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Long-term growth in Europe : what difference does the crisis make?
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Crafts, N. F. R. (2013) Long-term growth in Europe : what difference does the crisis make? National Institute Economic Review, Volume 224 (Number 1). R14-R28. doi:10.1177/002795011322400102 ISSN 0027-9501.
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Official URL: http://dx.doi.org/10.1177/002795011322400102
Abstract
OECD projections for European countries imply that the crisis will have no long-term effect on trend growth. An historical perspective says this is too optimistic. Not only is the legacy of public debt and its requirement for fiscal consolidation unfavourable but the experience of the 1930s suggests that much needed supply-side reforms are now less probable – indeed policy may well become less growth friendly. Whereas the 1940s saw the Bretton Woods agreement and the Marshall Plan pave the way for the ‘Golden Age’, it is unlikely that anything similar will rescue Europe this time around.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | National Institute Economic Review | ||||
Publisher: | Sage Publications Ltd. | ||||
ISSN: | 0027-9501 | ||||
Official Date: | 2013 | ||||
Dates: |
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Volume: | Volume 224 | ||||
Number: | Number 1 | ||||
Page Range: | R14-R28 | ||||
DOI: | 10.1177/002795011322400102 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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