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Sovereign Debt Crisis and National Policy Efficiency

Author

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  • Pavel E. Zhukov

    (Financial University under the Government of the Russia, Moscow, Russia)

Abstract

The article reviews the reasons of the international economic crisis in its present stage, i.e. sovereign debt crisis and proposes a hypothesis whereby the fundamental cause of the crisis is the continuing trade misbalance between the developed and developing countries. IS-LM and AS-AD models explain non-efficiency of the current anti-crisis policies and the risk of falling into the stagnation trap of the European Union and the US economies.

Suggested Citation

  • Pavel E. Zhukov, 2012. "Sovereign Debt Crisis and National Policy Efficiency," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 37-48, April.
    • Handle: RePEc:fru:finjrn:120205:p:37-48
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    More about this item

    Keywords

    international economic crisis; sovereign debt crisis; trade misbalance; current accounts balance; monetary policy; IS-LM model; AS-AD model; stagflation trap;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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