IDEAS home Printed from https://ideas.repec.org/p/zbw/fziddp/312011.html
   My bibliography  Save this paper

Die Währungskrisenunion: Die Euro-Verschuldung der Nationalstaaten als Schwachstelle der EWU

Author

Listed:
  • Spahn, Peter

Abstract

Die Staatsschuldenkrise einiger Länder in der EWU ist letztlich doch eine Währungskrise. Nur im gemeinsamen Währungsraum war es überhaupt möglich, die Schuldaufnahme stark auszuweiten. Andererseits treten bei Zweifeln an der finanziellen Solidität von Schuldnerstaaten kumulative Instabilitätsprobleme auf, die in der internationalen Geldwirtschaft aus der Konstellation Verschuldung in fremder Währung bekannt sind. Die regulär nicht vorgesehene Kurspflege nationaler Schuldtitel seitens der EZB und endogene Liquiditätsengpässe im nationalen Banksystem bei einem massiven Umstieg der Anleger in Papiere mit besserer Reputation erzeugen eine durchaus rationale Insolvenzerwartung. Ironischerweise galt die Konstellation einer alleinigen Abhängigkeit der nationalen Finanzpolitik von Kreditanbietern auf dem Euro-Finanzmarkt als erwünschtes ordnungspolitisches Disziplinierungsprinzip; sie erweist sich nun als nicht tragfähig. Die Alternative sind permanente Rettungsschirme oder Euro-Bonds. In beiden Fällen wird die währungspolitisch schwache Stellung nationaler Schuldner durch implizite Zinszahlungen und Vermögensgarantien wirtschaftlich stärkerer Länder kompensiert. Die damit verbundenen Einkommens- und Vermögensverluste sind der Preis, den exportorientierte Länder wie die Bundesrepublik für die Bewahrung des Euro zahlen müssen.

Suggested Citation

  • Spahn, Peter, 2011. "Die Währungskrisenunion: Die Euro-Verschuldung der Nationalstaaten als Schwachstelle der EWU," FZID Discussion Papers 31-2011, University of Hohenheim, Center for Research on Innovation and Services (FZID).
  • Handle: RePEc:zbw:fziddp:312011
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/49300/1/665322631.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hans-Werner Sinn & Timo Wollmershäuser, 2012. "Target loans, current account balances and capital flows: the ECB’s rescue facility," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(4), pages 468-508, August.
    2. Paul De Grauwe, 2014. "The Governance of a Fragile Eurozone," World Scientific Book Chapters, in: Exchange Rates and Global Financial Policies, chapter 12, pages 297-320, World Scientific Publishing Co. Pte. Ltd..
    3. Paul De Grauwe, 2012. "A Fragile Eurozone in Search of a Better Governance," The Economic and Social Review, Economic and Social Studies, vol. 43(1), pages 1-30.
    4. Abad, Jos� M. & L�ffler, Axel & Zemanek, Holger, 2011. "TARGET2 Unlimited: Monetary Policy Implications of Asymmetric Liquidity Management within the Euro Area," CEPS Papers 5904, Centre for European Policy Studies.
    5. Barry Eichengreen & Peter Temin, 2010. "Fetters of gold and paper," Oxford Review of Economic Policy, Oxford University Press, vol. 26(3), pages 370-384, Autumn.
    6. Jakob von Weizsäcker & Jacques Delpla, 2011. "Eurobonds- The blue bond concept and its implications," Policy Contributions 509, Bruegel.
    7. Guillermo A. Calvo, 1998. "Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops," Journal of Applied Economics, Universidad del CEMA, vol. 1, pages 35-54, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Terzi, Alessio, 2020. "Macroeconomic adjustment in the euro area," European Economic Review, Elsevier, vol. 128(C).
    2. Beqiraj, Elton & Fedeli, Silvia & Tancioni, Massimiliano, 2021. "Fiscal retrenchments and the transmission mechanism of the sovereign risk channel for highly indebted countries," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    3. Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politique budgétaire ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(7), pages 299-346.
    4. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2015. "The QE experience : Worth a try ?," Post-Print hal-03459951, HAL.
    5. Catherine Mathieu & Henri Sterdyniak, 2014. "Redemption?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 51-91.
    6. Alexandra Ferreira-Lopes & Tiago Neves Sequeira, 2012. "Business Cycles Association in a Small Monetary Union: The Case of Switzerland," Spatial Economic Analysis, Taylor & Francis Journals, vol. 7(1), pages 9-30, March.
    7. John Muellbauer, 2013. "Conditional eurobonds and the eurozone sovereign debt crisis," Oxford Review of Economic Policy, Oxford University Press, vol. 29(3), pages 610-645, AUTUMN.
    8. repec:hal:spmain:info:hdl:2441/f6h8764enu2lskk9p503i2pp3 is not listed on IDEAS
    9. Bartzokas, Anthony & Giacon, Renato & Macchiarelli, Corrado, 2022. "Exogenous shocks and proactive resilience in the EU," MERIT Working Papers 2022-025, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    10. repec:hal:spmain:info:hdl:2441/eu4vqp9ompqllr09j0h14g91k is not listed on IDEAS
    11. Andrea Bonilla‐Bolaños, 2021. "A step further in the theory of regional integration: A look at the South American integration strategy," Journal of International Development, John Wiley & Sons, Ltd., vol. 33(5), pages 845-873, July.
    12. repec:hal:wpspec:info:hdl:2441/eo6779thqgm5r489maqa474kg is not listed on IDEAS
    13. Giovanni Dosi & Marcello Minenna & Andrea Roventini & Roberto Violi, 2021. "Making the Eurozone work: a risk-sharing reform of the European Stability Mechanism," Annals of Operations Research, Springer, vol. 299(1), pages 617-657, April.
    14. Filippo Balestrieri & Mr. Suman S Basu, 2018. "An Imperfect Financial Union With Heterogeneous Regions," IMF Working Papers 2018/205, International Monetary Fund.
    15. Christian Fahrholz & Andreas Freytag, 2012. "Will TARGET2-Balances be Reduced again after an End of the Crisis?," Global Financial Markets Working Paper Series 30-2012, Friedrich-Schiller-University Jena.
    16. Christian Keuschnigg, 2012. "Should Europe Become a Fiscal Union?," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(01), pages 35-43, April.
    17. repec:hal:spmain:info:hdl:2441/166ip2fse39118p4oksocrf89u is not listed on IDEAS
    18. Christoph Schmidt & Benjamin Weigert, 2013. "Weathering the crisis and beyond: perspectives for the Euro area," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 20(4), pages 564-595, August.
    19. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2014. "Les enjeux du triple mandat de la BCE," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 175-186.
    20. Stefan Homburg, 2012. "Notes on the Target2 Dispute," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(SPECIALIS), pages 50-54, February.
    21. Deborah Mabbett & Waltraud Schelkle, 2014. "Searching under the lamp-post: the evolution of fiscal surveillance," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 5, London School of Economics / European Institute.
    22. repec:spo:wpecon:info:hdl:2441/7gjmt2p0l896bo3oar8rqd4vvr is not listed on IDEAS
    23. Stefan Homburg, 2012. "Notes on the Target2 Dispute," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(1), pages 50-54, February.
    24. Mariam Camarero & Josep Lluís Carrion‐i‐Silvestre & Cecilio Tamarit, 2021. "External imbalances from a GVAR perspective," The World Economy, Wiley Blackwell, vol. 44(11), pages 3202-3245, November.
    25. repec:hal:wpspec:info:hdl:2441/eo6779thqgm5r489m6u1i2a0o is not listed on IDEAS
    26. Pisani-Ferry, Jean, 2013. "The known unknowns and unknown unknowns of European Monetary Union," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 6-14.

    More about this item

    Keywords

    Staatsverschuldung; Europäische Währungsunion; Goldstandard; TARGET2;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • H6 - Public Economics - - National Budget, Deficit, and Debt

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:fziddp:312011. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/fihohde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.