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Global crises and populism : the role of Eurozone institutions

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Guiso, L., Herrera, Helios, Morello, M. and Sonno, T. (2019) Global crises and populism : the role of Eurozone institutions. Economic Policy, 34 (97). pp. 95-139. eiy018. doi:10.1093/epolic/eiy018 ISSN 0266-4658.

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Official URL: https://doi.org/10.1093/epolic/eiy018

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Abstract

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 2008-2011 financial and sovereign debt crisis. We predict a greater success of populist parties in response to these shocks in Euro zone countries, and our empirical analysis confirms this prediction. This is consistent with voters’ frustration for the greater inability of the Euro zone 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 EU to a risk of political backlash if hard to manage shocks hit the economies during the integration process.

Item Type: Journal Article
Subjects: D History General and Old World > D History (General) > D901 Europe (General)
H Social Sciences > HB Economic Theory
J Political Science > JA Political science (General)
J Political Science > JN Political institutions (Europe)
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Global Financial Crisis, 2008-2009 , Populism, Global Financial Crisis, 2008-2009 -- Political aspects -- Europe., Political culture -- Europe, Europe -- Politics and government -- 21st century
Journal or Publication Title: Economic Policy
Publisher: Oxford University Press
ISSN: 0266-4658
Official Date: 2019
Dates:
DateEvent
2019Published
3 January 2019Available
18 May 2018Accepted
Volume: 34
Number: 97
Page Range: pp. 95-139
Article Number: eiy018
DOI: 10.1093/epolic/eiy018
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 21 May 2018
Date of first compliant Open Access: 3 January 2020
Funder: Università commerciale Luigi Bocconi
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
PRIN funding 2016Ministero dell’Istruzione, dell’Università e della Ricercahttp://dx.doi.org/10.13039/501100003407
694583European Research Councilhttp://viaf.org/viaf/130022607
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