IDEAS home Printed from https://ideas.repec.org/a/ces/ifosdt/v62y2009i07p03-10.html
   My bibliography  Save this article

Drohende Zahlungsunfähigkeit eines Eurolands: Was sollte die EU tun?

Author

Listed:
  • Dirk Meyer
  • Rolf Hasse

Abstract

Auch in der Eurozone haben einige Länder aufgrund einer besonders hohen Staatsverschuldung Schwierigkeiten, zu annehmbaren Konditionen Kredite auf den internationalen Kreditmärkten zu erhalten. Dirk Meyer, Helmut-Schmidt-Universität, Hamburg, sieht die Möglichkeit einer drohenden Zahlungsunfähigkeit eines Eurolandes, die aufgrund der Währungsunion kein »privates« Ereignis sei. Die strikte Anwendung der No-bail-out-Klausel würde, seiner Meinung nach, zu dauerhaften Kostenexternalisierungen zulasten der übrigen Euromitgliedstaaten führen. Deshalb plädiert er im Rahmen einer de facto bestehenden Haftungsgemeinschaft für eine No-no-bail-out-Strategie, bei der »einmalige Hilfen mit einem Austritt des insolventen Landes aus der Eurozone« vorzusehen sei. Auch für Rolf Hasse, Fraunhofer-Zentrum für Mittel- und Osteuropa, Leipzig, machen die Dimensionen der Krise und die Zahl der betroffenen EU-Mitgliedsländer eine rigorose No-bail-out-Politik zum Konfliktfall. Die EU-Länder sollten innerhalb der Union Hilfe leisten, »aber mit Rückzahlung und Verlustausgleich«. Zusätzlich müsse diese Hilfe mit wirtschaftspolitischen Auflagen verbunden werden.

Suggested Citation

  • Dirk Meyer & Rolf Hasse, 2009. "Drohende Zahlungsunfähigkeit eines Eurolands: Was sollte die EU tun?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 62(07), pages 03-10, April.
  • Handle: RePEc:ces:ifosdt:v:62:y:2009:i:07:p:03-10
    as

    Download full text from publisher

    File URL: https://www.ifo.de/DocDL/ifosd_2009_7_1.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "The Forgotten History of Domestic Debt," Economic Journal, Royal Economic Society, vol. 121(552), pages 319-350, May.
    2. Fuest, Clemens, 1993. "Stabile fiskalpolitische Institutionen für die Europäische Währungsunion," Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik (1949 - 2007), ZBW - Leibniz Information Centre for Economics, vol. 73(10), pages 539-545.
    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. D’Erasmo, P. & Mendoza, E.G. & Zhang, J., 2016. "What is a Sustainable Public Debt?," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2493-2597, Elsevier.
    2. Haichao Fan & Xiang Gao, 2017. "Domestic Creditor Rights and External Private Debt," Economic Journal, Royal Economic Society, vol. 127(606), pages 2410-2440, November.
    3. Falko Juessen & Andreas Schabert, 2013. "Fiscal Policy, Sovereign Default, and Bailouts," Working Paper Series in Economics 67, University of Cologne, Department of Economics.
    4. İbrahim Özmen & Mihai Mutascu, 2024. "Public Debt and Growth: New Insights," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 8706-8736, June.
    5. Dias, Daniel A. & Richmond, Christine & Wright, Mark L.J., 2014. "The stock of external sovereign debt: Can we take the data at ‘face value’?," Journal of International Economics, Elsevier, vol. 94(1), pages 1-17.
    6. Antonio Afonso & Jose Alves, 2015. "The Role of Government Debt in Economic Growth," Hacienda Pública Española / Review of Public Economics, IEF, vol. 215(4), pages 9-26, December.
    7. Chamon, Marcos & Schumacher, Julian & Trebesch, Christoph, 2018. "Foreign-Law Bonds: Can They Reduce Sovereign Borrowing Costs?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 114, pages 164-179.
    8. Carmen M. Reinhart & Takeshi Tashiro, 2013. "Crowding out redefined: the role of reserve accumulation," Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 1-43.
    9. Eduardo Borensztein & Ugo Panizza, 2009. "The Costs of Sovereign Default," IMF Staff Papers, Palgrave Macmillan, vol. 56(4), pages 683-741, November.
    10. Mitze, Timo & Matz, Florian, 2015. "Public debt and growth in German federal states: What can Europe learn?," Journal of Policy Modeling, Elsevier, vol. 37(2), pages 208-228.
    11. Alain Monfort & Fulvio Pegoraro & Jean-Paul Renne & Guillaume Roussellet, 2021. "Affine Modeling of Credit Risk, Pricing of Credit Events, and Contagion," Management Science, INFORMS, vol. 67(6), pages 3674-3693, June.
    12. Burger, John D. & Warnock, Francis E. & Warnock, Veronica Cacdac, 2018. "Currency matters: Analyzing international bond portfolios," Journal of International Economics, Elsevier, vol. 114(C), pages 376-388.
    13. Ricardo Sabbadini, 2017. "Overcoming the Original Sin: Gains from Local Currency External Debt," Working Papers, Department of Economics 2017_27, University of São Paulo (FEA-USP).
    14. Simone Salotti & Carmine Trecroci, 2012. "Even worse than you thought: The effects of government debt on investment and productivity," EcoMod2012 4200, EcoMod.
    15. Friedrich Thießen, 2018. "Korruption und die Finanzmärkte - Das Problem der Non-Performing-Loans im Kreditgeschäft," Chemnitz Economic Papers 021, Department of Economics, Chemnitz University of Technology, revised Mar 2018.
    16. Reinhart, Carmen & Trebesch, Christoph, 2014. "A Distant Mirror of Debt, Default, and Relief," CEPR Discussion Papers 10195, C.E.P.R. Discussion Papers.
    17. Medas, Paulo & Poghosyan, Tigran & Xu, Yizhi & Farah-Yacoub, Juan & Gerling, Kerstin, 2018. "Fiscal crises," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 191-207.
      • Mrs. Kerstin Gerling & Mr. Paulo A Medas & Mr. Tigran Poghosyan & Juan Farah-Yacoub & Yizhi Xu, 2017. "Fiscal Crises," IMF Working Papers 2017/086, International Monetary Fund.
    18. Arvind Krishnamurthy & Stefan Nagel & Annette Vissing-Jorgensen, 2018. "ECB Policies Involving Government Bond Purchases: Impact and Channels [The “greatest” carry trade ever? Understanding eurozone bank risks]," Review of Finance, European Finance Association, vol. 22(1), pages 1-44.
    19. Bertrand Candelon & Franz Palm, 2010. "Banking and Debt Crises in Europe: The Dangerous Liaisons?," De Economist, Springer, vol. 158(1), pages 81-99, April.
    20. Pablo D'Erasmo & Enrique Mendoza, 2011. "Optimal Domestic (and External) Sovereign Default," PIER Working Paper Archive 16-019, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 04 Aug 2016.

    More about this item

    Keywords

    Zahlungsunfähigkeit; Europäische Wirtschafts- und Währungsunion; Öffentliche Schulden; EU-Staaten;
    All these keywords.

    JEL classification:

    • H00 - Public Economics - - General - - - General
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

    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:ces:ifosdt:v:62:y:2009:i:07:p:03-10. 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: Klaus Wohlrabe (email available below). General contact details of provider: https://edirc.repec.org/data/ifooode.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.