Found 18 article(s) for author 'Jeffry Frieden'

Understanding the Political Economy of the Eurozone Crisis

Understanding the Political Economy of the Eurozone Crisis. Jeffry Frieden, 2017, Paper, “The Eurozone crisis constitutes a grave challenge to European integration. This article presents an overview of the causes of the crisis and analyzes why it has been so difficult to resolve. We focus on how responses to the crisis were shaped by distributive conflicts both among and within countries. On the international level, debtor and creditor countries have fought over the distribution of responsibility for the accumulated debt; countries with current account surpluses and deficits have fought over who should implement the policies necessary to reduce the current account imbalances. Within countries, interest groups have fought to shift the costs of crisis resolution away from themselves.Link

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Currency Politics in the Developing World

Currency Politics in the Developing World. Jeffry Frieden, Spring 2017, Paper, “The exchange rate is often said to be the most important price in any economy, for it affects all other prices. Americans are not used to thinking in these terms, in part because the US economy is relatively closed, and in part because the dollar is the world’s principal reserve currency. Nonetheless, a country’s exchange rate has a powerful impact on its economic activity, and this is especially true for developing countries. Because currency policy structures a country’s economic relations with the rest of the world, it can be crucial in determining a poor country’s developmental prospects.Link

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Understanding the Political Economy of the Eurozone Crisis: A Political Scientist’s Guide

Understanding the political economy of the Eurozone crisis: A Political Scientist’s Guide. Jeffry Frieden, 2017, Paper, “The Eurozone crisis constitutes a grave challenge to European integration. This essay presents an overview of the causes of the crisis, and analyzes why has it been so difficult to resolve. It focuses on how responses to the crisis were shaped by distributive conflicts both among and within countries. On the international level, debtor and creditor countries have fought over the distribution of responsibility for the accumulated debt; countries with current account surpluses and deficits have fought over who should implement the policies necessary to reduce the current account imbalances.Link

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The Political Economy of the Euro Crisis

The Political Economy of the Euro Crisis. Jeffry Frieden, 2016, Paper. “The euro crisis has developed into the most serious economic and political crisis in the history of the European Union (EU). By 2016, nine years after the outbreak of the global financial crisis in 2007, economic activity in the EU and the Eurozone was still below its precrisis level. At this point, the joint effects of the global financial crisis and the euro crisis have caused more lasting economic damage in Europe than the Great Depression of the 1930s (Crafts, 2013). The political consequences have also been severe. Conflict among EU member states has threatened the progress of European integration, while polarization and unrest have unsettled domestic politics in a host of European countries.Link

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The Governance of International Finance

The Governance of International Finance. Jeffry Frieden, 2016, Paper. “International finance is at the cutting edge of contemporary international economic integration. Today’s global financial markets are of enormous size and can move huge quantities of money around the world with extraordinary speed and massive effect. Their impact was demonstrated with a vengeance during the Great Financial Crisis (GFC) that began at the end of 2007, during which financial markets transmitted economic impulses – many of them highly damaging – from country to country in a matter of days or weeks…Link

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Macroeconomic Rebalancing in China and the G20

Macroeconomic Rebalancing in China and the G20. Jeffry Frieden, July 17, 2016, Paper. “The principal challenge facing the world economy is the risk of recurrent financial crises. Global macroeconomic imbalances create the conditions for boom-and-bust cycles that are extremely costly for the countries that experience them, and that can affect other nations and the entire world economy as well. The G20 recognizes the importance of these trends, and has committed itself to cooperative measures to reduce imbalances. However, progress has been limited and halting. There are major political obstacles to global macroeconomic policy cooperation, both within countries and among countries. China’s attempts to rebalance its economy are crucial to broader international financial stability. Its G20 presidency gives China the opportunity to demonstrate that it is willing and able to advance its cooperation with economic partners, and to help lead the rest of the world in this direction.Link

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The political economy of adjustment and rebalancing

The political economy of adjustment and rebalancing, Jeffry Frieden, December 2, 2014, Paper. “Debt and balance of payments crises are politically controversial. In the aftermath of such crises, conflict typically breaks out over how the burden of adjustment will be distributed. There is international conflict, between debtor nations and creditor nations, over how outstanding debts will be resolved. And there is conflict within nations, over who will make the sacrifices necessary to get economies back on track. These political conflicts often become so bitter and protracted that they impede productive bargaining over the adjustment process…” Link

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The Political Economy of Adjustment and Rebalancing

The Political Economy of Adjustment and Rebalancing. Jeffry Frieden, May 2014, Paper. “The world’s recovery from the Global Financial Crisis (GFC) was extraordinarily slow and difficult. In the United States, it took some fifty months for employment to return to pre-crisis levels. This contrasts dramatically with the norm in American recessions: since the 1930s, employment has on average taken about ten months to return to pre-recession levels. Output, similarly, regained its pre-crisis levels far more slowly than in other post-Depression recessions. And five years after the crisis began, median household income was still over…” Link verified August 21, 2014

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Currency Politics: The Political Economy of Exchange Rate Policy

Currency Politics: The Political Economy of Exchange Rate Policy. Jeffry Frieden, February 2014, Book. “Currencies and their values are central to the world economy. They affect international trade, investment, finance, migration, and travel. The prevailing exchange rate system often defines the international economic order. The gold standard, a global regime of fixed currencies that prevailed for over forty years before 1914, was so pivotal that the period is often known as the classical gold-standard era. After World War One, major governments were unable to adapt the currency order to changed conditions, and failed…” Link verified August 21, 2014

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