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Have Contagion Effects Occurred In The Eurozone During The Sovereign Debt Crisis
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Book Synopsis Have Contagion Effects Occurred in the Eurozone During the Sovereign Debt Crisis? by : Nico Asperti
Download or read book Have Contagion Effects Occurred in the Eurozone During the Sovereign Debt Crisis? written by Nico Asperti and published by . This book was released on 2020 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to detect the existence of financial contagion effects in the Eurozone countries during the sovereign debt crisis.To achieve this purpose, the authors will analyse the contagion effects through the event study methodology and simple regression model, investigating how relevant European press releases (since now called news) affected the performance of Credit Default Swap (CDS), which is a widely used type of credit derivative able to protect an investor from the counter-party's inability to repay its debt.In the study the authors will consider the CDS of three European countries, such as Greece, Germany and United Kingdom, which have different economic and monetary conditions between each other.In conclusion, the outputs of the study will highlight that a financial contagion exists among the selected news and the Eurozone countries, Greece and Germany; whereas there is no considerable evidence of contagion on United Kingdom's CDS.
Book Synopsis The European Sovereign Debt Crisis and Its Impacts on Financial Markets by : Go Tamakoshi
Download or read book The European Sovereign Debt Crisis and Its Impacts on Financial Markets written by Go Tamakoshi and published by Routledge. This book was released on 2015-02-11 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis saw many Eurozone countries bearing excessive public debt. This led the government bond yields of some peripheral countries to rise sharply, resulting in the outbreak of the European sovereign debt crisis. The debt crisis is characterized by its immediate spread from Greece, the country of origin, to its neighbouring countries and the connection between the Eurozone banking sector and the public sector debt. Addressing these interesting features, this book sheds light on the impacts of the crisis on various financial markets in Europe. This book is among the first to conduct a thorough empirical analysis of the European sovereign debt crisis. It analyses, using advanced econometric methodologies, why the crisis escalated so prominently, having significant impacts on a wide range of financial markets, and was not just limited to government bond markets. The book also allows one to understand the consequences and the overall impact of such a debt crisis, enabling investors and policymakers to formulate diversification strategies, and create suitable regulatory frameworks.
Book Synopsis Reflections on the Greek Sovereign Debt Crisis by : Aristidis Bitzenis
Download or read book Reflections on the Greek Sovereign Debt Crisis written by Aristidis Bitzenis and published by Cambridge Scholars Publishing. This book was released on 2014-09-26 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro was generally considered a success in its first decade. Nevertheless, the “unanticipated” financial crisis in the summer of 2007 has developed gradually into the worst global economic crisis in post-war economic history and a sovereign debt crisis, calling into question the endurance of positive externalities under the current form of European economic integration. The experience of double-dip recessions in the core of the euro-area and the occurrence of a deflationary spiral in its southern periphery brings into question the wisdom of fiscal consolidation via austerity in the adjustment programmes adopted to exit the crisis. They also put into doubt the adequacy and efficiency of the European Economic and Monetary Union’s core elements, its political instruments and macroeconomic assumptions, as can be seen in the role of the Stability and Growth Pact and the stance of the European Central Bank. The title of this collective volume refers to the country where the European sovereign debt crisis began, while its contents concentrate on the extent to which this crisis should be a national or a European concern. Moreover, the focus on Greece stimulates discussion about the neglected factor of the shadow economy and the potential to boost government revenue through its successful transfer to the formal economy. The chapters address the inefficiencies of both euro-area institutions and policies adopted to exit the current predicament. Experts from several disciplines review the literature and critically evaluate the existence of issues such as contagion effects, domino effects, deflationary spirals, institutional efficiency and the reality of the option to exit the euro-area.
Book Synopsis The Debt Crisis in the Eurozone by : Nikos Petropoulos
Download or read book The Debt Crisis in the Eurozone written by Nikos Petropoulos and published by Cambridge Scholars Publishing. This book was released on 2014-06-02 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past four years, the countries of the European periphery – the so-called PIIGS (Portugal, Ireland, Italy, Greece and Spain) – have been experiencing an economic-financial crisis that can only be compared to the Great Depression. To solve the crisis, the EU and the IMF instituted bailout programs for the debit countries on conditions of austerity and structural reforms. In this volume 20 social scientists, using both theoretical and empirical tools, delve into the causes and the social impacts of this crisis. The volume also provides an excellent background for a better comprehension of the dynamics of structural and political changes now taking place within the European Union. The social impacts cover a range of consequences, including poverty, unemployment, anti-migrant attitudes, a decline of welfare and health indicators, post-traumatic stress disorders, national humiliation, political alienation and social protest. The authors analyse the “international” and the “domestic” causes of the crisis, while some of them underline the importance of both factors. In the concluding chapter, the editors undertake a synthesis of the previous chapters, and extract a number of policy recommendations that – if adopted – could transform the current financial crisis into a growth-opportunity for the European Union and its member states.
Book Synopsis The European Debt Crisis by : Ali Ari
Download or read book The European Debt Crisis written by Ali Ari and published by Cambridge Scholars Publishing. This book was released on 2014-03-17 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent global financial crisis is considered to be the most severe crisis which has led to a synchronised recession since the Great Depression in the 1930s. Europe is the most affected region in the world as a result of this crisis, and, as such, the sovereign debt crisis remains the most important issue in the Eurozone and threatens the future of the EU. This book provides answers, from both theoretical and empirical perspectives, to the following questions: What caused the global and European debt crises? What are the consequences of these crises? Why, despite the implementation of several policy measures, are these crises still affecting the world economy? What are the solutions to end the on-going crisis situation in the Eurozone? How can future crisis episodes in the world economy be prevented? Eleven quality papers from both academics and professionals are included in this volume, each of which provides a significant source, reference, and teaching supplement for researchers, policymakers and advanced graduate students. In addition, the papers collected here will also provide supplementary readings for advanced courses for graduate students in economics and European studies.
Book Synopsis External Public Debt, Trade Linkages and Contagion During the Eurozone Crisis by : Eleonora Cutrini
Download or read book External Public Debt, Trade Linkages and Contagion During the Eurozone Crisis written by Eleonora Cutrini and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the backdrop of the contagion literature, the paper analyses the impact of financial and trade linkages on sovereign bond spreads in the Eurozone crisis. Using quarterly data for a sample of EMU countries during the period 2000-13, we estimate fixed-effect panel models with Driscoll and Kraay standard errors that are robust to general forms of spatial and temporal dependence. Our main results can be summarised as follows: first, we suggest that the 'sudden stop' of capital inflow towards the peripheral sovereign debt triggered a re-segmentation of financial markets and economic systems along national borders, with negative implications for risk-sharing and the efficient allocation of capital. The 'home bias' effect - that is the increase in the share of sovereign debt held by domestic banks - worsened the country-specific risk because the twin crisis (sovereign and banking) began to be conceived as more closely intertwined within countries than before. Second, the structure of international trade helps to account for the geographic scope of contagion, even after controlling for macroeconomic and fiscal vulnerabilities. Finally, the 'substitution effect' of public debt securities of stand-alone emerging countries has affected more the sovereign spreads in the core than in the periphery.
Book Synopsis CoMap: Mapping Contagion in the Euro Area Banking Sector by : Mehmet Ziya Gorpe
Download or read book CoMap: Mapping Contagion in the Euro Area Banking Sector written by Mehmet Ziya Gorpe and published by International Monetary Fund. This book was released on 2019-05-10 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a novel approach to investigate and model the network of euro area banks’ large exposures within the global banking system. Drawing on a unique dataset, the paper documents the degree of interconnectedness and systemic risk of the euro area banking system based on bilateral linkages. We develop a Contagion Mapping model fully calibrated with bank-level data to study the contagion potential of an exogenous shock via credit and funding risks. We find that tipping points shifting the euro area banking system from a less vulnerable state to a highly vulnerable state are a non-linear function of the combination of network structures and bank-specific characteristics.
Book Synopsis The Pricing of Sovereign Risk and Contagion During the European Sovereign Debt Crisis by : John Beirne
Download or read book The Pricing of Sovereign Risk and Contagion During the European Sovereign Debt Crisis written by John Beirne and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyses the drivers of sovereign risk for 31 advanced and emerging economies during the European sovereign debt crisis. It shows that a deterioration in countries' fundamentals and fundamentals contagion - a sharp rise in the sensitivity of financial markets to fundamentals - are the main explanations for the rise in sovereign yield spreads and CDS spreads during the crisis, not only for euro area countries but globally. By contrast, regional spillovers and contagion have been less important, including for euro area countries. The paper also finds evidence for herding contagion - sharp, simultaneous increases in sovereign yields across countries - but this contagion has been concentrated in time and among a few markets. Finally, empirical models with economic fundamentals generally do a poor job in explaining sovereign risk in the pre-crisis period for European economies, suggesting that the market pricing of sovereign risk may not have been fully reflecting fundamentals prior to the crisis.
Book Synopsis Financial Contagion During the European Sovereign Debt Crisis by : Vassilios G. Papavassiliou
Download or read book Financial Contagion During the European Sovereign Debt Crisis written by Vassilios G. Papavassiliou and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Contagion is an elusive concept and several definitions have been used in the literature. According to Forbes and Rigobon (2002) contagion is defined as a significant increase in cross-market linkages after a shock to one country. In this paper we provide a selective literature review on international financial contagion, placing special emphasis on the ongoing European sovereign debt crisis. In summary, empirical research has pointed toward the existence of contagion effects during periods of financial turmoil. The paper summarizes various policy measures and institutional reforms that would help regulators and policy makers to deal with the adverse effects of contagion.
Book Synopsis The Effects of the Eurozone Sovereign Debt Crisis by : Christian Schweiger
Download or read book The Effects of the Eurozone Sovereign Debt Crisis written by Christian Schweiger and published by Routledge. This book was released on 2017-01-10 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book analyses the emerging centre-periphery divisions within the European Union which result from the unprecedented conditions created by the 2008-09 global financial crisis and the subsequent Eurozone sovereign debt crisis. The multiple layers of policy coordination which emerged in response to the crisis have initiated a process by which the EU is increasingly divided in terms of the level of vertical integration between the Eurozone core group and differentiated peripheries amongst the outsiders. At the same time the sovereign debt crisis has created a periphery of predominantly Southern European countries within the Eurozone that became dependent on external financial support from the other member states. The contributions in this book critically examine various aspects of the emerging internal post-crisis constellation of the EU. The main focus lies on national and supranational governance issues, national dynamics and dynamics in the Eurozone core as well as in the periphery. This book was originally published as a special issue of Perspectives on European Politics and Society.
Book Synopsis Is Contagion Infecting Your Portfolio? A Study of the Euro Sovereign Debt Crisis by : Dirk G. Baur
Download or read book Is Contagion Infecting Your Portfolio? A Study of the Euro Sovereign Debt Crisis written by Dirk G. Baur and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: For the euro debt crisis, we assess the relevance of financial contagion from an investor perspective. We find that contagion, which we identify through the joint occurrence of extremely negative bond returns, has only small and transitory effects on broad government bond portfolios. For portfolios with concentrated country exposures, the frequency of contagious events does not add information to a standard analysis of risk. Hence, contagion in the euro debt crisis appears to bear little relevance for market timing and country selection alike.
Book Synopsis Managing the Sovereign-Bank Nexus by : Mr.Giovanni Dell'Ariccia
Download or read book Managing the Sovereign-Bank Nexus written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2018-09-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Book Synopsis Contagion of the Eurozone Debt Crisis by : Lalith P. Samarakoon
Download or read book Contagion of the Eurozone Debt Crisis written by Lalith P. Samarakoon and published by . This book was released on 2014 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the contagion of the eurozone debt crisis to developed and emerging stock markets around the world. Using the VAR methodology, and changes in sovereign bond yields and stock returns of the crisis countries as proxies for the eurozone debt crisis, this paper finds strong and pervasive evidence of negative contagion from the crisis countries to other stock markets. Consistent with risk-on risk-off hypothesis, changes in sovereign bond yields of crisis countries impact stock returns positively during normal times and negatively during the crisis, providing strong evidence of negative contagion. The impact of equity returns of crisis countries on other equity markets is large and positive during normal times and less positive during the crisis, suggesting evidence of negative contagion and decoupling of stock markets during the crisis. The Asian markets do not show pervasive evidence of contagion from the eurozone crisis.
Book Synopsis Contagion Risks in the European Sovereign Debt Crisis by : Alesia Kalbaska
Download or read book Contagion Risks in the European Sovereign Debt Crisis written by Alesia Kalbaska and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Financial Contagion by : Stijn Claessens
Download or read book International Financial Contagion written by Stijn Claessens and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: No sooner had the Asian crisis broken out in 1997 than the witch-hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that - most prominently contagion - but also the decline in exports of the new commodities (high-tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been the key factor and, if so, what are the channels and mechanisms through which it operated in such a powerful manner. The question is obvious because until 1997, Asia's economies were generally believed to be immensely successful, stable and well managed. This question is of great importance not only in understanding just what happened, but also in shaping policies. In a world of pure contagion, i.e. when innocent bystanders are caught up and trampled by events not of their making and when consequences go far beyond ordinary international shocks, countries will need to look for better protective policies in the future. In such a world, the international financial system will need to change in order to offer better preventive and reactive policy measures to help avoid, or at least contain, financial crises.
Book Synopsis Disentangling Contagion Among Sovereign CDS Spreads During the European Debt Crisis by : Carmen Broto
Download or read book Disentangling Contagion Among Sovereign CDS Spreads During the European Debt Crisis written by Carmen Broto and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Sovereign Debt Crisis in Europe by : Angelo Arcelli
Download or read book The Sovereign Debt Crisis in Europe written by Angelo Arcelli and published by . This book was released on 2015 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The solution to the sovereign debt crisis and the restoration of confidence in the European project are critical for the long term stability and economic growth of the region, and for the stability of worldwide financial market. Defining debt sustainability is not an easy task. In the past, economic theory has suggested different proposals. European Union member countries decided to opt into a specific level of Public Debt to GDP ratio (60%) by signing the Maastricht Treaty and the Growth and Stability Pact.Public debt sustainability during the core of the financial crisis (2008-2010) became under stress. The heritage of such period is very different in the Eurozone, leaving weaker countries more exposed and Italy, in particular, given its large public debt, with very reduced margin for manoeuvre.What is now happening in Europe seem to be the response of a long path of uncertain developments and the return to a more focused planning on a long term financially stable union. In November 2014 the Single Supervisory mechanism (SSM) will be in place, allowing ECB to take over supervision responsibilities on the bulk of Eurozone banks (around 85% of the total assets as an aggregate). This step, followed by the developing of a Single Resolution Mechanism (SRM) in 2015 will allow Eurozone to have a fully fledged Central Bank.Will all this be enough to stabilize the Eurozone and revamp the path of European Union in the long term? The answer will come only from future event, but, nevertheless, it is sure that financial stability in a large area as Eurozone will require again a renewed path to convergence for national economies and a globally stable and ordered situation of public accounts. This may imply the need of further significant structural reforms and, possibly, a political agreement on the long term shape of the Union.
