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Global Policy

Cover image for Vol. 4 Issue s1

Special Issue: “Economic Policy, Governance and Institutions in Times of Crisis”. Guest Editors: Andreas Klasen and Henning Meyer

July 2013

Volume 4, Issue Supplement s1

Pages 1–84

  1. Research Articles

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    2. Research Articles
    1. You have free access to this content
      What Governments Can Do to Support their Economies: The Case for a Strategic Econsystem (pages 1–9)

      Henning Meyer and Andreas Klasen

      Version of Record online: 11 JUL 2013 | DOI: 10.1111/1758-5899.12060

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      In troubled times like the ones we are currently living through conventional wisdom is often challenged and gaps for fresh thinking open up. We wanted to take this opportunity to present our new approach that we are keen to develop further into a full method of strategic economic policy-making.

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      Institutions for Crisis Prevention: the Case of Switzerland (pages 10–21)

      Martin Baur, Pierre-Alain Bruchez and Barbara Schlaffer

      Version of Record online: 11 JUL 2013 | DOI: 10.1111/1758-5899.12056

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      ‘The comparatively robust performance of the Swiss economy in the current economic crisis is partly due to characteristics of the Swiss economy.’ The authors of this article focus on the kind of economic institutions and fiscal rules which have led to sound public finances in Switzerland. They argue that these rules and institutions could be used as a model elsewhere to foster economic stability in times of crisis and beyond.

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      A British Investment Bank: Why and How? (pages 22–29)

      Christian Westerlind Wigstrom

      Version of Record online: 11 JUL 2013 | DOI: 10.1111/1758-5899.12045

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      This article presents the case for a state-owned British Investment Bank and discusses its institutional design and capitalisation on the basis of the experiences of the Nordic Investment Bank (BIB). Current supply-side policies aimed at increasing investment in the infrastructure and small- and medium-sized enterprise (SME) sectors are likely to fail because they neglect constraints and market failures on the demand side.

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      Macroeconomic Implications of the German Short-time Work Policy during the Great Recession (pages 30–40)

      Alexander Herzog-Stein, Gustav A. Horn and Ulrike Stein

      Version of Record online: 11 JUL 2013 | DOI: 10.1111/1758-5899.12054

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      This article examines the role of the German short time work policy during the recession. ‘Despite a sharp fall in GDP, German employment in terms of employees stayed remarkably robust during the Great Recession. At the same time hours worked per employee declined significantly’. This has been described as a ‘miracle’. The authors explore the implications of the short time work policy for Germany's employment success during the Great Recession.

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      European Intervention Mechanisms for Growth: Budget and the European Investment Bank (pages 41–49)

      Matthias Kollatz-Ahnen

      Version of Record online: 11 JUL 2013 | DOI: 10.1111/1758-5899.12053

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      ‘Growth is essential for the EU to recover, so a policy for growth is needed.’ In this article, Matthias Kollatz-Ahnen ‘calls for a systematic approach to increase the public intervention capacity to ignite sustainable growth.’ The promotional banks at each level in Europe will play a crucial role in this public intervention, providing revolving funds, combined financial products bringing together loans and budget, focusing on viable projects and attracting private capital for projects where suitable.

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      How (Not) to Reform the Euro Area's Economic Governance (pages 50–57)

      Stefan Collignon

      Version of Record online: 11 JUL 2013 | DOI: 10.1111/1758-5899.12055

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      ‘Europe's technocratic ways of dealing with the Euro-crisis re-enforces the issues of democratic legitimacy and risks popular rejection of the entire policy project. A different approach is therefore needed.’

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      A Model for a Fiscal Union? What Europe Can Learn from the German Experience (pages 58–65)

      Alfred Höhn, Thorsten Schramm and Thomas Straubhaar

      Version of Record online: 11 JUL 2013 | DOI: 10.1111/1758-5899.12059

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      The euro crisis of the 2010s is helping bring Europe closer together. Albeit driven more by problems than visions, the European economic and monetary union is gradually moving towards a fiscal and transfer union

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      Macroeconomic Stabilisation in the Eurozone: Lessons from Failure (pages 66–73)

      Simon Wren-Lewis

      Version of Record online: 11 JUL 2013 | DOI: 10.1111/1758-5899.12048

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      The rationale behind union-wide controls to limit fiscal deficits (the SGP and now the Fiscal Compact) no longer exists. Since 2010 it has become clear that eurozone members face greater market discipline on fiscal deficits than do countries with their own currency. As a result, fiscal controls and institutions to support them can and should reside at the national level, and can therefore focus on national stabilisation as well as the more long-term control of government debt.

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      Effective Governance of Global Financial Markets: an Evolutionary Plan for Reform (pages 74–84)

      Emilios Avgouleas

      Version of Record online: 11 JUL 2013 | DOI: 10.1111/1758-5899.12041

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      Two questions remain widely open when it comes to global financial markets. First, what is the raison d'etre of open global markets? Second, is it possible to foster open markets without an international governance structure supervising them?

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