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The Euro Sovereign Debt Crisis and the Built-in Instability of the Euro

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  • Radu Vranceanu

    ()
    (Economics Department - ESSEC Business School)

Abstract

This policy paper aims at presenting the key facts related to the Euro sovereign debt crisis that occurred in the interval 2010-2012. It points out some main coordination failures that are at the origin of the crisis, and comments on the effectiveness of various stabilization measures undertook by governments and the EU institutions.

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File URL: http://hal-essec.archives-ouvertes.fr/docs/00/79/94/17/PDF/WP1211_update_march_2013.pdf
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Bibliographic Info

Paper provided by HAL in its series Working Papers with number hal-00766691.

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Date of creation: 01 Mar 2013
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Handle: RePEc:hal:wpaper:hal-00766691

Note: View the original document on HAL open archive server: http://hal-essec.archives-ouvertes.fr/hal-00766691
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Keywords: Euro sovereign debt crisis ; ECB ; EU ; coordination failure ; illiquidity ; fiscal and monetary policy;

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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-78, May.
  2. Reinhart, Carmen M. & Rogoff, Kenneth S., 2010. "Growth in a Time of Debt," Scholarly Articles 11129154, Harvard University Department of Economics.
  3. Vranceanu, Radu, 2009. "Four Myths and a Financial Crisis," ESSEC Working Papers DR 09006, ESSEC Research Center, ESSEC Business School.
  4. Jaejoon Woo & Manmohan S. Kumar, 2010. "Public Debt and Growth," IMF Working Papers 10/174, International Monetary Fund.
  5. Fourcans, Andre & Vranceanu, Radu, 2007. "The ECB monetary policy: Choices and challenges," Journal of Policy Modeling, Elsevier, vol. 29(2), pages 181-194.
  6. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2010. "The future of public debt: prospects and implications," BIS Working Papers 300, Bank for International Settlements.
  7. Botzen, W.J. Wouter & Marey, Philip S., 2010. "Did the ECB respond to the stock market before the crisis?," Journal of Policy Modeling, Elsevier, vol. 32(3), pages 303-322, May.
  8. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  9. Baum, Anja & Checherita-Westphal, Cristina & Rother, Philipp, 2013. "Debt and growth: New evidence for the euro area," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 809-821.
  10. Besancenot, Damien & Huynh, Kim & Vranceanu, Radu, 2004. "Default on sustainable public debt: illiquidity suspect convicted," Economics Letters, Elsevier, vol. 82(2), pages 205-211, February.
  11. Checherita-Westphal, Cristina & Rother, Philipp, 2012. "The impact of high government debt on economic growth and its channels: An empirical investigation for the euro area," European Economic Review, Elsevier, vol. 56(7), pages 1392-1405.
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