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La crise grecque. Leçons pour l'Europe

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  • Daniel Cohen

Abstract

This paper analyzes the Greek crisis, starting in fall 2009, and draws a set of lessons regarding the mechanisms for sovereign crisis resolution in Europe. After a chronological review of the Greek crisis, the role of rating agencies is highlighted, before proposing a model of sovereign default with multiple equilibria and self-fulfilling expectations, such as to justify the adoption of rules of solidarity against sovereign debt crisis? risk in the euro area. Classification JEL : G10, F55

Suggested Citation

  • Daniel Cohen, 2011. "La crise grecque. Leçons pour l'Europe," Revue économique, Presses de Sciences-Po, vol. 62(3), pages 383-394.
    • Handle: RePEc:cai:recosp:reco_623_0383
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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.
    2. Kenneth Rogoff & Jeromin Zettelmeyer, 2002. "Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001," IMF Staff Papers, Palgrave Macmillan, vol. 49(3), pages 1-8.
    3. Helmut Reisen & Julia Maltzan, 1998. "Sovereign credit ratings, emerging market risk and financial market volatility," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 33(2), pages 73-82, March.
    4. Cohen, Daniel & Portes, Richard, 2004. "Dealing with Destabilizing 'Market Discipline'," CEPR Discussion Papers 4280, C.E.P.R. Discussion Papers.
    5. Guillermo Larraín & Helmut Reisen & Julia von Maltzan, 1997. "Emerging Market Risk and Sovereign Credit Ratings," OECD Development Centre Working Papers 124, OECD Publishing.
    6. 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.
    7. Carmen M. Reinhart, 2002. "An Introduction," The World Bank Economic Review, World Bank, vol. 16(2), pages 149-150, August.
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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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