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Determinants of Debt Crisis in EU and the Recovery Efforts

Author

Listed:
  • Öztürk, Mustafa
  • Aras, Osman Nuri
  • Kadı, Filiz

Abstract

European Union has taken economic and financial measures to cope with the debt crises erupted in 2009. These measures can be summarized as putting in place a bail-out mechanism and austerity measures, strengthening economic policy coordination, setting up “Stability and Growth Pact III” and the establishment of a system of macro-economic surveillance, introducing the “Euro Plus Pact” for closer economic coordination of euro-zone countries and the establishment of a permanent European Stability Mechanism (ESM). Will the European Union be able to master the debt crises? To answer this question, we will examine the economic and financial determinants of the crises. Moreover we will discuss how effective the economic and financial measures taken for the recovery of EU countries.

Suggested Citation

  • Öztürk, Mustafa & Aras, Osman Nuri & Kadı, Filiz, 2012. "Determinants of Debt Crisis in EU and the Recovery Efforts," MPRA Paper 81854, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:81854
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    References listed on IDEAS

    as
    1. Phillips,Garry D. A. & Tzavalis,Elias (ed.), 2007. "The Refinement of Econometric Estimation and Test Procedures," Cambridge Books, Cambridge University Press, number 9780521870535, January.
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    More about this item

    Keywords

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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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