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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
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Official URL: https://doi.org/10.1093/epolic/eiy018
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 | |||||||||
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| 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) |
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| 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: |
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| Date of first compliant deposit: | 21 May 2018 | |||||||||
| 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 | |||||||||
| Funder: | Università commerciale Luigi Bocconi | |||||||||
| RIOXX Funder/Project Grant: |
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