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The Role of Euro in Global Economy and the Effects of The Eurozone Crisis

Year 2018, Volume: 1 Issue: 2, 196 - 221, 24.12.2018
https://doi.org/10.35235/uicd.471059

Abstract

The Bretton Woods Treaty, which established the
principles of international economic relations, has emerged as a function of
the economic and thus the monetary superiority of the United States. In the
period when these principles draw the framework of the international system,
the integration dynamics in Europe have also accelerated. Taking into account
the bipolar structure of the period, the economic integration, which started as
an effort to increase the economic and political weight of Europe in global issues,
has reached the level of monetary union through different stages. Thus, with
its common currency and common central bank, the EU has not only improved the
level of integration within the Union but has also brought the potential that
can transform the international monetary relations shaped by the absolute
sovereignty of the US Dollar (USD) into action. From this point of view, the
role and the effects of the Euro on the global scale have been examined in this
study. This study has been carried out taking into consideration the impact of
the global financial crisis in the Eurozone and the determination of the USD as
the most effective means of exchange in the global scale and it has been
embodied using statistical analyzes. 

References

  • Aglietta, M. (1987). L'intégration monétaire et financière internationale: Un défi pour l'Europe, Revue Française d'Économie, 2(3).
  • Archick, K. (2017). The european union: current challenges and future prospects, Congressional Research Service Report, https://fas.org/sgp/crs/row/ R44249.pdf, (01.07.2018).
  • Bal, P.G. and İzci, R. (ed.) (2016). Ekonomik kriz ve avrupa birliği, Derin Yayınları, İstanbul.
  • Balkır, C. (2010). Uluslararası ekonomik bütünleşme: Kuram, politika ve uygulama - AB ve dünya örnekleri, İstanbul Bilgi Üniversitesi Yayınları.
  • Bayar, Y. (2014). Euro bölgesi borç krizi ile avrupa döviz mekanizması krizi’nin karşılaştırmalı analizi”, Yönetim ve Ekonomi Araştırmaları Dergisi, No: 22.
  • BBC (2017). Italian bank shares tumble after vote, http://www.bbc.com/news/business-38203813, (01.07.2018).
  • Boles, K., McDonald, F. and Healey, N. (2002). The euro: a future international currency, European integration in the 21st century, (Ed. Mary Farrell, Stefano Fella ve Michael Newman), Sage Publications, London.
  • Boratav, K. (2011). Borç krizi mi, avro krizi mi?, Birgün, 08.11.2011, http://www.birgun.net/haber-detay/borc-krizi-mi-avro-nun-krizi-mi-14532.html, (01.07.2018).
  • Carchedi, G. (2009). Başka bir avrupa için: Avrupa ekonomik bütünleşmesinin sınıf tahlili, Yordam Kitap, İstanbul.
  • Cengiz, Ç. (2018). Döviz kurları, euro ve türkiye ekonomisi, İmaj Yayınları, Ankara.
  • De Grauwe, P. (2016). Economics of monetary union, 11th Edition, Oxford University Press.
  • ECB (2018). Benchmark interest rate, http://www.ecb.europa.eu/ (03.07.2018).
  • ECB (2018). Euro exchange rates, https://www.ecb.europa.eu/stats/exchange, (03.07.2018).
  • ECB (2018). Euro foreign exchange reference rates, https://www.ecb.europa.eu/stats/exchange, (03.07.2018).
  • ECB (2018). Government debt to GDP, https://sdw.ecb.europa.eu, (03.07.2018).
  • ECB (2018). Structure of the euro area economy, https://www.ecb.europa.eu/mopo/eaec/html/index.en.html, (03.07.2018).
  • ECB (2018). The international role of the euro, Interim Report.
  • ECB (2015). The international role of the euro, 14th Annual Review Report of the International Role of the Euro.
  • Erarslan, C. and Timurtaş, M. E. (2015). Avrupa borç krizinin seçilmiş ülke örnekleri üzerindeki etkileri, Gazi İktisat ve İşletme Dergisi, 1(2).
  • Ersin, Ö.Ö. (2016). Küresel krizin avrupa birliği üzerindeki etkileri: parasal birlik altında iktisat politikalarına ilişkin bir değerlendirme, Ekonomik Kriz ve Avrupa Birliği, (Ed. Pınar Gedikkaya Bal ve Rana İzci), Derin Yayınları, İstanbul.
  • Eser, L.Y. and Ela, M. (2015). Avrupa borç krizi: nasıl, neden ve nereye?, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(1).
  • Eurofound (2014). Labour mobility in the EU: recent trends and policies, Publications Office of the European Union, Luxembourg.
  • European Commission (2016). International financial markets (IFM), http://ec.europa.eu/economy_finance/euro/world/markets/index_en.htm, (03.07.2018).
  • European Commission. (2016). The euro in the world (Euro), http://ec.europa.eu/economy_finance/ euro/world/index_en.htm, (03.07.2018).
  • European Commission (2018). The euro outside the euro area, https://ec.europa.eu/info/business-economy-euro/euro-area/euro/use-euro/euro-outside-euro-area_en, (03.07.2018).
  • Eurostat (2018). Development of the annual average inflation rates, http://ec.europa.eu/eurostat/statistics-explained, (03.07.2018).
  • Eurostat (2018). Economy and finance, http://ec.europa.eu/eurostat/ statistics-explained/ index.php/Economy_and_finance, (03.07.2018).
  • Eurostat (2018). Real GDP growth, http://ec.europa.eu/eurostat/statistics-explained/index.php?title=National_accounts_and_GDP, (03.07.2018).
  • Eurostat (2018). Unemployment statistics, http://ec.europa.eu/eurostat/ statistics-explained/index.php?title=File:Unemployment_rates_EU-28_EA-19_US_and_Japan_seasonally_adjusted_January_2000_April_2018.png, (01.07.2018).
  • Ferguson, N. (2008). The ascent of money: A financial history of the world, The Penguin Press, New York.
  • Hartmann, P. and Issing, O. (2002). The international role of the euro, Journal of Policy Modeling, 24(4).
  • IMF. (2009). Responding to the financial crisis and measuring systemic risk, Global Financial Stability Report / World Economic and Financial Surveys.
  • IMF (2017). World economic outlook report.
  • Ioannou, D., Jamet, J. and Kleibl, J. (2015). Spillovers and euroscepticism, European Central Bank Working Paper Series, No: 1815.
  • Krugman, P. R., Obstfeld M. and Melitz, M. (2012). International economics: theory and policy, 10th Edition, The Pearson Series in Economics.
  • Nandi, S. (2014). Economics of the International Financial System, Routhledge.
  • Stiglitz, J. E. (2016). The euro: and its threat to the future of europe, Allen Lane Publication.
  • Trading Economics (2018). Euro area government debt to GDP, http://tradingeconomics.com/euro-area/government-debt-to-gdp, (03.07.2018).
  • Trading Economics (2018). Euro dollar exchange rate, http://www.tradingeconomics.com/euro-area/currency, (03.07.2018).
  • Trading Economics (2018). Euro area interest rate, http://www.tradingeconomics.com/euro-area/interest-rate, (03.07.2018).
  • Türel, O. (2013). Avrupa birliği’nde ekonomik ve parasal birlik süreci: geçmiş ve gelecek, ODTÜ Gelişme Dergisi, 40(2).

Euro’nun Küresel Ekonomideki Yeri ve Euro Alanı Krizinin Etkileri

Year 2018, Volume: 1 Issue: 2, 196 - 221, 24.12.2018
https://doi.org/10.35235/uicd.471059

Abstract

ABD’nin ekonomik ve dolayısıyla parasal
üstünlüğünün bir fonksiyonu olan Bretton Woods Antlaşması ile belirlenen
ilkelerin uluslararası sistemin çerçevesini çizdiği dönemde, Avrupa’daki
bütünleşme dinamikleri de hız kazanmıştır. Dönemin çift kutuplu yapısı da
dikkate alındığında, küresel konularda Avrupa’nın ekonomik ve politik
ağırlığının artırılmasına yönelik bir çaba olarak başlayan ekonomik bütünleşme,
farklı evrelerden geçerek parasal birlik düzeyine ulaşmıştır. Böylece
oluşturduğu ortak para birimi ve ortak merkez bankasıyla AB, yalnızca birlik
içi bütünleşme düzeyini geliştirmekle kalmamış, Amerikan Doları’nın mutlak
egemenliğiyle şekillenen uluslararası parasal ilişkileri de dönüştürebilecek
bir potansiyeli harekete geçirmiştir. Buradan hareketle bu çalışmada, Euro’nun
küresel ölçekteki konumu ve etkileri incelenmiştir. Bu inceleme, küresel finans
krizinin Euro Alanı’ndaki yansımaları ve küresel ölçekteki en etkin değişim
aracı olan Dolar’ın belirleyiciliği de dikkate alınarak yapılmış ve
istatistiksel analizlerle somutlaştırılmıştır.

References

  • Aglietta, M. (1987). L'intégration monétaire et financière internationale: Un défi pour l'Europe, Revue Française d'Économie, 2(3).
  • Archick, K. (2017). The european union: current challenges and future prospects, Congressional Research Service Report, https://fas.org/sgp/crs/row/ R44249.pdf, (01.07.2018).
  • Bal, P.G. and İzci, R. (ed.) (2016). Ekonomik kriz ve avrupa birliği, Derin Yayınları, İstanbul.
  • Balkır, C. (2010). Uluslararası ekonomik bütünleşme: Kuram, politika ve uygulama - AB ve dünya örnekleri, İstanbul Bilgi Üniversitesi Yayınları.
  • Bayar, Y. (2014). Euro bölgesi borç krizi ile avrupa döviz mekanizması krizi’nin karşılaştırmalı analizi”, Yönetim ve Ekonomi Araştırmaları Dergisi, No: 22.
  • BBC (2017). Italian bank shares tumble after vote, http://www.bbc.com/news/business-38203813, (01.07.2018).
  • Boles, K., McDonald, F. and Healey, N. (2002). The euro: a future international currency, European integration in the 21st century, (Ed. Mary Farrell, Stefano Fella ve Michael Newman), Sage Publications, London.
  • Boratav, K. (2011). Borç krizi mi, avro krizi mi?, Birgün, 08.11.2011, http://www.birgun.net/haber-detay/borc-krizi-mi-avro-nun-krizi-mi-14532.html, (01.07.2018).
  • Carchedi, G. (2009). Başka bir avrupa için: Avrupa ekonomik bütünleşmesinin sınıf tahlili, Yordam Kitap, İstanbul.
  • Cengiz, Ç. (2018). Döviz kurları, euro ve türkiye ekonomisi, İmaj Yayınları, Ankara.
  • De Grauwe, P. (2016). Economics of monetary union, 11th Edition, Oxford University Press.
  • ECB (2018). Benchmark interest rate, http://www.ecb.europa.eu/ (03.07.2018).
  • ECB (2018). Euro exchange rates, https://www.ecb.europa.eu/stats/exchange, (03.07.2018).
  • ECB (2018). Euro foreign exchange reference rates, https://www.ecb.europa.eu/stats/exchange, (03.07.2018).
  • ECB (2018). Government debt to GDP, https://sdw.ecb.europa.eu, (03.07.2018).
  • ECB (2018). Structure of the euro area economy, https://www.ecb.europa.eu/mopo/eaec/html/index.en.html, (03.07.2018).
  • ECB (2018). The international role of the euro, Interim Report.
  • ECB (2015). The international role of the euro, 14th Annual Review Report of the International Role of the Euro.
  • Erarslan, C. and Timurtaş, M. E. (2015). Avrupa borç krizinin seçilmiş ülke örnekleri üzerindeki etkileri, Gazi İktisat ve İşletme Dergisi, 1(2).
  • Ersin, Ö.Ö. (2016). Küresel krizin avrupa birliği üzerindeki etkileri: parasal birlik altında iktisat politikalarına ilişkin bir değerlendirme, Ekonomik Kriz ve Avrupa Birliği, (Ed. Pınar Gedikkaya Bal ve Rana İzci), Derin Yayınları, İstanbul.
  • Eser, L.Y. and Ela, M. (2015). Avrupa borç krizi: nasıl, neden ve nereye?, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(1).
  • Eurofound (2014). Labour mobility in the EU: recent trends and policies, Publications Office of the European Union, Luxembourg.
  • European Commission (2016). International financial markets (IFM), http://ec.europa.eu/economy_finance/euro/world/markets/index_en.htm, (03.07.2018).
  • European Commission. (2016). The euro in the world (Euro), http://ec.europa.eu/economy_finance/ euro/world/index_en.htm, (03.07.2018).
  • European Commission (2018). The euro outside the euro area, https://ec.europa.eu/info/business-economy-euro/euro-area/euro/use-euro/euro-outside-euro-area_en, (03.07.2018).
  • Eurostat (2018). Development of the annual average inflation rates, http://ec.europa.eu/eurostat/statistics-explained, (03.07.2018).
  • Eurostat (2018). Economy and finance, http://ec.europa.eu/eurostat/ statistics-explained/ index.php/Economy_and_finance, (03.07.2018).
  • Eurostat (2018). Real GDP growth, http://ec.europa.eu/eurostat/statistics-explained/index.php?title=National_accounts_and_GDP, (03.07.2018).
  • Eurostat (2018). Unemployment statistics, http://ec.europa.eu/eurostat/ statistics-explained/index.php?title=File:Unemployment_rates_EU-28_EA-19_US_and_Japan_seasonally_adjusted_January_2000_April_2018.png, (01.07.2018).
  • Ferguson, N. (2008). The ascent of money: A financial history of the world, The Penguin Press, New York.
  • Hartmann, P. and Issing, O. (2002). The international role of the euro, Journal of Policy Modeling, 24(4).
  • IMF. (2009). Responding to the financial crisis and measuring systemic risk, Global Financial Stability Report / World Economic and Financial Surveys.
  • IMF (2017). World economic outlook report.
  • Ioannou, D., Jamet, J. and Kleibl, J. (2015). Spillovers and euroscepticism, European Central Bank Working Paper Series, No: 1815.
  • Krugman, P. R., Obstfeld M. and Melitz, M. (2012). International economics: theory and policy, 10th Edition, The Pearson Series in Economics.
  • Nandi, S. (2014). Economics of the International Financial System, Routhledge.
  • Stiglitz, J. E. (2016). The euro: and its threat to the future of europe, Allen Lane Publication.
  • Trading Economics (2018). Euro area government debt to GDP, http://tradingeconomics.com/euro-area/government-debt-to-gdp, (03.07.2018).
  • Trading Economics (2018). Euro dollar exchange rate, http://www.tradingeconomics.com/euro-area/currency, (03.07.2018).
  • Trading Economics (2018). Euro area interest rate, http://www.tradingeconomics.com/euro-area/interest-rate, (03.07.2018).
  • Türel, O. (2013). Avrupa birliği’nde ekonomik ve parasal birlik süreci: geçmiş ve gelecek, ODTÜ Gelişme Dergisi, 40(2).
There are 41 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Çağdaş Cengiz 0000-0002-7606-5842

Publication Date December 24, 2018
Submission Date October 16, 2018
Acceptance Date October 30, 2018
Published in Issue Year 2018 Volume: 1 Issue: 2

Cite

APA Cengiz, Ç. (2018). The Role of Euro in Global Economy and the Effects of The Eurozone Crisis. Uluslararası İnsan Çalışmaları Dergisi, 1(2), 196-221. https://doi.org/10.35235/uicd.471059
AMA Cengiz Ç. The Role of Euro in Global Economy and the Effects of The Eurozone Crisis. Uluslararası İnsan Çalışmaları Dergisi. December 2018;1(2):196-221. doi:10.35235/uicd.471059
Chicago Cengiz, Çağdaş. “The Role of Euro in Global Economy and the Effects of The Eurozone Crisis”. Uluslararası İnsan Çalışmaları Dergisi 1, no. 2 (December 2018): 196-221. https://doi.org/10.35235/uicd.471059.
EndNote Cengiz Ç (December 1, 2018) The Role of Euro in Global Economy and the Effects of The Eurozone Crisis. Uluslararası İnsan Çalışmaları Dergisi 1 2 196–221.
IEEE Ç. Cengiz, “The Role of Euro in Global Economy and the Effects of The Eurozone Crisis”, Uluslararası İnsan Çalışmaları Dergisi, vol. 1, no. 2, pp. 196–221, 2018, doi: 10.35235/uicd.471059.
ISNAD Cengiz, Çağdaş. “The Role of Euro in Global Economy and the Effects of The Eurozone Crisis”. Uluslararası İnsan Çalışmaları Dergisi 1/2 (December 2018), 196-221. https://doi.org/10.35235/uicd.471059.
JAMA Cengiz Ç. The Role of Euro in Global Economy and the Effects of The Eurozone Crisis. Uluslararası İnsan Çalışmaları Dergisi. 2018;1:196–221.
MLA Cengiz, Çağdaş. “The Role of Euro in Global Economy and the Effects of The Eurozone Crisis”. Uluslararası İnsan Çalışmaları Dergisi, vol. 1, no. 2, 2018, pp. 196-21, doi:10.35235/uicd.471059.
Vancouver Cengiz Ç. The Role of Euro in Global Economy and the Effects of The Eurozone Crisis. Uluslararası İnsan Çalışmaları Dergisi. 2018;1(2):196-221.

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