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Author : Theoharry Grammatikos
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (837 download)
Download or read book Transmission of the Financial and Sovereign Debt Crisis to the EMU written by Theoharry Grammatikos and published by . This book was released on 2011 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Phoebus L. Athanassiou
Publisher : Routledge
ISBN 13 : 1000423093
Total Pages : 165 pages
Book Rating : 4.0/5 (4 download)
Download or read book The European Sovereign Debt Crisis written by Phoebus L. Athanassiou and published by Routledge. This book was released on 2021-08-23 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Sovereign Debt Crisis: Breaking the Vicious Circle between Sovereigns and Banks explains why the euro area’s progress towards reining in the risks arising from the well-documented bi-directional financial contagion transmission mechanism that links sovereigns to commercial banks has been more prominent compared to the channel of contagion moving from banks to sovereigns. Providing an analysis of the legal and regulatory measures that Europe and the euro area have taken to mitigate the exposure of sovereigns to financial crises generated by commercial banks, this book draws attention to areas where improvements to the arsenal of tools hitherto introduced are either desirable or necessary. Chapters further explain – with recourse to economic and legal arguments – why the channel of contagion moving from sovereigns to commercial banks has proven harder to close, and explores ways in which progress could be made in the direction of closing it so as to avert the risk of future banking sector crises. This work provides essential reading for students, researchers and practitioners with an interest in sovereign debt crises and the euro-area banking system.
Author : Fernando Fernández Rodríguez
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (96 download)
Download or read book Financial Stress Transmission in EMU Sovereign Bond Market Volatility written by Fernando Fernández Rodríguez and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Aristidis Bitzenis
Publisher : Cambridge Scholars Publishing
ISBN 13 : 1443867837
Total Pages : 396 pages
Book Rating : 4.4/5 (438 download)
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.
Author : Silvia Pepino
Publisher : Springer
ISBN 13 : 1137511648
Total Pages : 185 pages
Book Rating : 4.1/5 (375 download)
Download or read book Sovereign Risk and Financial Crisis written by Silvia Pepino and published by Springer. This book was released on 2015-08-11 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an original and timely insight into the role that the domestic and international political economy played in the Eurozone sovereign debt crisis, combining an innovative theoretical framework with in-depth bond market analysis.
Author : António Afonso
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (962 download)
Download or read book The Monetary Transmission Mechanism in the Euro Area written by António Afonso and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Johann Gross
Publisher : GRIN Verlag
ISBN 13 : 366838018X
Total Pages : 85 pages
Book Rating : 4.6/5 (683 download)
Download or read book The Crisis-Oriented Monetary Policy of the ECB. Consequences for the EMU-States written by Johann Gross and published by GRIN Verlag. This book was released on 2017-01-16 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2015 in the subject Economics - Monetary theory and policy, grade: 1, University of applied sciences, Nürnberg, course: International Management, language: English, abstract: With the launch of the Eurozone as a monetary union and the EU as a supranational amalgamation of sovereign countries, the European debt crisis tangents nearly all member states and does not limit itself to several countries. Exactly here the shoe pinches, as former national problems transferred into international challenges with economic and social costs for a higher group of states which have to bear the consequences. The first problem is, that the stability-oriented monetary policy of the ECB turned into crisis-oriented operations and unconventional monetary decisions which potentially will convert in real consequences for the EMU states and cause economic costs. Second, the European debt crisis is not solved by bailing out countries like the PIIGS states, as governments still increase their public debts, the EU and its institutions only achieve a suspension of the problem but does not resolve it by the roots. Most of the so called PIIGS states, did not use the low-interest period to remove the debt level and to reform their economic structure for a higher economic competitiveness which would have an effect on the GDP. Rather, some states increased their public debts and had a decrease in the GDP, which definitely turns into a grave situation.
Author : Michael G. Arghyrou
Publisher :
ISBN 13 : 9789279149221
Total Pages : 45 pages
Book Rating : 4.1/5 (492 download)
Download or read book The EMU Sovereign-debt Crisis written by Michael G. Arghyrou and published by . This book was released on 2011 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We offer a detailed empirical investigation of the European sovereign debt crisis based on the theoretical model by Arghyrou and Tsoukalas (2010). We find evidence of a marked shift in market pricing behaviour from a 'convergence-trade' model before August 2007 to one driven by macro-fundamentals and international risk thereafter. The majority of EMU countries have experienced contagion from Greece. There is no evidence of significant speculation effects originating from CDS markets. Finally, the escalation of the Greek debt crisis since November 2009 is confirmed as the result of an unfavourable shift in country specific market expectations. Our findings highlight the necessity of structural, competitiveness-inducing reforms in periphery EMU countries and institutional reforms at the EMU level enhancing intra-EMU economic monitoring and policy co-ordination."--Publication information p.
Author : Go Tamakoshi
Publisher :
ISBN 13 : 9781138799073
Total Pages : 0 pages
Book Rating : 4.7/5 (99 download)
Download or read book The European Sovereign Debt Crisis and Its Impacts on Financial Markets written by Go Tamakoshi and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on European banks and analyzes many different aspects of a debt crisis. It covers the cause and the various implications that results from it, allowing a deeper understanding of the effect to enable one to formulate prevention measures and diversification strategies.
Author : Michele Chang
Publisher : Routledge
ISBN 13 : 131763912X
Total Pages : 246 pages
Book Rating : 4.3/5 (176 download)
Download or read book Redefining European Economic Governance written by Michele Chang and published by Routledge. This book was released on 2016-04-14 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis and sovereign debt crisis exposed the inadequacy of European economic governance. Despite the multitude of new mechanisms and institutions that have arisen over the last few years, many contend that economic governance remains inadequate and the EU must integrate even further to calm still-volatile markets. A tension exists between creating effective instruments that will not overstep the authority delegated to an EU that has integrated economically but not politically. Can the EU’s economic governance system satisfy the demands of markets and politics? Relevant issues include the ability of supranational institutions to dictate policy to national governments, the harmonization of economic policies and institutions across Europe, and a substantial increase in the transfer of funds across borders. Can monetary union continue without political union? How will the new institutions alter the distribution of power between EU institutions as well as between member states? This edited volume analyzes the major policy challenges and institutional mechanisms at the EU- and international levels to combat the global financial crisis and the EU’s sovereign debt crisis such as financial integration, fiscal cooperation, and the rising power of the ECB. This book was published as a special issue of the Journal of European Integration.
Author : Carlos A. Primo Braga
Publisher : World Bank Publications
ISBN 13 : 0821385437
Total Pages : 528 pages
Book Rating : 4.8/5 (213 download)
Download or read book Sovereign Debt and the Financial Crisis written by Carlos A. Primo Braga and published by World Bank Publications. This book was released on 2010-11-16 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market and developed countries face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing and emerging market countries.
Author : European Commission. Directorate-General for Economic and Financial Affairs
Publisher :
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.:/5 (318 download)
Download or read book Public Debt and Fiscal Policy in EMU written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2001 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Victor Beker
Publisher :
ISBN 13 : 9781848902084
Total Pages : 294 pages
Book Rating : 4.9/5 (2 download)
Download or read book The European Crisis written by Victor Beker and published by . This book was released on 2016-09-01 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the 2008 financial meltdown, the American crisis soon infected the European financial system, becoming both a sovereign debt crisis and a banking debacle in many peripheral Euro area countries. The European crisis spread quickly among closely integrated economies and the implementation of austerity policies reinforced a spiral of economic contractions and provoked a rising political rebellion. This World Economics Association book, edited by Victor Baker and Beniamino Moro, was written to address monetary, financial and debt issues, alongside the questions of social stabilization, strategies for structural reform and economic growth that may be re-considered to frame new economic perspectives for Europe. The call for reflection is persuasively made by the contributors: Jacques Sapir; Gerson Lima; Carmelo Ferlito; Merijn Knibbe; Enrico Marelli and Marcello Signorelli; Tom Vleeschhouwer and Tara Koning; Cristiano Boaventura Duarte and AndrE de Melo Modenesi; Dimitri B. Papadimitriou, Michalis Nukiforos and Gennaro Zezza. "The World Economics Association's on-line forums are an important step toward the goal of open exchange on policy questions among economists of diverse views world-wide. I congratulate Victor Beker and Beniamin Moro, who here bring together a set of important papers on the European question." James K. Galbraith, The University of Texas at Austin "The huge debates on the future of the European Union as well as the management of the Euro are among the hottest issues in both contemporary politics and finance. The papers in this volume offer a broad survey of the terrain and a broad menu of possible solutions. The authors and the World Economics Association have provided a major public service with this text of great interest for both the general public and for policymakers." Carlos Marichal, El Colegio de MExico "The European Union is suffering from many crises - and many self-inflicted through the structures of the Eurozone. This book is to be highly welcomed for debating the causes of those crises and seeking ways forward. The chapters here offer two contrasting routes away from the crisis of the Eurozone: radical reforms of the economic governance of EMU with creation of a viable monetary union, a sensible fiscal policy and building convergence or the orderly dismantaling of the euro and arrangements to co-ordinate currencies. These authors have set out agendas - when will the policy makers join the debates?" Malcolm Sawyer, University of Leeds, UK
Author : Beniamino Moro
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (13 download)
Download or read book Lessons from the European Economic and Financial Great Crisis written by Beniamino Moro and published by . This book was released on 2013 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses several key issues regarding the present European economic and financial Great Crisis, which essentially is a twin sovereign debt and banking crisis. The shift of the recent world financial crisis into a European sovereign debt crisis is tackled by analysing how via the banking system the financial contagion was extended from the US to Europe. The explanation focuses on the imbalances of European Monetary Union (EMU) countries balance-of-payments. The European crisis has shown that it can spread quickly among closely integrated economies, either through the trade channel or the financial channel, or both. In this context, TARGET2 payment system of EMU countries became crucial, reflecting funding stress in the banking systems of crisis-hit European countries. The paper concludes that, in the medium term, a successful crisis resolution requires more political integration, which will include a fiscal union and a banking union. However, in the short run, a prompt recovery is essential to get out from the troubles, and this requires that surplus countries (particularly Germany) expand aggregate demand and let domestic wages and the ensuing inflation rate increase.
Author : Maximilian Podstawski
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (13 download)
Download or read book What Drives EMU Current Accounts? A Time Varying Structural VAR Approach written by Maximilian Podstawski and published by . This book was released on 2016 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current account imbalances have been a decisive feature of the European banking and sovereign debt crisis. This paper investigates the drivers of euro area current accounts, their divergence and subsequent rebalancing, within a structural model accommodating potential regime changes at the introduction of the common currency and the onset of the financial crisis. In the run-up to the crisis domestic demand shocks account for a substantial fraction in the current account deficits of EMU periphery countries -- the mirror image of Germany's foreign demand driven surplus. While supply side factors also explain part of the current account deficits in Italy, Spain and Portugal in the years before the crisis, shocks to price competitiveness or foreign demand played a minor role for those economies. The adjustment subsequent to the financial crisis was borne partly by a contraction in demand in the economies running deficits, but is also due to adverse supply shocks implying lower growth perspectives.
Author :
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (13 download)
Download or read book The EMU Sovereign-debt Crisis written by and published by . This book was released on 2010 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We offer a detailed empirical investigation of the European sovereign debt crisis. We find evidence of a marked shift in market pricing behaviour from a 'convergence-trade' model before August 2007 to one driven by macro-fundamentals and international risk thereafter. The majority of EMU countries have experienced contagion from Greece. There is no evidence of significant speculation effects originating from CDS markets. Finally, the escalation of the Greek debt crisis since November 2009 is confirmed as the result of an unfavourable shift in country-specific market expectations. Our findings highlight the necessity of structural, competitiveness-inducing reforms in periphery EMU countries and institutional reforms at the EMU level enhancing intra-EMU economic monitoring and policy co-ordination.
Author : Samuel Dahan
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (961 download)
Download or read book A Path-dependent Deadlock: Institutional Causes of the Euro Crisis written by Samuel Dahan and published by . This book was released on 2015 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
