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Echilibrul financiar global şi riscul suveran în perioada post-criză
[The Global Financial Balance and Post-Crisis Sovereign Risk]

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  • Georgescu, George

Abstract

Caused by the lack of an international financial regulations framework and under the circumstances of markets volatility persistence, the global financial balances deteriorated during the postcrisis period. The bail-out of the banking system by public or multilateral intervention instead of leading to the financial re-balancing has transferred a systemic risk to the sovereign level, mainly in the case of advanced countries. Addressing high public debts toward sustainable levels by the budgetary constraints of austerity programs has proved to hamper the economic growth, increasing, in fact, the sovereign risk.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 50772.

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Date of creation: Aug 2013
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Handle: RePEc:pra:mprapa:50772

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Keywords: : global financial balance; markets volatility; financial crisis; sovereign risk; public debt sustainability.;

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  1. Mehl, Arnaud, 2013. "Large global volatility shocks, equity markets and globalisation: 1885-2011," Working Paper Series 1548, European Central Bank.
  2. Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," BIS Working Papers 363, Bank for International Settlements.
  3. Zaman, Gheorghe & Georgescu, George, 2011. "Sovereign risk and debt sustainability: warning levels for Romania," MPRA Paper 32924, University Library of Munich, Germany.
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