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Elementary and Intermediate Algebra
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Chapter 10 / Exercise 38
Elementary and Intermediate Algebra
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Declaration of Conflicting Interests The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article. Funding The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: The authors acknowledge the generous support of the Swiss National Science Foundation (Project “Distributional Conflicts and the Politics of Adjustment in the Eurozone Crisis”), the University of Zurich Hochschulstiftung, the Hertie School of Governance, and the Graduate School at the University of Wisconsin - Madison. Notes 1. Based on the criteria set forth in the canonical studies by Mundell (1961), McKinnon (1963), and Kenen (1969). at University of Texas Libraries on August 18, 2016 cps.sagepub.com Downloaded from
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Elementary and Intermediate Algebra
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Chapter 10 / Exercise 38
Elementary and Intermediate Algebra
Tussy/Gustafson
Expert Verified
Copelovitch et al. 835 2. Some notable exceptions include P. A. Hall (2012); Scharpf (2013); Johnston, Hancké, and Pant (2014); or Bechtel, Hainmueller, and Margalit (2014). 3. Although these episodes are linked chronologically—and although the Great Recession has certainly exacerbated the severity of the Euro crisis (Mody & Sandri, 2012)—the underlying economic and political causes of the Euro crisis are separate from those of Great Recession. 4. For an overview of the commonalities of these past crises, see Reinhart and Rogoff (2010) and Chinn and Frieden (2011). 5. Speeches by Jean-Claude Juncker, President of the Eurogroup, and Hans-Gerd Pöttering, President of the European Parliament, at the celebration for the Euro’s 10th anniversary, Strasbourg, January 13, 2009. 6. On the politics of the European Financial Stability Facility (EFSF’s) creation, see Gocaj and Meunier (2013). 7. Under the so-called Securities Market Program (SMP), the European Central Bank (ECB) would buy up Greek, Irish, Italian, Portuguese, and Spanish bonds over the next months. 8. This led many observers to doubt the feasibility of a currency union in the European context, which clearly did not constitute an “optimum currency area” (e.g., Bayoumi & Eichengreen, 1992; P. A. Hall & Franzese, 1998). 9. In what follows, we use “peripheral” and “Southern” interchangeably, despite the geographical inaccuracy. 10. Data from Eurostat, t=1&plugin=0&language=en&pcode=tsdec330 11. European Commission/OECD, cited in Carlin and Soskice (2014). 12. Eurostat, General government deficit (−) and surplus (+)—annual data http:// epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&plugin=1&language=en& pcode=teina200. In fact, there is almost no relationship between a country’s pre-crisis public debt level or household deficit and the severity of the crisis (Johnston et al., 2014). 13. For a more general discussion, see Gray (2013). 14. - asks-why-no-one-saw-the-credit-crunch-coming.html 15. For exchange rates and monetary policy, see, for example, Bearce (2003); the special issue edited by Bernhard, Broz, and Clark (2002); Bodea (2010); Copelovitch and Singer (2008); Frieden (1991b); Leblang (1999); Steinberg (2015); and Walter (2008).

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