Rebalancing the Eurozone Troubled Economies

Ziółkowski Michał
Additional contact information
Ziółkowski Michał: PhD Student Collegium of World Economy Warsaw School of Economics

International Journal of Management and Economics, 2013, vol. 40, issue 1, 96-118

Abstract: The aim of the article is to assess how much rebalancing of the six eurozone troubled economies (Ireland, Portugal, Spain, Italy, Greece, Cyprus) was achieved since the outbreak of the financial crisis in 2007/2008, to what extent migrations were a mitigating factor on their labor markets and how much the troubled countries were assisted in their adjustment by other countries. The first part of the article shows an overall macroeconomic picture of the troubled economies' rebalancing together with a presentation of the etiology of the problem (i.e. accumulation of imbalances). The second part presents the role of migrations and the third part the role of the Eurosystem and international financial assistance in the rebalancing process. The research is based on comparing developments in selected indicators across countries. The conclusions are that the rebalancing in the troubled countries was either at most limited or actually their economies continued to fall out of balance (various indicators showing various developments make the situation ambiguous), migrations were either not much supportive for rebalancing of the troubled economies or they did not provide any dent to unemployment at all and that the troubled countries were provided with significant international assistance mainly in the form of the ECB policies causing the rise in the Target balances.

Keywords: eurozone; rebalancing; adjustment process (search for similar items in EconPapers)
JEL-codes: F32 F33 F41 J61 (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.2478/ijme-2014-0030 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vrs:ijomae:v:40:y:2014:i:1:p:96-118:n:5

DOI: 10.2478/ijme-2014-0030

Access Statistics for this article

International Journal of Management and Economics is currently edited by Mariusz Próchniak

More articles in International Journal of Management and Economics from Warsaw School of Economics, Collegium of World Economy
Bibliographic data for series maintained by Peter Golla ().