2013/09/05 by Jorge García-Arias, Eduardo Fernández‐Huerga, Ana Manero Salvador · 1 citation
Economics, Econometrics and Finance · #Global Financial Crisis and Policies #Banking stability, regulation, efficiency #Economic Theory and Policy #Democracy #Financial market #Politics #Financial crisis #Economics #Financial integration #Economic transformation #Financial system #Political science #Economic system #Political economy #International economics #Finance #Macroeconomics
paper · doi:10.1111/ajes.12031
openalex publication_date 2013/09/05 · openalex created_date 2025/10/10 · openalex updated_date 2026/05/21
Abstract This article analyzes the origin and causes of the recent economic and financial crises, mainly for the countries located in the periphery of the E uropean U nion ( EU ), as well as their evolution and transformation into social, political, and institutional crises. After explaining the differential impact of the crises on EU economies, we analyze how the economic policies developed thus far not only are unable to resolve the current crisis pattern but also actually entail a risk to the present democratic models by transferring the legitimate control over governments from citizens and democratic parliaments to unelected, nonrepresentative international financial markets.