Growth recovery in Southern Europe : A dozen lessons, old and new

"Greece, Ireland, Portugal, and Spain entered a period of severe economic and financial stress in the aftermath of the 2008 crisis. Their collective experience confirmed the primacy of total debt, private or public, in affecting the onset of, depth of, and recovery from economic crises. The yea...

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Bibliographic Details
Main Author: Islam, Roumeen
Institution:ETUI-European Trade Union Institute
Format: TEXT
Language:English
Published: Washington, DC 2017
World Bank
Subjects:
Online Access:https://www.labourline.org/KENTIKA-773112459139-Growth-recovery-in-Southern-eu.htm
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author Islam, Roumeen
author_facet Islam, Roumeen
collection Library items
description "Greece, Ireland, Portugal, and Spain entered a period of severe economic and financial stress in the aftermath of the 2008 crisis. Their collective experience confirmed the primacy of total debt, private or public, in affecting the onset of, depth of, and recovery from economic crises. The year 2010 and the years following have demonstrated the ways in which policy responses to crisis-related downturns must be adapted when major international partners experience simultaneous growth slowdowns and markets exhibit increased risk aversion. This paper compares the recovery experience of these countries in light of recent policy debates and research on the impact of macroeconomic and structural reforms. It highlights that (a) the quality of the policies adopted to stabilize economies in the short run affects growth recovery in the long run; and (b) macroeconomic policies (fiscal and monetary) are most effective in supporting growth when they take into account structural differences between countries and when policies complement each other. The country experiences indicate that a holistic view of factors affecting investment, exports, and employment is needed to understand the impact of macroeconomic and structural reforms on output. In the absence of such a holistic view, policy may neglect to influence the binding constraints to growth."
format TEXT
geographic Greece
Italy
Portugal
Spain
id 773112459139_ad27575cde694a30ab0413d68f826409
institution ETUI-European Trade Union Institute
is_hierarchy_id 773112459139_ad27575cde694a30ab0413d68f826409
is_hierarchy_title Growth recovery in Southern Europe : A dozen lessons, old and new
language English
physical 45 p.
Digital
publishDate 2017
publisher Washington, DC
World Bank
spellingShingle Islam, Roumeen
economic recession
macroeconomics
public debt
structural change
Growth recovery in Southern Europe : A dozen lessons, old and new
title Growth recovery in Southern Europe : A dozen lessons, old and new
topic economic recession
macroeconomics
public debt
structural change
url https://www.labourline.org/KENTIKA-773112459139-Growth-recovery-in-Southern-eu.htm