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- Sinan Sönmez (2013): Fiscal Discipline for Growth: The Remedy or the Illusion in the Context of the Euro Area Crisis
Ever since the outbreak of the sovereign debt crisis, coordinating economic growth with fiscal sustainability has been on the European agenda. ... But at present economic contraction/recession is the main problem, particularly in the Euro area. ... In times of financial and economic crisis can fiscal rules and discipline be considered a universal prescription to overcome macroeconomic distortions and open the door to economic growth, or is this just an illusion?
RePEc:eyd:cp2013:233 Save to MyIDEAS - Sinan SÖNMEZ (2013): Fiscal Discipline For Growth: The Remedy Or The Illusion In The Context Of The Euro Area Crisis
Ever since the outbreak of the sovereign debt crisis, coordinating economic growth with fiscal sustainability has been on the European agenda. ... But at present economic contraction/recession is the main problem, particularly in the Euro area. ... In times of financial and economic crisis can fiscal rules and discipline be considered a universal prescription to overcome macroeconomic distortions and open the door to economic growth, or is this just an illusion?
RePEc:eyd:eyjrnl:v:24:y:2013:i:88:p:101-115 Save to MyIDEAS - Pompeo Della Posta (2017): Structural Divergences, Institutional Fragilities and Foreign Debt in the Euro Area Crisis
The euro area crisis has been commonly interpreted as due to divergences in economic fundamentals resulting from a deliberate misbehavior of some undisciplined (South European) countries. In the present paper I argue instead that such divergences were due mostly to structural problems that determined the crisis together with the institutional fragility of the Eurozone. I also stress that the public debt issued by a euro area government and held by the residents of a different Eurozone country is foreign debt under all respects, in spite of the fact that those foreign investors use the same currency and belong to the same monetary area. ... The crisis came to an end thanks to the role of lender of last resort for governments that the ECB reaffirmed. The solution to avoid future problems, then, should focus mainly on the fixing of the structural and institutional weaknesses of the euro area.
RePEc:mul:je8794:doi:10.1429/87183:y:2017:i:2:p:189-222 Save to MyIDEAS - Luiza Loredana Nastase (2012): The Euro Area Crisis
The present paper points out the fact that the potential economic growth of the euro area has been hindered by the crisis still existing within the economies of these states. In fact, we must specify that the current euro area crisis tends to become even more severe, especially due to the lack of political measures. Besides the economic-financial crisis, there is also a crisis of confidence, fueled by the negative forecast, with significant consequences on the global economy. The conclusion is that the survival of this area is dependent on the existence of public finance stabilization programs, budgetary commitments and most importantly, the achievement of a development plan of the European and Monetary Union.
RePEc:aio:aucsse:v:1:y:2012:i:40:p:184-187 Save to MyIDEAS - Posta Pompeo Della (2016): Self-Fulfilling and Fundamentals Based Speculative Attacks: A Theoretical Interpretation of the Euro Area Crisis
The recent euro area crisis shows some similarities with the fixed exchange rate crisis that affected the European Monetary System in 1992–93. ... This allows to represent and to interpret, among other things, both the initial “honeymoon” years of EMU and the recent euro area crisis.
RePEc:bpj:glecon:v:16:y:2016:i:3:p:459-478:n:4 Save to MyIDEAS - Pompeo Della Posta (2016): Self-Fulfilling and Fundamentals Based Speculative Attacks: A Theoretical Interpretation of the Euro Area Crisis
The recent euro area crisis shows some similarities with the fixed exchange rate crisis that affected the European Monetary System in 1992–93. ... This allows to represent and to interpret, among other things, both the initial “honeymoon” years of EMU and the recent euro area crisis.
RePEc:wsi:gejxxx:v:16:y:2016:i:03:n:gej-2015-0063 Save to MyIDEAS - van Riet, Ad (2018): Modern financial repression in the euro area crisis: making high public debt sustainable?
The sharp rise in public debt-to-GDP ratios in the aftermath of the financial crisis of 2008 posed serious challenges for fiscal policy in the euro area countries and culminated for some member states in a sovereign debt crisis. This note examines the public policy responses to the euro area crisis through the lens of financial repression with a particular focus on how they contributed to easing government budget constraints. ... Following a narrative approach, this note finds that public debt management and resolution, European financial legislation, EMU crisis support and ECB monetary policy have significantly contributed to relieving sovereign liquidity and solvency stress and generated fiscal space through non-standard means. The respective authorities have in fact applied the tools of financial repression to restore stability after the euro area crisis.
RePEc:pra:mprapa:92649 Save to MyIDEAS - Pompeo Della Posta (2018): Fiscal austerity and monetary easing: which one is to be praised for ending the euro area crisis?
I have also considered the effects of fiscal austerity and monetary solidarity on GDP growth and interest rates, and I have concluded that the euro area crisis came to an end thanks to the latter (the former having made things even worse, if anything). Within the same framework, I have been able to discuss also some of the other proposals, including federal solidarity, that have been advanced in the literature in order to avoid or to address future euro area crises.
RePEc:liu:liucej:v:15:y:2018:i:1:p:165-189 Save to MyIDEAS - Davide Furceri & Ms. Aleksandra Zdzienicka (2013): The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?
The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 euro area countries over the period 1979-2010, the results of the paper show that: (i) the effectiveness of risk sharing mechanisms in the euro area is significantly lower than in existing federations (such as the U.S. and Germany) and (ii) it falls sharply in severe downturns just when it is needed most; (iii) a supranational fiscal stabilization mechanism, financed by a relatively small contribution, would be able to fully insure euro area countries against very severe, persistent and unanticipated downturns.
RePEc:imf:imfwpa:2013/198 Save to MyIDEAS - Giancarlo Corsetti & Aitor Erce & Timothy Uy (2020): Official sector lending during the euro area crisis
In response to the euro area crisis, policymakers took a gradual, incremental approach to official lending, at first relying on the blueprint followed by the International Monetary Fund, then developing their own crisis resolution framework. ... Euro area loans, when in longer maturities and lower rates, go hand in hand with improved market access.
RePEc:spr:revint:v:15:y:2020:i:3:d:10.1007_s11558-020-09388-9 Save to MyIDEAS