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Euro Bölgesinde Borç Krizi Sorunu Ve Çözüm Önerileri

Author

Listed:
  • Baki DEMİREL

    (Gazi University)

  • Gülen ELMAS ARSLAN

    (Hitit University)

Abstract

ABD Sub-prime mortgage piyasasındaki (alt dilim konut edinme kredisi işlem piyasası) sorunlardan kaynaklanan finansal kriz Euro Bölgesi üyelerini farklı kanallarla etkilemektedir. Kriz; Avusturya, İrlanda, gibi ülkeleri finansal sistemdeki sorunlarla, Portekiz ve İspanya’yı konut sektörü ve dış açıkla, İtalya ve Yunanistan’ı ise bütçe açığı ve dış açığın yol açtığı ikiz açık sorunu ile etkilemiştir. Krizin her bir ülkede farklı etkiler göstermesi biçiminde açıklanabilecek asimetri sorunu beraberinde politika uyumsuzluğunu da getirmiştir. Özellikle mali disiplin sorunu ve Euro Bölgesi içinde mali bütünleşmenin (fiscal federalizm) olmaması, krizin etkileri ve çözüm önerileri üzerine literatürde yapılan tartışmanın ana eksenini oluşturmaktadır. Öte yandan bir başka temel sorun da üye ülkeler arasındaki kronik dış açık ya da fazla sorununun devam etmesidir. Maastricht Anlaşmasında şekillenen para-kur ve maliye politikaları arasındaki çift başlı yapı, krizin etkilerini derinleştirerek Euro Bölgesinin devamlılığını tehdit eden bir durum arz etmektedir. Bu tehdide karşı literatürde geliştirilen çözüm önerileri “Politik Birlik, Avrupa Para Fonu ve Euro Bond” başlıkları altında toplanmaktadır. Bu çalışmanın amacı, yukarıda çerçevesi çizilen Euro Bölgesi krizini değerlendirmek ve krize karşı önerilen çözüm yollarını tartışmaktır.

Suggested Citation

  • Baki DEMİREL & Gülen ELMAS ARSLAN, 2012. "Euro Bölgesinde Borç Krizi Sorunu Ve Çözüm Önerileri," Ekonomik Yaklasim, Ekonomik Yaklasim Association, vol. 23(Special), pages 107-132.
    • Handle: RePEc:eyd:eyjrnl:v:23:y:2012:i:1:p:107-132
    DOI: 10.5455/ey.20009
    Note: [English Title] Debt Crisis Problem in the Euro Zone and Some Suggestions [English Abstract] Financial crisis based on the U.S. Sub-prime mortgage market problems affects the euro zone members from different aspects. The crisis affects Austria and Ireland through problems in the financial system; Portugal and Spain through the housing sector problems and external deficit; and Italy and Greece through the twin crises problem the external deficit and the budget deficit. Asymmetry problem showing different effects of the crisis in each country has also brought the policy mismatch for The Euro Zone. Especially, fiscal discipline issue and the lack of financial integration (fiscal federalism) in the Euro-zone are the main axis of the discussion made on impacts and solutions of the crisis. The double-headed structure between the currency-exchange rate and fiscal policies shaped by the Maastricht Treaty exhibits a situation that threatens the continuity of the Euro Zone thereby deepening effects of the crisis. Recommendations for solution developed in the literature against this threat can be grouped under the titles of "Political unity, the European Monetary Fund and the Euro Bond". The aims of this study are to evaluate the Euro-zone crisis within the frame above and debate the ways of solution offered against the crisis. [English Keywords] Debt Crisis of Euro Zone, PIIGS Countries, Financial Crises.
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    Keywords

    Euro Bölgesi Borç Krizi; PIIGS Ülkeleri.;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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