Managing Risks In The European Periphery Debt Crisis
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Managing Risks In The European Periphery Debt Crisis
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Author : G. Christodoulakis
language : en
Publisher: Springer
Release Date : 2014-12-23
Managing Risks In The European Periphery Debt Crisis written by G. Christodoulakis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-23 with Business & Economics categories.
The European Periphery Debt Crisis (EPDC) has its roots in the structural characteristics of the individual economies affected. This book offers a full diagnosis of the EPDC, its association to the national and international structural characteristics and a full analysis from a risk management point of view of the available policy options.
Managing Risks In The European Periphery Debt Crisis
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Author : G. Christodoulakis
language : en
Publisher: Springer
Release Date : 2014-12-23
Managing Risks In The European Periphery Debt Crisis written by G. Christodoulakis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-23 with Business & Economics categories.
The European Periphery Debt Crisis (EPDC) has its roots in the structural characteristics of the individual economies affected. This book offers a full diagnosis of the EPDC, its association to the national and international structural characteristics and a full analysis from a risk management point of view of the available policy options.
Managing The Euro Area Debt Crisis
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Author : William R Cline
language : en
Publisher: Columbia University Press
Release Date : 2016-04-01
Managing The Euro Area Debt Crisis written by William R Cline and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-01 with Business & Economics categories.
First came the financial and debt crisis in Greece, then government financing difficulties and rescue programs in Ireland in 2010 and Portugal in 2011. Before long, Italy and Spain were engulfed by financial contagion as well. Finally in 2012, the European Central Bank pledged to do "whatever it takes" to preserve the euro area with purchases of government bonds, a step that achieved impressive results, according to William R. Cline in this important new book. One of the world's leading experts on fiscal and debt issues, Cline mobilizes meticulously researched and forceful arguments to trace the history of the euro area debt crisis and makes projections of future debt sustainability. He argues that euro area leaders made the right decision to keep the euro from breaking apart but warns against complacency about the future. Cline contends that troubled European economies should continue their fiscal consolidation but that further debt restructurings for most countries are not called for. Greece is a special case and may need some further debt relief contingent on continued progress on fiscal and structural reform, however. In this landmark study, Cline offers a detailed analysis of the mistakes, successes, and options for Europe as it struggles to overcome its worst economic disaster since World War II.
Europe On The Brink
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Author : Tony Phillips
language : en
Publisher: Zed Books Ltd.
Release Date : 2014-07-10
Europe On The Brink written by Tony Phillips and has been published by Zed Books Ltd. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-10 with Business & Economics categories.
Europe is suffering from a bipolar economic disorder. Financial journalists divide the continent into two groups of nations - centre and periphery - not by geography but by credit rating. Europe on the Brink is a critical investigation of the root causes of this sovereign debt crisis, and the often misguided policy choices made to resolve it. Nobel Laureate Joseph Stiglitz, together with two other finance experts, compares debt contagion in Europe with regional financial crises elsewhere, while Roberto Lavagna, former economics minister in Argentina, provides a poignant comparative analysis with his own country’s experience. Crucially and uniquely, Portuguese, Greek and Irish economists provide hard-hitting case studies from the perspective of the periphery. This much-needed book offers a heterodox economic perspective on the causes, symptoms and solutions of the biggest economic issue currently facing Europe.
The Debt Crisis In The Eurozone
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Author : Nikos Petropoulos
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2014-06-02
The Debt Crisis In The Eurozone written by Nikos Petropoulos and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-02 with Social Science categories.
During the past four years, the countries of the European periphery – the so-called PIIGS (Portugal, Ireland, Italy, Greece and Spain) – have been experiencing an economic-financial crisis that can only be compared to the Great Depression. To solve the crisis, the EU and the IMF instituted bailout programs for the debit countries on conditions of austerity and structural reforms. In this volume 20 social scientists, using both theoretical and empirical tools, delve into the causes and the social impacts of this crisis. The volume also provides an excellent background for a better comprehension of the dynamics of structural and political changes now taking place within the European Union. The social impacts cover a range of consequences, including poverty, unemployment, anti-migrant attitudes, a decline of welfare and health indicators, post-traumatic stress disorders, national humiliation, political alienation and social protest. The authors analyse the “international” and the “domestic” causes of the crisis, while some of them underline the importance of both factors. In the concluding chapter, the editors undertake a synthesis of the previous chapters, and extract a number of policy recommendations that – if adopted – could transform the current financial crisis into a growth-opportunity for the European Union and its member states.
Survival Of The Selfless
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Author : Ergis Sefa
language : en
Publisher:
Release Date : 2016
Survival Of The Selfless written by Ergis Sefa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The European Union is a project designed to bring unity and peace through prosperity. It aims to turn the European continent into the peaceful habitat where 50 distinct and different nation states cooperate and act as a single organism. Its founders aimed to have perpetual peace in the European habitat where all participants cooperate and share. This article is a description of the strongest test this project has had to date, the sovereign debt crisis, and its impact on the relations between member states in the EU. We begin by describing the EU project idea and design and the difficulties it found itself since the beginning of the global financial meltdown of 2008. This was the first major crisis for the Union and it demonstrated lack of proper structural design and volatility of its institutions. As a result, the sovereign debt crisis was characterized by a selfish crisis management mode. The continent was once again divided in the center and the periphery. The center was composed of countries lying in in the inner part of the continent, with high industrial output and financial capabilities. The periphery is composed from countries geographically lying on the edges of the continent and with a high level of debt and low industrial output. Instead of increasing the pace for closer cooperation, the EU moved toward building fault lines with the center trying to impose solutions to the periphery. This article argues for a selfless crisis management mode as the solution to the EU problems. Europeans should act for “the greater good” and consider the nonperforming members as part of a greater whole, a sole organism. The whole body should engage in solving the problems. It is time to complete the EU project building the structures of a single operating unit.
The Effects Of The Eurozone Sovereign Debt Crisis
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Author : Christian Schweiger
language : en
Publisher: Routledge
Release Date : 2017-10-02
The Effects Of The Eurozone Sovereign Debt Crisis written by Christian Schweiger and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-02 with Political Science categories.
The book analyses the emerging centre-periphery divisions within the European Union which result from the unprecedented conditions created by the 2008-09 global financial crisis and the subsequent Eurozone sovereign debt crisis. The multiple layers of policy coordination which emerged in response to the crisis have initiated a process by which the EU is increasingly divided in terms of the level of vertical integration between the Eurozone core group and differentiated peripheries amongst the outsiders. At the same time the sovereign debt crisis has created a periphery of predominantly Southern European countries within the Eurozone that became dependent on external financial support from the other member states. The contributions in this book critically examine various aspects of the emerging internal post-crisis constellation of the EU. The main focus lies on national and supranational governance issues, national dynamics and dynamics in the Eurozone core as well as in the periphery. This book was originally published as a special issue of Perspectives on European Politics and Society.
What Is The Risk Of European Sovereign Debt Defaults Fiscal Space Cds Spreads And Market Pricing Of Risk
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Author : Joshua Aizenman
language : en
Publisher:
Release Date : 2011
What Is The Risk Of European Sovereign Debt Defaults Fiscal Space Cds Spreads And Market Pricing Of Risk written by Joshua Aizenman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Debts, Public categories.
We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax; deficits/tax) and other economic fundamentals over 2005-10. We measure how accurately the model predicts sovereign credit default swap (CDS) spreads, focusing in particular on the five countries in the South-West Eurozone Periphery (Greece, Ireland, Italy, Portugal, and Spain). Dynamic panel estimates of the model suggest that fiscal space and other macroeconomic factors are statistically significant and economically important determinants of market-based sovereign risk. Although the explanatory power of fiscal space measures drop during the crisis, the TED spread, trade openness, external debt and inflation play a larger role. As expectations of market volatility jumped during the crisis, the weakly concavity of creditors' payoff probably accounts for the emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not predicted accurately by the model either in-sample or out-of-sample: unpredicted high spreads are evident during global crisis period, especially in 2010 when the sovereign debt crisis swept over the periphery area. We "match" the periphery group with five middle income countries outside Europe that were closest in terms of fiscal space during the European fiscal crisis. We find that Eurozone periphery default risk is priced much higher than the "matched" countries in 2010, even allowing for differences in fundamentals. One interpretation is that the market has mispriced risk in the Eurozone periphery. An alternative interpretation is that the market is pricing not on current fundamentals but future fundamentals, expecting the periphery fiscal space to deteriorate markedly and posing a high risk of debt restructuring. Adjustment challenges of the Eurozone periphery may be perceived as economically and politically more difficult than the matched group of middle income countrie.
Contagion Risks In The European Sovereign Debt Crisis
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Author : Alesia Kalbaska
language : en
Publisher:
Release Date : 2013
Contagion Risks In The European Sovereign Debt Crisis written by Alesia Kalbaska and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The World Scientific Handbook Of Futures Markets
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Author : Anastasios G. E. T. Al MALLIARIS
language : en
Publisher: World Scientific
Release Date : 2015-08-06
The World Scientific Handbook Of Futures Markets written by Anastasios G. E. T. Al MALLIARIS and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-06 with Business & Economics categories.
"The World Scientific Handbook of Futures Markets serves as a definitive source for comprehensive and accessible information in futures markets. The emphasis is on the unique characteristics of futures markets that make them worthy of a special volume. In our judgment, futures markets are currently undergoing remarkable changes as trading is shifting from open outcry to electronic and as the traditional functions of hedging and speculation are extended to include futures as an alternative investment vehicle in traditional portfolios. The unique feature of this volume is the selection of five classic papers that lay the foundations of the futures markets and the invitation to the leading academics who do work in the area to write critical surveys in a dozen important topics."--$cProvided by publisher.
