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Doomsday for the Euro Area: Causes, Variants and Consequences of Breakup

  • Ansgar Belke

    ()

    (Department for Macroeconomics, DIW Berlin, Mohrenstraße 58, 10117 Berlin, Germany
    Department of Economics, University of Duisburg-Essen, Universitätsstraße 12, 45117 Essen, Germany)

  • Florian Verheyen

    (Department of Economics, University of Duisburg-Essen, Universitätsstraße 12, 45117 Essen, Germany)

In this paper we describe the genesis of a doomsday scenario and discuss potential causes and motivations for a breakup of the euro area. For this purpose, we differentiate between the departure of weak and strong countries, and examine the impact of the reintroduction of a national currency on domestic debt, the domestic banking sector, EU membership and the freedom of trade. We also briefly analyze the social and political costs of the accompanying social disorder.

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Article provided by MDPI, Open Access Journal in its journal International Journal of Financial Studies.

Volume (Year): 1 (2012)
Issue (Month): 1 (July)
Pages: 1

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Handle: RePEc:gam:jijfss:v:1:y:2012:i:1:p:1-15:d:18753
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  1. Juan J. Cruces & Christoph Trebesch, 2011. "Sovereign Defaults: The Price of Haircuts," CESifo Working Paper Series 3604, CESifo Group Munich.
  2. Reinhart, Carmen, 2009. "The Second Great Contraction," MPRA Paper 21485, University Library of Munich, Germany.
  3. Ansgar Belke & Matthias Göcke & Martin Günther, 2009. "When Does It Hurt?: The Exchange Rate "Pain Threshold" for German Exports," Discussion Papers of DIW Berlin 943, DIW Berlin, German Institute for Economic Research.
  4. Barry Eichengreen, 2007. "The Breakup of the Euro Area," NBER Working Papers 13393, National Bureau of Economic Research, Inc.
  5. Belke, Ansgar H. & Göcke, Matthias, 2004. "Real Options Effects on Employment: Does Exchange Rate Uncertainty Matter for Aggregation?," IZA Discussion Papers 1126, Institute for the Study of Labor (IZA).
  6. Belke, Ansgar & Gros, Daniel, 2002. "Monetary integration in the Southern Cone," The North American Journal of Economics and Finance, Elsevier, vol. 13(3), pages 323-349, December.
  7. Fidrmuc, Jan & Horvath, Julius & Fidrmuc, Jarko, 1999. "The Stability of Monetary Unions: Lessons from the Breakup of Czechoslovakia," Journal of Comparative Economics, Elsevier, vol. 27(4), pages 753-781, December.
  8. Fidrmuc, Jan & Horvath, Julius & Fidrmuc, Jarko, 1999. "Stability of monetary unions: Lessons from the break-up of Czechoslovakia," ZEI Working Papers B 17-1999, University of Bonn, ZEI - Center for European Integration Studies.
  9. Ansgar Belke & Barbara Styczynska, 2006. "The Allocation of Power in the Enlarged ECB Governing Council: An Assessment of the ECB Rotation Model," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 865-897, December.
  10. Belke, Ansgar & Dreger, Christian, 2011. "Ramifications of Debt Restructuring on the Euro Area – The Example of Large European Economies' Exposure to Greece," Ruhr Economic Papers 273, Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI), Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
  11. Alcidi, Cinzia & Giovannini, Alessandro & Gros, Daniel, 2012. "‘Grexit’: Who would pay for it?," CEPS Papers 6977, Centre for European Policy Studies.
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