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La crise grecque. Leçons pour l'Europe

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  • Daniel Cohen

    (PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

Cet article analyse le déroulement de la crise grecque, à compter de l'automne 2009, et en tire une série d'enseignements en ce qui concerne les mécanismes de résolution des crises souveraines en Europe. Après un examen chronologique de la crise grecque, le rôle des agences de notation est mis en exergue, avant de proposer un modèle de défaut souverain avec équilibres multiples et anticipations auto-réalisatrices, de nature à justifier l'adoption de règles de solidarité financière face au risque de crise de l'endettement souverain au sein de la zone euro.

Suggested Citation

  • Daniel Cohen, 2011. "La crise grecque. Leçons pour l'Europe," PSE-Ecole d'économie de Paris (Postprint) halshs-00754539, HAL.
    • Handle: RePEc:hal:pseptp:halshs-00754539
    DOI: 10.3917/reco.623.0383
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    References listed on IDEAS

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    1. Graciela Kaminsky & Sergio L. Schmukler, 2002. "Emerging Market Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns?," The World Bank Economic Review, World Bank, vol. 16(2), pages 171-195, August.
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    4. Jürgen von Hagen & Jean Pisani-Ferry & André Sapir & Francois Gianviti & Anne O. Krueger, . "A European mechanism for sovereign debt crisis resolution- a proposal," Blueprints, Bruegel, number 446, December.
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    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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