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From Liquidity Crisis to Sovereign Debt Crisis

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  • Simona VINEREAN

    (The Bucharest University of Economic Studies)

Abstract

This paper summarizes the results of empirical research on European Union’s evolution in terms of macroeconomic stability in a period in which member countries crossed from a liquidity crisis to a sovereign debt crisis. So, the evolution of the EU member countries is analyzed as the sovereign debt crisis has worsened and has become increasingly dangerous for the stability of the European economy. The research that is the subject of this paper aims to segment the EU member countries according to the degree of macroeconomic stability. Also, this segmentation process is performed according to two indicators that are highly important for macroeconomic stability, namely the sovereign debt, expressed as public debt to GDP, and fiscal and budgetary discipline, expressed by the ratio of budget balance to GDP.

Suggested Citation

  • Simona VINEREAN, 2013. "From Liquidity Crisis to Sovereign Debt Crisis," Expert Journal of Finance, Sprint Investify, vol. 1(1), pages 19-27, December.
    • Handle: RePEc:exp:finnce:v:1:y:2013:i:1:p:19-27
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    References listed on IDEAS

    as
    1. Slawomir Mentzen, 2012. "The Costs of Sovereign Debt and Default," Acta Universitatis Nicolai Copernici, Ekonomia, Uniwersytet Mikolaja Kopernika, vol. 43(1), pages 77-89.
    2. Michael Tomz & Mark L.J. Wright, 2013. "Empirical Research on Sovereign Debt and Default," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 247-272, May.
    3. António Afonso & Pedro Gomes, 2011. "Do Fiscal Imbalances Deteriorate Sovereign Debt Ratings ?," Revue économique, Presses de Sciences-Po, vol. 62(6), pages 1123-1134.
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