The Eurozone Crisis: Phoenix Miracle or Lost Decade?

Barry Eichengreen, Naeun Jung, Stephen Moch, Ashoka Mody

Research output: Contribution to journalArticlepeer-review

21 Scopus citations


We analyze why the Eurozone crisis increasingly resembles Latin America's lost decade instead of Asia's phoenix miracle, emphasizing the roles of the real exchange rate, the external environment, and debt restructuring. In addition, we contrast the adjustment to housing bubbles in Ireland, Spain and the U.S. Here our explanation for the contrast departs from the conventional wisdom in placing less emphasis on labor mobility but more on participation rates and bank mergers and acquisitions in the adjustment process.

Original languageEnglish (US)
Pages (from-to)288-308
Number of pages21
JournalJournal of Macroeconomics
Issue numberPB
StatePublished - 2014

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


  • Banking crisis
  • Fiscal policy
  • Housing bubble
  • Phoenix miracle


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