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euro zone crisis 2010

Author

Listed:
  • Daniel Gros
  • Cinzia Alcidi

Abstract

The euro zone crisis is commonly regarded as a sovereign debt crisis. This definition certainly applies to Greece, but the Irish case represents an almost pure specimen of a banking crisis voluntarily transformed into a sovereign crisis. A debt crisis in two small, peripheral economies could become systemic because the financial system of the euro area is overstretched and highly integrated. Had the Greek and Irish crises occurred when euro zone banks were strong and/or not very interconnected, the euro zone crisis would not have happened.

Suggested Citation

  • Daniel Gros & Cinzia Alcidi, 2011. "euro zone crisis 2010," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
  • Handle: RePEc:pal:dofeco:v:5:year:2011:doi:3848
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    File URL: http://www.dictionaryofeconomics.com/article?id=pde2011_E000326
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    Citations

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    Cited by:

    1. Gros, Daniel & Alcidi, Cinzia, 2011. "Adjustment Difficulties and Debt Overhangs in the Eurozone Periphery," CEPS Papers 5525, Centre for European Policy Studies.
    2. Daniel Gros & Cinzia Alcidi, 2015. "Country adjustment to a ‘sudden stop’: does the euro make a difference?," International Economics and Economic Policy, Springer, vol. 12(1), pages 5-20, March.

    More about this item

    Keywords

    euro zone; bailout; banking crisis; leverage; sovereign debt;

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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