RT Journal Article
T1 Monetary policy as compensatory power?: an institutionalist approach to the Eurozone crisis
A1 De Arribas Cámara, Javier
A1 Cárdenas Del Rey, Luis
AB In this article, we study the relationship between monetary policy and the socio-institutional framework. Specifically, we examine the economic policy response to the debt crisis of the Eurozone, applying institutional economics from two perspectives: the theory of social power and the endogenous money supply. The research question is whether monetary policy can be characterized as a countervailing power exercised by European institutions with respect to the member countries. Fiscal and monetary policies have been interpreted through these sources and types of power, as proposed by Galbraith, by distinguishing between those types of power that have had a permanent versus a conjunctural character. We conclude that European Quantitative Easing can be characterized as having been a countervailing power. All of this has strengthened European institutional power despite having been manifested in the context of an economic and financial crisis.
PB Taylor & Francis Group
SN 0021-3624
YR 2018
FD 2018-10-02
LK https://hdl.handle.net/20.500.14352/97960
UL https://hdl.handle.net/20.500.14352/97960
LA eng
NO Arribas, J., & Cardenas, L. (2018). Monetary Policy as Compensatory Power? An Institutionalist Approach to the Eurozone Crisis. Journal of Economic Issues, 52(4), 987-1009. https://doi.org/10.1080/00213624.2018.1527582
DS Docta Complutense
RD 22 ago 2024