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The European Debt Crisis

In: Modern Financial Crises

Author

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  • Victor A. Beker

    (University of Belgrano and University of Buenos Aires)

Abstract

This paper shows that data do not fully endorse most of the common explanations for the European debt crisis. A distinction is made between a first group of countries whose debt problems have roots before 2007 but did not worsen significantly after that year and a second one of “new” highly indebted countries. Finally, Spain appears as a special case. The development of the indebtedness process in these three different types of countries allows isolating the factors which were determinant in each case. The conclusion is that the European indebtedness process does not accept a unique explanation and that its solution will necessarily require resource transfers from the richer to the poorer countries of the Eurozone.

Suggested Citation

  • Victor A. Beker, 2016. "The European Debt Crisis," Financial and Monetary Policy Studies, in: Modern Financial Crises, edition 127, chapter 0, pages 135-160, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-20991-3_7
    DOI: 10.1007/978-3-319-20991-3_7
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    Cited by:

    1. Haytham Y.M. Ewaida, 2016. "The European Crisis Without End: The Consequences of European Monetary Integration," International Journal of Business and Social Research, LAR Center Press, vol. 6(8), pages 15-30, August.
    2. Haytham Y.M. Ewaida, 2016. "The European Crisis Without End: The Consequences of European Monetary Integration," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 6(8), pages 15-30, August.
    3. Kemal Cebeci, "undated". "Currency Union And Comments On Macroeconomic Indicators Of European Economies After Euro Crisis," Review of Socio - Economic Perspectives 201834, Reviewsep.
    4. Christopoulos, Apostolos G. & Dokas, Ioannis G. & Katsimardou, Sofia & Spyromitros, Eleftherios, 2020. "Assessing banking sectors’ efficiency of financially troubled Eurozone countries," Research in International Business and Finance, Elsevier, vol. 52(C).

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    More about this item

    Keywords

    Sovereign debt crisis; Eurozone; Budget deficit; Debt restructuring;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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