IDEAS home Printed from https://ideas.repec.org/p/zbw/wifinw/22017.html
   My bibliography  Save this paper

Die Staatsschuldenkrise, die öffentliche Meinung und die Märkte: Ein Drama in drei Akten

Author

Listed:
  • Read, Oliver
  • Schäfer, Stefan

Abstract

Im achten Jahr der Griechenland-Krise wird sowohl die Nachhaltigkeit der Staatschulden des Landes immer noch diskutiert als auch die weitere Beteiligung des Internationalen Währungsfonds am dritten "Rettungspaket". Gleichzeitig scheinen die Kapitalmärkte indifferent gegenüber den Ereignissen in diesem Teil der Eurozone zu sein. Nach der Darstellung in diesem Artikel sind das die Folgen der Maßnahmen, die die Entscheider in der Politik in den Jahren 2010- 2012 ergriffen haben. In einer Gratwanderung zwischen öffentlicher Meinung und Erwartungen der Kapitalmärkte haben sowohl die europäischen Regierungen als auch die EZB und die Europäische Kommission einen inkrementellen Ansatz verfolgt, der trotzdem signifikante Ergebnisse hervorgebracht hat. Der Artikel hebt die Rolle von diskursiven Signalen hervor, die die Entscheider senden mussten, um sowohl Investoren als auch Wähler in diesem Kontext zu beruhigen.

Suggested Citation

  • Read, Oliver & Schäfer, Stefan, 2017. "Die Staatsschuldenkrise, die öffentliche Meinung und die Märkte: Ein Drama in drei Akten," wifin Working Paper Series 2/2017, RheinMain University of Applied Sciences, Wiesbaden Institute of Finance and Insurance (wifin).
    • Handle: RePEc:zbw:wifinw:22017
    DOI: 10.25716/pur-7
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/266222/1/wifi-wp02.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.25716/pur-7?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Philip R. Lane, 2012. "The European Sovereign Debt Crisis," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 49-68, Summer.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kawecka-Wyrzykowska Elżbieta, 2013. "Enhanced Economic Governance in the EU: Alternative to a Political Union?," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 37(1), pages 10-35, March.
    2. repec:zbw:bofrdp:2019_003 is not listed on IDEAS
    3. Roland Füss & Daniel Ruf, 2018. "Office Market Interconnectedness and Systemic Risk Exposure," Working Papers on Finance 1830, University of St. Gallen, School of Finance.
    4. Kinateder, Harald & Wagner, Niklas, 2017. "Quantitative easing and the pricing of EMU sovereign debt," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 1-12.
    5. Wegener, Christoph & Kruse, Robinson & Basse, Tobias, 2019. "The walking debt crisis," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 382-402.
    6. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    7. Guidolin, Massimo & Pedio, Manuela, 2017. "Identifying and measuring the contagion channels at work in the European financial crises," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 48(C), pages 117-134.
    8. Boyer, Pierre & Blesse, Sebastian & Bordignon, Massimo & Carapella, Piergiorgio & Heinemann, Friedrich & Janeba, Eckhard & Raj, Anasuya, 2020. "The future of the European project: survey results from members of national parliaments in France, Italy and Germany," CEPR Discussion Papers 15021, C.E.P.R. Discussion Papers.
    9. Dariusz Piotrowski, 2014. "The financial aspect of intergenerational solidarity from the point of view of the senior," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 3(2), pages 111-126.
    10. Vesa Pursiainen, 2022. "Cultural Biases in Equity Analysis," Journal of Finance, American Finance Association, vol. 77(1), pages 163-211, February.
    11. Noureddine Benlagha & Wael Hemrit, 2022. "Does economic policy uncertainty matter to explain connectedness within the international sovereign bond yields?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 46(1), pages 1-21, January.
    12. Beniamino Pisicoli, 2022. "Banking diversity, financial complexity and resilience to financial shocks: evidence from Italian provinces," International Review of Applied Economics, Taylor & Francis Journals, vol. 36(3), pages 338-402, May.
    13. repec:hal:wpspec:info:hdl:2441/78jqkj5bb48tgb9ah9a0kqhplu is not listed on IDEAS
    14. Dimic, Nebojsa & Piljak, Vanja & Swinkels, Laurens & Vulanovic, Milos, 2021. "The structure and degree of dependence in government bond markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    15. Annalisa Ferrando & Alexander Popov & Gregory F. Udell, 2019. "Do SMEs Benefit from Unconventional Monetary Policy and How? Microevidence from the Eurozone," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(4), pages 895-928, June.
    16. Sebastian Blesse & Pierre C Boyer & Friedrich Heinemann & Eckhard Janeba & Anasuya Raj, 2019. "European Monetary Union reform preferences of French and German parliamentarians," European Union Politics, , vol. 20(3), pages 406-424, September.
    17. B M, Lithin & chakraborty, Suman & iyer, Vishwanathan & M N, Nikhil & ledwani, Sanket, 2022. "Modeling asymmetric sovereign bond yield volatility with univariate GARCH models: Evidence from India," MPRA Paper 117067, University Library of Munich, Germany, revised 05 Jan 2023.
    18. Benedetta Bianchi, 2016. "Sovereign Risk Premia and the International Balance Sheet: Lessons from the European Crisis," Open Economies Review, Springer, vol. 27(3), pages 471-493, July.
    19. Keita, Kady & Rabaud, Isabelle & Turcu, Camelia, 2023. "Fiscal outcomes, current account imbalances, and institutions in Europe: Exploring nonlinearities," International Economics, Elsevier, vol. 175(C), pages 121-134.
    20. Yanfang Zhang & Mushang Lee, 2019. "A Hybrid Model for Addressing the Relationship between Financial Performance and Sustainable Development," Sustainability, MDPI, vol. 11(10), pages 1-15, May.
    21. Brunnermeier, Markus & De Gregorio, José & Eichengreen, Barry & El-Erian, Mohamed & Fraga, Arminio & Ito, Takatoshi & Lane, Philip R. & Pisani-Ferry, Jean & Prasad, Eswar & Rajan, Raghuram & Ramos, Ma, 2012. "Banks and cross-border capital flows: challenges and regulatory responses," LSE Research Online Documents on Economics 102439, London School of Economics and Political Science, LSE Library.
    22. Brown, James R. & Martinsson, Gustav & Thomann, Christian, 2021. "Government lending in a crisis," Journal of Corporate Finance, Elsevier, vol. 71(C).

    More about this item

    Keywords

    European Monetary Union; euro crisis; Greek bail-out; Greek sovereign debt crisis;
    All these keywords.

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:wifinw:22017. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/fwfwdde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.