E-ISSN 2791-9439 | ISSN 1300-1868
 

Original Article 


The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration

Alpaslan Akçoraoğlu.

Abstract
This article aims to analyze the causes of external debt crisis in the eurozone within the framework of conventional theories and post-Keynesian macroeconomic theory. The conventional theories employed to explain the crisis of European Monetary Union (EMU) are neo-classical economic theory and classical and modern versions of Optimum Currency Areas (OCA). The strengthening of institutional design of EMU against economic shocks and implementing proper policies to exit from the recession depend on the correct diagnosis of causes of the crisis. This paper argues that modern OCA literature does not have a suitable and sufficient theoretical framework to explain and predict EMU crisis except Krugman specialization hypothesis. However, post-Keynesian economists argue that the major reasons of eurozone crisis are neo-liberal design faults of EMU and neo-liberal policies that weaken aggregate demand generation process through growing inequality in distribution of income.

Key words: Eurozone Crisis, Conventional Theories, Neo-liberalism, Post-Keynesian Theory. JEL Classification: E02, E12, E13, F33, F34.



Avrupa Parasal Birliği’nin Krizi, Geleneksel Teoriler ve Avrupa Entegrasyonu’nun Post-Keynesyen Eleştirisi

Ozet
Bu makale avro bölgesi dış borç krizinin nedenlerini bazı geleneksel teorilere ve post-Keynesyen makroiktisat teorisine göre analiz etmeyi amaçlamaktadır. Avrupa Parasal Birliği (European Monetary Union (EMU)) krizinin nedenlerini açıklamakta kullanılan geleneksel teoriler arasında neoklasik iktisat teorisi ile Optimum Para Alanları (OPA) teorisinin klasik ve modern versiyonları bulunmaktadır. EMU’nun kurumsal tasarımının iktisadi şoklara karşı sağlamlaştırılması ve iktisadi durgunluktan çıkış için uygulanacak politikalar krizin nedenlerinin doğru biçimde teşhis edilmesine bağlıdır. Krugman uzmanlaşma hipotezi hariç, modern OPA literatürü’nün EMU krizini açıklamak ve öngörmek için uygun ve yeterli bir teorik çerçeveye sahip olduğu söylenemez. Buna karşın, post-Keynesyen iktisatçılara göre, avro bölgesi krizinin iki temel nedeni şunlardır: EMU’nun hatalı neo-liberal tasarımı ve gelir eşitsizliğinin artmasına neden olarak talep yaratma sürecini zayıflatan neo-liberal politikalar.

Anahtar Kelimeler: Avro Bölgesi Krizi, Geleneksel Teoriler, Neo-liberalizm, Post-Keynesyen Teori. JEL Sınıflaması: E02, E12, E13, F33, F34


 
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How to Cite this Article
Pubmed Style

Alpaslan Akcoraoğlu. [The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration]. Ekonomik Yaklasim. 2016; 27(98): 51-85. Turkish. doi:10.5455/ey.35903


Web Style

Alpaslan Akcoraoğlu. [The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration]. https://www.ekonomikyaklasim.org/?mno=171400 [Access: April 10, 2023]. Turkish. doi:10.5455/ey.35903


AMA (American Medical Association) Style

Alpaslan Akcoraoğlu. [The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration]. Ekonomik Yaklasim. 2016; 27(98): 51-85. Turkish. doi:10.5455/ey.35903



Vancouver/ICMJE Style

Alpaslan Akcoraoğlu. [The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration]. Ekonomik Yaklasim. (2016), [cited April 10, 2023]; 27(98): 51-85. Turkish. doi:10.5455/ey.35903



Harvard Style

Alpaslan Akcoraoğlu (2016) [The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration]. Ekonomik Yaklasim, 27 (98), 51-85. Turkish. doi:10.5455/ey.35903



Turabian Style

Alpaslan Akcoraoğlu. 2016. [The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration]. Ekonomik Yaklasim, 27 (98), 51-85. Turkish. doi:10.5455/ey.35903



Chicago Style

Alpaslan Akcoraoğlu. "[The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration]." Ekonomik Yaklasim 27 (2016), 51-85. Turkish. doi:10.5455/ey.35903



MLA (The Modern Language Association) Style

Alpaslan Akcoraoğlu. "[The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration]." Ekonomik Yaklasim 27.98 (2016), 51-85. Print.Turkish. doi:10.5455/ey.35903



APA (American Psychological Association) Style

Alpaslan Akcoraoğlu (2016) [The Crisis of the European Monetary Union, Conventional Theories, and Post-Keynesian Critiques of European Integration]. Ekonomik Yaklasim, 27 (98), 51-85. Turkish. doi:10.5455/ey.35903





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