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This volume provides a comprehensive analysis of how politics shape
housing markets and vice-versa. It demonstrates how housing impacts
a variety of social and political phenomenon including populist
politics, generational divides, wealth inequality, monetary policy,
and the welfare state. Housing and housing markets have important
implications for economic stability, public policy, domestic
politics and wealth inequality in Europe and beyond. Yet despite
its importance, housing has received relatively little attention in
comparative politics scholarship. The contributions within this
volume push the scholarship of housing into fresh, innovative
directions. The chapters focus on housing’s contribution to
wealth inequality, how housing constrains governments’ policy
choices in welfare state reform and how it can strengthen
governments’ hands in financial regulation. Other contributions
reveal the impact of housing on central bankers’ motivations for
implementing monetary expansion, highlight the generational divide
in gaining access to home-ownership, demonstrate how housing-driven
wealth inequality steers voters political preferences towards
right-wing populism, and explain how housing gradually shifted from
being a social right to an object of investment in Europe, even
within its most egalitarian states. These contributions cover a
diversity of cases in Western and Eastern Europe and theoretical
paradigms that will appeal to scholars and policy makers alike. The
chapters in this book were originally published as a special issue
of West European Politics.
The 2009 European sovereign debt crisis and the EU’s policy
response to it have prompted scholars to re-think whether diverse
national models of capitalism can thrive within the European Union
(EU). Are some national economic systems better suited to adapt to
European integration than others, and if so, why? Contributions
within this volume provide a qualified yes to these questions
raised, concluding that the EU favors export-led growth models
while it penalizes and discourages domestic consumption-oriented
growth paths, particularly those that are financed by
debt-accumulation. The book questions whether the EU is capable of
integrating these diverse capitalist regimes. This volume adds a
comparative capitalism perspective to EU integration scholarship in
order to demonstrate that ever-closer union is not capable of
accommodating diversity in national economic institutions. Chapters
in this volume provide an innovative framework for understanding
what factors related to European integration impede the economic
and political integration of diverse European market economies.
While recent comparative capitalism literature highlights that
European monetary integration has favored export-led growth
regimes, contributions in this volume outline that the EU’s
prioritization of export-led growth over domestic-demand led growth
is present in other facets of integration, including EU accession,
financial integration, the free movement of people, fiscal
governance and the Europe 2020 growth strategy. The chapters in
this book were originally published as a special issue of New
Political Economy.
This volume provides a comprehensive analysis of how politics shape
housing markets and vice-versa. It demonstrates how housing impacts
a variety of social and political phenomenon including populist
politics, generational divides, wealth inequality, monetary policy,
and the welfare state. Housing and housing markets have important
implications for economic stability, public policy, domestic
politics and wealth inequality in Europe and beyond. Yet despite
its importance, housing has received relatively little attention in
comparative politics scholarship. The contributions within this
volume push the scholarship of housing into fresh, innovative
directions. The chapters focus on housing's contribution to wealth
inequality, how housing constrains governments' policy choices in
welfare state reform and how it can strengthen governments' hands
in financial regulation. Other contributions reveal the impact of
housing on central bankers' motivations for implementing monetary
expansion, highlight the generational divide in gaining access to
home-ownership, demonstrate how housing-driven wealth inequality
steers voters political preferences towards right-wing populism,
and explain how housing gradually shifted from being a social right
to an object of investment in Europe, even within its most
egalitarian states. These contributions cover a diversity of cases
in Western and Eastern Europe and theoretical paradigms that will
appeal to scholars and policy makers alike. The chapters in this
book were originally published as a special issue of West European
Politics.
The 2009 European sovereign debt crisis and the EU's policy
response to it have prompted scholars to re-think whether diverse
national models of capitalism can thrive within the European Union
(EU). Are some national economic systems better suited to adapt to
European integration than others, and if so, why? Contributions
within this volume provide a qualified yes to these questions
raised, concluding that the EU favors export-led growth models
while it penalizes and discourages domestic consumption-oriented
growth paths, particularly those that are financed by
debt-accumulation. The book questions whether the EU is capable of
integrating these diverse capitalist regimes. This volume adds a
comparative capitalism perspective to EU integration scholarship in
order to demonstrate that ever-closer union is not capable of
accommodating diversity in national economic institutions. Chapters
in this volume provide an innovative framework for understanding
what factors related to European integration impede the economic
and political integration of diverse European market economies.
While recent comparative capitalism literature highlights that
European monetary integration has favored export-led growth
regimes, contributions in this volume outline that the EU's
prioritization of export-led growth over domestic-demand led growth
is present in other facets of integration, including EU accession,
financial integration, the free movement of people, fiscal
governance and the Europe 2020 growth strategy. The chapters in
this book were originally published as a special issue of New
Political Economy.
What explains Eurozone member-states' divergent exposure to
Europe's sovereign debt crisis? Deviating from current fiscal and
financial views, From Convergence to Crisis focuses on labor
markets in a narrative that distinguishes the winners from the
losers in the euro crisis. Alison Johnston argues that Europe's
monetary union was structured in a way that advantaged the
corporatist labor markets of its northern economies in external
trade and financial lending. Northern Europe's distinct economic
advantage lay not with its fiscal capabilities, which were not that
different from those of southern Eurozone countries, but with its
wage-setting institutions. Through highly coordinated collective
bargaining, the euro North persistently undercut the inflation
performance of southern trading partners, destining them to a
perpetual cycle of competitive decline and external borrowing.
While northern Europe's corporatist labor markets were always low
inflation performers, monetary union ultimately made their
wage-setting institutions toxic for the South.The euro's
institutional predecessor, the European Monetary System, included
economic and institutional mechanisms that facilitated
macroeconomic adjustment and convergence between the common
currency's corporatist and noncorporatist economies. Combining
cross-national statistical analysis with detailed qualitative case
studies of Denmark, Germany, Italy, Ireland, the Netherlands, and
Spain, Johnston reveals that monetary union's removal of these
mechanisms allowed external imbalances between these two blocs to
grow unchecked, underpinning the crisis in which Europe currently
finds itself. Rather than achieving the EU's goal of an ever-closer
union, the common currency produced a monetary environment that
destabilized the economic integration of its diverse labor markets.
How do countries' political and policy choices affect the credit
ratings they receive? Sovereign ratings influence countries' cost
of funding, and observers have long worried that rating agencies -
these unelected, unappointed, unaccountable, for-profit
organizations - can interfere with democratic sovereignty if they
assign lower ratings to certain political and policy choices. The
questions of whether, how, and why ratings react to policy and
politics, however, remain unexplored. Rating Politics opens the
black box of sovereign ratings to uncover the logic that drives
rating responses to political and policy factors. Relying on
statistical analysis of rating scores, interviews with sovereign
rating analysts, and a close reading of the official communications
of rating agencies about their decisions, Zsófia Barta and Alison
Johnston show that ratings penalize center-left governments and
many (though not all) policies associated with the center-left
agenda. The motivation for such penalties is not rooted in
assumptions about how those political and policy features affect
growth and debt servicing capacity. Instead, ratings are lower in
the presence of those features because they are expected to make a
country more vulnerable to market panics whenever the economy is
hit by unforeseen shocks, as they signal insufficient willingness
and/or ability to engage in determined austerity for the sake of
reassuring markets. Since market panics and the resulting "sudden
stops" of funding lead to humiliating collapses of ratings, rating
agencies attempt to insure themselves against "rating failures" by
pre-emptively assigning lower ratings to countries with the "wrong"
political and policy mix.
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