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Sovereign Credit Risk in the Eurozone

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  • Jamal Ibrahim Haidar
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    Abstract

    What is the current state of sovereign credit risk across the Eurozone? Does the recent fiscal crisis extend to other (non-Eurozone) countries? Is Greece the centre of the problem? How did the current fiscal crisis in the Euro area start? Who is behind it? How can it evolve? How can it be addressed? And, is a fiscally challenged country likely to want to leave the Eurozone? This article addresses these questions, argues that a fiscally weak country is better off in the Eurozone than outside it, and finds that a feasible policy tool can be a bailout associated with tough fiscal conditionality. It also shows that sovereign credit risk adjustment in the Eurozone can happen, using various measures, but not without ‘fiscal pain’.

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    File URL: http://www.world-economics-journal.com/Contents/ArticleOverview.aspx?ID=511
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    Bibliographic Info

    Article provided by World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE in its journal World Economics Journal.

    Volume (Year): 13 (2012)
    Issue (Month): 1 (January)
    Pages: 123-136

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    Handle: RePEc:wej:wldecn:511

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," NBER Working Papers 15639, National Bureau of Economic Research, Inc.
    2. Jamal Ibrahim Haidar, 2009. "The mark-to-market valuation and executive pay package regulations within the 2009 US (Bailout) Emergency Economic Stabilization Act," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 12(3), pages 189-199.
    3. Reinhart, Carmen M. & Rogoff, Kenneth S., 2010. "Growth in a Time of Debt," Scholarly Articles 11129154, Harvard University Department of Economics.
    4. World Bank, 2010. "Global Economic Prospects 2010 : Crisis, Finance, and Growth," World Bank Publications, The World Bank, number 2415, October.
    5. Haidar, Jamal Ibrahim, 2009. "Investor protections and economic growth," Economics Letters, Elsevier, vol. 103(1), pages 1-4, April.
    6. Haidar, Jamal Ibrahim, 2012. "Currency crisis transmission through international trade," Economic Modelling, Elsevier, vol. 29(2), pages 151-157.
    7. Brian Sturgess, 2010. "Greek Economic Statistics: A Decade of Deceit," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 11(2), pages 67-100, April.
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    Cited by:
    1. Altman, Edward & Rijken, Herbert, 2012. "Toward a bottom-up approach to assessing sovereign default risk: an update," Journal of Financial Transformation, Capco Institute, vol. 34, pages 19-29.
    2. Aysan, Ahmet Faruk & Ermişoğlu, Ergun, 2013. "Eurozone Debt Crisis and its Effects on Turkish Economy," MPRA Paper 50501, University Library of Munich, Germany.
    3. Massimiliano Caporin & Loriana Pelizzon & Francesco Ravazzolo & Roberto Rigobon, 2013. "Measuring Sovereign Contagion in Europe," NBER Working Papers 18741, National Bureau of Economic Research, Inc.
    4. Daniel Daianu, 2012. "Euro Zone Crisis and EU Governance: Tackling a Flawed Design and Inadequate Policy Arrangements," CASE Network Studies and Analyses 433, CASE-Center for Social and Economic Research.
    5. M R Anand & G L Gupta & Ranjan Dash, 2012. "The Euro Zone Crisis and its Dimensions and Implications," Working Papers id:4764, eSocialSciences.

    Lists

    This item is featured on the following reading lists or Wikipedia pages:
    1. Crisis del euro in Wikipedia Spanish ne '')
    2. Crise da dívida pública da Zona Euro in Wikipedia Portuguese ne '')
    3. Європейська боргова криза in Wikipedia Ukranian ne '')
    4. Eurokrise in Wikipedia German ne '')
    5. Wikipédia:Café dos tradutores/Arquivo/2012 in Wikipedia Portuguese ne '')
    6. Европейский долговой кризис in Wikipedia Russian ne '')

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