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Global crises and populism: the role of Eurozone institutions

Guiso, Luigi ; Herrera, Helios ; Morelli, Massimo ; Sonno, Tommaso Monacelli, Tommaso

Economic policy, 2019-01, Vol.34 (97), p.95-139 [同儕審閱期刊]

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  • 題名:
    Global crises and populism: the role of Eurozone institutions
  • 著者: Guiso, Luigi ; Herrera, Helios ; Morelli, Massimo ; Sonno, Tommaso
  • Monacelli, Tommaso
  • 主題: Economic crisis ; Economic models ; Eurozone ; Frustration ; Globalization ; National debt ; Populism ; Prediction ; Public debt ; Public finance ; Sovereign debt ; Voters
  • 所屬期刊: Economic policy, 2019-01, Vol.34 (97), p.95-139
  • 描述: SUMMARY Populist parties are likely to gain consensus when mainstream parties and status quo institutions fail to manage the shocks faced by their economies. Institutional constraints, which limit the possible actions in the face of shocks, result in poorer performance and frustration among voters who turn to populist movements. We rely on this logic to explain the different support of populist parties among European countries in response to the globalization shock and to the 2008–11 financial and sovereign debt crisis. We predict a greater success of populist parties in response to these shocks in Eurozone (EZ) countries, and our empirical analysis confirms this prediction. This is consistent with voters’ frustration for the greater inability of the EZ governments to react to difficult-to-manage globalization shocks and financial crises. Our evidence has implications for the speed of construction of political unions. A slow, staged process of political unification can expose the European Union to a risk of political backlash if hard to manage shocks hit the economies during the integration process.
  • 出版者: Oxford: Oxford University Press
  • 語言: 英文
  • 識別號: ISSN: 0266-4658
    EISSN: 1468-0327
    DOI: 10.1093/epolic/eiy018
  • 資源來源: Business Source Complete
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