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- KurzbeschreibungEurope&8217;s Economic and Monetary Union (EMU) is in urgent need of reform. The Euro crisis has exposed this need in a dramatic and unprecedented fashion. Yet, crisis reactions on behalf of Eurozone policy-makers have been piecemeal and hesitant, instead of constituting effective reforms capable of remedying the weaknesses of the EMU&8217;s system of governance.<br>This book, compiled by five scholars of the University of Hamburg, provides an in-depth analysis of the flaws of Eurozone governance by means of an innovative analytical framework based on fiscal federalism theory and game theory, further enriched by insights of theories of democratic legitimation. Its major focus is on understanding Eurozone governance as the provision of different types of public goods, each of which requires an adequate governmental structure. The study is enhanced by lessons from historical developments in currency unification in the US and in Canada which help to put the Eurozone&8217;s woes into perspective. On the whole, this book may serve as a comprehensive guide for policy-makers, scholars and all others interested in finding a long-term solution to preserving and stabilizing the Eurozone.
- AutorBenjamin Spörer
- Ausgabe1. Erstauflage
- VerlagAnchor Academic Publishing
- Seiten100 Seiten
- Gewicht172 g
- LeseprobeChapter II, Theory of Public Goods, Club Goods and Common Property Resources - by Sebastian Salch & Benjamin Spörer:<br>Common currencies face many difficulties and critical moments in their conception. Most obviously, however, collective action problems need to be solved for the proper functioning of a single currency. In the historical example of the United States of America, we could observe that there were different struggles to improve the efficiency of providing the common good of financial stability, with sufficient accountability to public oversight. Therefore, we will now turn to the theory of public goods, game theory and the theory of fiscal federalism, in order to find an appropriate framework in which these collective action problems can be solved in the case of a single currency and a federation.<br>1, Description & Categorization:<br>There exists a variety of literature concerning goods as well as the problems that occur with regard to their characteristics. In general, 'a good is something from which some utility or benefit is derived' (Collignon, 2003: 91). The provision of a good incurs costs by requiring resources. Offsetting costs against benefits, the value of a good is its net benefit. Therefore, the ultimate goal must be an efficient resource allocation to maximize the net benefits (ibid.). Depending on the characteristics of the good, different problems occur in ensuring such efficiency. The most common distinction in the literature is the distinction between private and public goods.<br>Before discussing the different types of goods it may be helpful to specify which aspects are of interest. Dealing with various goods we will focus on the differences within two main aspects: the provision or supply of certain goods, and the consumption of certain goods. These two aspects stress the questions: Who bears the costs of the provision of a good? Who benefits from it? And through which mechanism(s) can an efficient resource allocation be achieved?<br>Secondary questions in this context are: Who provides a good? Is the provision of the good divisible or not? What is the consumption pattern like? Is the consumption rival? Who has access to consumption? Can potential consumers be excluded or not? Depending on the answers to the aforementioned questions additional questions may follow to highlight the problem of the efficient provision of goods.<br>To make a clear distinction between the different types of goods, we will first focus on ideal types, i.e. private and public goods, before stressing the difficulties which occur with hybrid types of goods.<br>1.1, Ideal Types of Goods:<br>1.1.1, Private Goods:<br>Private goods are restricted to individuals
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