Managing the euro area debt crisis
tarafından
 
Cline, William R. author

Başlık
Managing the euro area debt crisis

Yazar
Cline, William R. author

ISBN
9780881326871

Yazar Ek Girişi
Cline, William R. author

Fiziksel Tanımlama
xvii, 218 pages ; 23 cm

İçerik
Overview and policy implications -- Fiscal adjustment, growth, and default risk -- The bank-sovereign debt nexus -- External adjustment : breakup costs -- Eurobonds, firewalls, OMT, and debt restructuring -- Projections with the European debt simulation model : Ireland, Italy, Portugal, and Spain -- Debt restructuring and economic prospects in Greece.

Özet
Cline offers the most detailed, data-rich, and policy-relevant analysis of the euro crisis yet to appear. Yet the interpretation he puts forward, although shared by many in the European financial and political establishments, is hardly uncontroversial. In Cline’s view, the euro system is in crisis primarily because some eurozone members have accumulated too much sovereign debt, and not because Europe suffers from insufficient demand, distorted exchange rates, or a lack of economic competitiveness. Cline argues that it would be disastrous for any country—even Greece, whose economic woes are currently dragging down the rest of the EU—to exit the eurozone because of the risk that investors would soon lose confidence in other countries. Thus, the EU’s current response represents the only feasible option: Greece should continue to receive some modest debt relief from creditors and the EU, and Greece and other indebted EU countries, including Ireland, Italy, and Portugal, should continue to run large fiscal surpluses indefinitely. Cline’s empirical analysis is impressive, but skeptics will note that his conclusions rest on two speculative assumptions: running perpetual surpluses will not stunt economic growth, and any withdrawal from the euro would be so costly as to make such threats not worth taking seriously. Recent events in Europe seem to be calling both of those assumptions into question.

Konu Başlığı
Debts, Public -- European Union countries.
 
Devlet borçları -- Avrupa Birliği Ükeleir.
 
Monetary policy -- European Union countries
 
Para politikası -- Avrupa Birliği Ülkeleri.

Coğrafi Terim
European Union countries -- Economic policy.
 
Avrupa Birliği Ülkeleri -- Ekonomi politikası.


LibraryMateryal TürüDemirbaşYer NumarasıDurumu / Lokasyon / İade Tarihi
Ekonomi KütüphanesiKitapEKOBKN0005814336.34094 CLI 2014Merkez Kütüphane Genel Koleksiyon