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European Debt Crisis: How a Public debt Restructuring Can Solve a Private Debt issue

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  • David Cayla

    ()
    (GRANEM - Groupe de Recherche Angevin en Economie et Management - Université d'Angers)

Abstract

The political and economic crisis in Europe is often viewed as an indirect consequence of the global financial and economic breakdowns caused by the US "subprime" crisis. European governments themselves tend to underestimate Europe's responsibility for the crisis and seem to prefer to manage the symptoms of the crisis rather than pursue a real recovery from it. This paper argues that the enforced policies are far from achieving an appropriate economic solution for the Eurozone. Moreover, it suggests that, although the European domestic debt situation is very close to the American one, their most recent evolutions and their main causes differ. If the growth of the American debt can partly be explained by macroeconomics imbalances, the causes of the growth of the European domestic debt must be found in a change in the behavior of the financial sector agents. The conclusion advocates for a more radical European policy to solve the debt bubble.

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File URL: http://halshs.archives-ouvertes.fr/docs/00/84/55/03/PDF/CAYLA_-_2013_-_European_Debt_Crisis_-_How_a_Public_Debt_Restructuring_Can_Solve_a_Private_Debt_Issue.pdf
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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00845503.

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Date of creation: 01 Jun 2013
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Publication status: Published, Journal of Economic Issues, 2013, 47, 2, 427-436
Handle: RePEc:hal:journl:halshs-00845503

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Keywords: european economy; financial crisis; macroeconomic imbalances; debt structure; debt bubble; macroeconomic policies;

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  1. Robert Guttmann & Dominique Plihon, 2010. "Consumer debt and financial fragility," International Review of Applied Economics, Taylor & Francis Journals, vol. 24(3), pages 269-283.
  2. Timothy A. Wunder, 2012. "Income Distribution and Consumption Driven Growth: How Consumption Behaviors of the Top Two Income Quintiles Help to Explain the Economy," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 46(1), pages 173-192, March.
  3. Yan Liang, 2012. "Global Imbalances and Financial Crisis: Financial Globalization as a Common Cause," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 46(2), pages 353-362, June.
  4. Palley, Thomas I., 2009. "America's exhausted paradigm: Macroeconomic causes of the financial crisis and great recession," IPE Working Papers 02/2009, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  5. Jon D. Wisman, 2008. "Household Saving, Class Identitiy, and Conspicuous Consumption," Working Papers 2008-19, American University, Department of Economics.
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