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Seit Ausbruch der Finanz- und Wirtschaftskrise ist weltweit ein enormer Anstieg staatlicher Defizite und Schuldenstände … alles nichts fruchtet, so steht am Ende … nicht die Auslösung, sondern der Staatsbankrott«. Jörn Axel Kämmerer und Hans … hochverschuldete Länder, wie z.B. Griechenland, selbst einen Weg finden müssen, ihre Staatsfinanzen zu konsolidieren. …
Persistent link: https://www.econbiz.de/10008534395
By analysing data from January 2007 to December 2012 in a panel GLS error correction framework we find that European countries’ sovereign CDS spreads are largely driven by global investor sentiment, macroeconomic fundamentals and liquidity conditions in the CDS market. But the relative...
Persistent link: https://www.econbiz.de/10011142168
Bilanzeffekte für Griechenland analysiert. Zum Abschluss wird die technische Umsetzung des Austritts Griechenlands aus der Eurozone … tritt Griechenland aus dem Euro aus und führt die Neue Griechische Drachme als offizielles Zahlungsmittel ein. Im zweiten … Szenario verbleibt Griechenland in der Währungsunion und schafft es, die notwendige interne Abwertung zu erreichen. Im dritten …
Persistent link: https://www.econbiz.de/10011148738
Persistent link: https://www.econbiz.de/10009017931
loss of confidence. Early mistakes over Greece fed contagion throughout the euro-zone. No institution acted as neutral …This article compares today's euro-zone debt crisis, in terms of economic diplomacy, with the earlier crisis in Latin … total failure to reconcile tensions in the euro-zone crisis. Growing imbalances between debtors and creditors led to serious …
Persistent link: https://www.econbiz.de/10010670162
The paper argues that the Greek debt crisis, as well as those of other Southern European countries and Ireland, has to be seen in macroeconomic context. The sum of the public sector balance, the (domestic) private sector balance and the current account deficit (or equivalently: the capital...
Persistent link: https://www.econbiz.de/10010670267
economy, CACs were activated in the debt exchange undertaken by Greece in Spring 2012. …
Persistent link: https://www.econbiz.de/10011142016
Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is...
Persistent link: https://www.econbiz.de/10010790367
The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after eight years....
Persistent link: https://www.econbiz.de/10009370535
Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and offers interpretations for why they did not materialize. When the exchange offer is sufficiently...
Persistent link: https://www.econbiz.de/10009370538