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Youth unemployment and financial crisis : NEET rates in the PIGS countries

Hell, D.M. (2016) Youth unemployment and financial crisis : NEET rates in the PIGS countries.

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Abstract:During the period between 2006 and 2013, the Eurozone economy has witnessed the consequences of a manifold scenario of financial crises, all originating from the same credit crunch phenomenon as a feature of financial instability. On the economic surface of this scenario, NEET rates of young adults between 25 and 29 increased drastically in the PIGS countries during this period, as a real life implication of financial disorder and growing imbalances. Next to that, the developments from a banking crisis turning into a sovereign debt crisis forwarded Eurozone financial crisis management to the political agenda, resulting in the construction of the Troika and supply-side economic adjustment programs for the PIGS, in order to prevent their sovereign defaults and to enhance financial stability. This paper uncovers that financial crisis, financial crisis management and risen NEET rates have been antagonists between 2006 and 2013. Moreover, it examines the interaction between the demand-led and debt financed economies of the PIGS with Troika based financial crisis management. Thereby, it uncovers the fact the Eurozone currently misses the tools of a fiscal union, in order to address imbalances effectively, concerning which Troika lead financial crises management failed. The vulnerability of NEET rates of young adults in the PIGS countries to financial crises points at demand for concerted political action in order to address the problem financial instability weak Eurozone coordination, which is undermined by core-periphery power politics.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:88 social and public administration, 89 political science
Programme:European Studies BSc (56627)
Link to this item:http://purl.utwente.nl/essays/70935
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