of those European economies which have
aggressively tackled the structural problems, most prominently the
UK and Ireland.
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