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The Euro and International Financial Stability

  • Book
  • © 2014

Overview

Authors:
  1. Efthymios G. Tsionas

    1. Athens University of Economics and Business, Athens, Greece

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  • Analysis of international financial stability in the context of Austrian economics
  • Examines the future of the Euro and the European Union
  • Introduction to the Austrian economists’ way of thinking (Hayek and von Mises)
  • Includes supplementary material: sn.pub/extras

Part of the book series: Financial and Monetary Policy Studies (FMPS, volume 37)

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Table of contents (40 chapters)

  1. Front Matter

    Pages i-ix
    Download chapter PDF

  2. Introduction

    • Efthymios G. Tsionas
    Pages 1-3

  3. What Went Wrong with the Euro?

    • Efthymios G. Tsionas
    Pages 5-15

  4. Public Debt: Introductory Remarks

    • Efthymios G. Tsionas
    Pages 17-19

  5. Was the Eurozone an Acceptable Currency Union?

    • Efthymios G. Tsionas
    Pages 21-22

  6. Preconditions of a Monetary Union

    • Efthymios G. Tsionas
    Pages 23-26

  7. What was the Theory Behind the Formation of EMU?

    • Efthymios G. Tsionas
    Pages 27-28

  8. Will the Eurozone Dissolve into its Constituents?

    • Efthymios G. Tsionas
    Pages 29-35

  9. Can There be an Efficient Dissolution of a Monetary Union?

    • Efthymios G. Tsionas
    Pages 37-43

  10. Complete Fiscal Freedom in the Transition Period?

    • Efthymios G. Tsionas
    Pages 45-49

  11. Understanding Crises and Recessions

    • Efthymios G. Tsionas
    Pages 51-55

  12. Will Bailouts Lead to a Dissolution of the Euro?

    • Efthymios G. Tsionas
    Pages 57-60

  13. On the Destabilizing Effects of Bailouts

    • Efthymios G. Tsionas
    Pages 61-63

  14. On Sound Money and Credit Conditions

    • Efthymios G. Tsionas
    Pages 65-78

  15. The Case of Free Banking

    • Efthymios G. Tsionas
    Pages 79-84

  16. The Explosion of Public Debts

    • Efthymios G. Tsionas
    Pages 85-88

  17. The Current Policies of the ECB

    • Efthymios G. Tsionas
    Pages 89-97

  18. Some Remarks on the Greek Problem

    • Efthymios G. Tsionas
    Pages 99-104

  19. Can There be Stable Currencies After the Euro?

    • Efthymios G. Tsionas
    Pages 105-117

  20. The Gold Standard and Free Banking

    • Efthymios G. Tsionas
    Pages 119-126
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Keywords

About this book

As a result of the financial crisis, the weaknesses of the Eurozone, including the public debt crisis, materialized in severe depressions in certain of its country members. In this monograph, the author analyzes structural weaknesses of the Eurozone and argues that they can be traced to (i) institutional differences, (ii) differences in the economic structures, (iii) the fundamental inability of European Bureaucracy to deal with crises, and (iv) the extreme rigidity of markets which prevents a general equilibrium in product and credit markets. He concludes that whether the Eurozone is sustainable, depends on future monetary and credit policies, and discusses the implications of reforming it in the best interest of the international banking and financial system. The recent policies of the ECB of “cheap” credit expansion are examined in detail. The approach of the work is along the lines of von Mises’ and Hayek’s Austrian tradition; additionally, substantive international empirical evidence supporting this Austrian approach is presented.

Authors and Affiliations

  • Athens University of Economics and Business, Athens, Greece

    Efthymios G. Tsionas

About the author

Efthymios (Mike) Tsionas is Professor of Economics at the Athens University of Economics and Business. He obtained his Ph.D. from the University of Minnesota (1994) and served as alternate member of the Economic and Financial Committee of the European Union (1997-2000). He has more than 100 academic publications in such journals as Review of Economic Studies, Journal of the American Statistical Association, Journal of Econometrics, Journal of Applied Econometrics, Econometrics Journal, Journal of Development Economics, Oxford Bulletin of Economic and Statistics, Advances in Econometrics etc.

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