European Crisis: A New Tale of Center–Periphery Relations in the World of Financial Liberalization/Globalization?

Abstract

:There are many dimensions to the so-called European Crisis can be understood as one more case of the crisis of financial liberalization/globalization that the developing countries—and their counterparts in the advanced ones—started experiencing more than a quarter of a century ago. This perspective leads to a focus on the consequences of cross-border financial movements in both their upside and downside phases, consequences that have a serious impact not only on the habitually so- called “debtor” countries but also on those of residence of the major creditor institutions. Therefore, a solution to the “crisis” must involve both sides of the center–periphery relationship if a breakup of the system is to be avoided.

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