Political Credit Cycles: The Case of the Euro Zone
研究了欧元采用如何延迟了外围国家的经济改革并导致制度恶化，进而助长信贷泡沫并延缓对泡沫的应对，分析了希腊、西班牙、爱尔兰、葡萄牙与德国的对比。
We study the mechanisms through which the adoption of the Euro delayed, rather than advanced, economic reforms in the Euro zone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional deterioration, in turn, not only reduced their growth prospects but also fed back into financial conditions, prolonging the credit boom and delaying the response to the bubble when the speculative nature of the cycle was already evident. We analyze empirically the interrelation between the financial boom and the reform process in Greece, Spain, Ireland, and Portugal and, by way of contrast, in Germany, a country that did experience a reform process after the creation of the Euro.