In the last decade, many economies were marked by the severe financial crises since the Great Depression. The euro area faced considerable economic difficulties and the CDS has become the focal point of the current crisis. The euro sovereign debt crises started in Greece and later on, spread to...

The scope of this article is to underline the overall economic impact of Single Euro Payments Area adoption upon the major players in the payments industry. Our study is structured on chapters that present the implications of SEPA on the banking industry, the project’s consequences in respect...

In the circumstances of the financial crisis, sovereign debts have increased with an effect on foreign exchange rates (NEERs), CDS spreads, market liquidity and debt exposures in foreign currencies. This study aims to examine the features of the Hungarian sovereign debt by analysing the possible...

In this paper we examine the linkages of government bond yield spreads (BYS) between Euro zone countries over the period March 3, 2007 - June 18, 2012, thus considering the intriguing features of BYS spillovers during the global financial and the Euro zone debt crisis. Splitting our sample to...

Since 2008, several OECD member countries had experienced a debt crisis, or at least were close to it. Three countries, Greece and Ireland in 2010, and Portugal in 2011, needed to receive help from the IMF through rescue packages. The debt ratio is expected to be above 60% of the GDP based on...

In the case of Romania, a sharp deterioration of the fiscal framework strength has been observed during post-crisis period, the public debt-to-GDP ratio currently reaching around 40%, thus doubling as compared to 2008. The structural analysis of government debt portfolio highlighted the main...

The study of the link between debt and growth has been full of debates, both in theory and empirics. However, there is a growing consensus that the relationship is sensitive to the level of debt. Our paper tries to address the question of non linearity in the long term relationship between...

The rapid increase in the government debt under the circumstances of the global crisis persistence and financial markets volatility raises the need for a new approach of public debt sustainability, including for Romania. Despite more intense contagion effects according to global markets...