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Tytuł:
Belize’s 2016–17 Sovereign Debt Restructuring – Third Time Lucky?
Autorzy:
Asonuma, Tamon
Papaioannou, Michael G.
Togo, Eriko
van Selm, Bert
Powiązania:
https://bibliotekanauki.pl/articles/2047046.pdf
Data publikacji:
2020-12-29
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Sovereign Debt
Sovereign Defaults
Sovereign Debt Restructurings
Serial Debt
Restructurings
Belize
Opis:
This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains and avoid future debt distress situations.
Źródło:
Journal of Banking and Financial Economics; 2020, 2(14); 47-67
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned
Autorzy:
Asonuma, Tamon
Xin Li, Mike
Papaioannou, Michael G.
Thomas, Saji
Togo, Eriko
Powiązania:
https://bibliotekanauki.pl/articles/2040944.pdf
Data publikacji:
2018-11-15
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Sovereign Debt
Sovereign Defaults
Sovereign Debt Restructurings
Serial Debt
Restructurings
Serial Defaults
Grenada
Disaster Clause
Opis:
This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15. Both restructurings emerged as a consequence of weak fiscal and debt situations, which became unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.
Źródło:
Journal of Banking and Financial Economics; 2018, 2(10); 67-105
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Inflation and Public Debt Reversals in the G7 Countries
Autorzy:
Akitoby, Bernardin
Binder, Ariel
Komatsuzaki, Takuji
Powiązania:
https://bibliotekanauki.pl/articles/565670.pdf
Data publikacji:
2017
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Inflation
debt crisis
G7
public debt
sovereign debt
Opis:
This paper investigates the impact of low or high inflation on the public debt-to-GDP ratio in the G-7 countries. Our simulations suggest that if inflation were to fall to zero for five years, the average net debt-to-GDP ratio would increase by about 5 percentage points during that period. In contrast, raising inflation to 6 percent for the next five years would reduce the average net debtto-GDP ratio by about 11 percentage points under the full Fisher effect and about 14- percentage points under the partial Fisher effect. Thus higher inflation could help reduce the public debt-to-GDP ratio somewhat in advanced economies. However, it could hardly solve the debt problem on its own and would raise significant challenges and risks. First of all, it may be difficult to create higher inflation, as evidenced by Japan’s experience in the last few decades. In addition, an unanchoring of inflation expectations could increase long-term real interest rates, distort resource allocation, reduce economic growth, and hurt the lower–income households.
Źródło:
Journal of Banking and Financial Economics; 2017, 1(7); 28-50
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Determinants of complexity of sovereign debt negotiation
Autorzy:
Mesjasz, Lidia
Mesjasz, Czesław
Powiązania:
https://bibliotekanauki.pl/articles/522495.pdf
Data publikacji:
2016
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Complexity studies
Negotiation theory
Sovereign debt negotiation
Opis:
The situation on all kinds of financial markets is determined by their increasing complexity. Negotiation of sovereign debt is also a complex endeavor. Its complexity results both from structural characteristics – number of actors, problems of coordination, communication, cooperation and conflict and from cognitive limitations. The survey of literature on sovereign debt management shows that no research has been done on complexity of sovereign debt management, and sovereign debt negotiation in particular. The aim of the paper is to provide initial framework concepts of complexity of sovereign debt restructuring negotiation referring to a universal collection of characteristics of negotiation. A model of debt restructuring negotiation is elaborated and a set of its complexity- related characteristics is proposed.
Źródło:
Journal of Economics and Management; 2016, 25; 63-78
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Debt Reduction in the Eurozone
Autorzy:
Sawicki, Janusz
Powiązania:
https://bibliotekanauki.pl/articles/953225.pdf
Data publikacji:
2011-08-31
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
sovereign debt crisis
bailout
debt reduction
eurozone
peripheral countries
Opis:
When the Greek crisis exploded in the spring of 2010 the eurozone countries collected funds to refinance Greece’s debt in order to stave off a banking crisis. Later Ireland and Portugal asked for similar eurozone assistance. Because refinancing (bailout) was not sufficient to enable these peripheral countries to solve their debt problems, they agreed to implement austerity programs so that they could use eurozone countries’ public funds. But these austerity measures, even if politically affordable, will not suffice. It is exceedingly possible that the peripheral countries will not outgrow their problems and will be unable to return to capital markets at their pre-crisis levels. Their debt-to-GDP as well as debt services-to-income ratios are likely to grow and additional debt reorganization programs including debt reduction (haircut) will be required. At the heart of the issue is the potential impact of a reduction of the peripheral economies’ debt on the monetary financial institutions of all European Union countries. As a result of the restructuring and partial debt reduction, banks may need to receive public support. To address these problems a new solution in the form of the European Stability Mechanism (EMS) has been proposed. It is expected to change the way in which the eurozone functions. However, the EMS idea is based on the same philosophy as the existing bailout instruments. It does not address the equal treatment and moral hazard issues, while the conditionality programs proposed so far have not softened the adverse impact of the growing debt burden on the economic performance of the debt-laden countries. The entire European Union financial system is at risk and remains vulnerable as long as the refinancing mechanisms are not supported by debt restructuring and reduction. Debt managers do not seem to know how to draw on past experience and so ad hoc measures prevail. To effectively manage that kind of debt reorganization, the European Union should create the necessary procedures to efficiently address the economic future of all heavily indebted economies. The EU should also be prepared politically to accept the costs of debt reduction or of a fundamental reorganization of the eurozone.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2011, 249, 7-8; 1-20
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects
Autorzy:
Asonuma, Asonuma
Papaioannou, Michael G.
Peraza, Gerardo
Vitola, Kristine
Tsuda, Takahiro
Powiązania:
https://bibliotekanauki.pl/articles/565701.pdf
Data publikacji:
2017
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Sovereign Defaults
Sovereign Debt Restructuring External Debt
Inter-Creditor Equity
Serial Defaults
Opis:
This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13, which occurred outside an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fi scal solvency concerns. Despite differential treatment between residents and non-residents, both 2006–07 and 2012–13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities’ effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012–13 debt restructuring will still depend on the country’s ability to strengthen fi scal efforts and the public debt management framework.
Źródło:
Journal of Banking and Financial Economics; 2017, 2(8); 5-26
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Institutional Hybridization and Economic Performance: The State of France. The State in France
Autorzy:
Goyer, Michel
Powiązania:
https://bibliotekanauki.pl/articles/942368.pdf
Data publikacji:
2012
Wydawca:
Szkoła Główna Handlowa w Warszawie
Tematy:
state
sovereign debt crisis
coordinated market economy
dirigisme
Opis:
Does the presence of institutional hybridization invariably lead to lower rates of economic growth? The absence of tight complementarities between the different spheres of the economy makes it harder for companies to secure market-based or strategic- inspired modes of coordination. I investigate this issue with the case of France - an institutionally hybrid economy whose relative economic performance has declined in the last decade. I highlight that the prominence of state intervention in the first four postwar decades lessened the weaknesses of institutional hybridization. Nonetheless, state dirigisme did not eliminate the shortcomings associated with a hybrid model. If anything, state intervention in France significantly contributed to stifle the development of institutional capacities of actors, most notably labour organisations, which are crucial in coordinated market economies.
Źródło:
Warsaw Forum of Economic Sociology; 2012, 3, 6; 55-68
2081-9633
Pojawia się w:
Warsaw Forum of Economic Sociology
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Leading indicators of sovereign debt and currency crises: Comparative analysis of 2001 and 2018 shocks in Argentina
Autorzy:
Gruszczyński, Marcin
Majczak, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/2024098.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Argentina
Currency crisis
Early warning signals
Sovereign debt crisis
Opis:
Aim/purpose – This paper investigates the accuracy of leading indicators in the case of the 2001 sovereign default crisis and the 2018 currency turmoil in Argentina.Design/methodology/approach – In this paper, we conducted early warning signals analysis based on a-priori selected variables. For each of the macroeconomic variables, we computed yearly changes and selected the threshold to minimise the noise-to-signal ratio, i.e. the ratio of percentage of false signals in ‘normal’ times to percentage of good signals in a two-year period preceding each of the crises.Findings – The predictive power of indicators differs significantly in various crisis episodes. For the 2001 crisis, the decline in value of bank deposits was the best leading indicator based on the noise-to-signal ratio. For the 2018 currency crisis, the lowest noise-to-signal ratio was observed for the lending-deposit rate ratio.Research implications/limitations – The survey is limited mostly by the data availability and their quality.Originality/value/contribution – This paper gives a complex review of the major early warning indicators in the context of the most recent history of Argentina’s economy. It applies a set of classical leading indicators to two modern cases of financial crises. The paper proposes an original ‘knocking the window’ approach to the presentation of traditional warning concepts in the context of current economic events.
Źródło:
Journal of Economics and Management; 2020, 42; 20-47
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
What are the Principles of International Law Applicable to the Resolution of Sovereign Debt Crises?
Autorzy:
de Jonge, Alice
Powiązania:
https://bibliotekanauki.pl/articles/706841.pdf
Data publikacji:
2012
Wydawca:
Polska Akademia Nauk. Instytut Nauk Prawnych PAN
Tematy:
sovereign debt crises
debt moratorium
exchange control
bankruptcy
state immunity
international law
Opis:
This article explores the accepted and emerging international law principles applicable to the resolution of sovereign debt crises. The need for agreement on a set of guiding principles and mechanisms for resolving such crises is highlighted. The history of debt moratoriums, exchange controls and bailouts as instruments for dealing with sovereign debt crises is first outlined. The article then turns to an examination of alternatives to these policy options. Both market based and statutory approaches to sovereign debt restructuring are examined. The article ends with recommendations on a set of guiding principles for choosing between the various policy options available when a sovereign debt crisis is threatened.
Źródło:
Polish Yearbook of International Law; 2012, 32; 129-168
0554-498X
Pojawia się w:
Polish Yearbook of International Law
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Arithmetic of influence of debt crisis on economies of visegrad group and challenges ahead
Autorzy:
Ptak, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/570192.pdf
Data publikacji:
2014
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
V4 Group
sovereign debt crisis
general government debt
fiscal consolidation
ageing of population
Opis:
The global financial and economic crisis has fully revealed the risks of over- -indebted countries, whose cause was, inter alia, the maintenance of structural deficits for many years. Economies of the Visegrad Group (V4 Group) conducted even less disciplined fiscal policy than the EU. Nevertheless, the V4 Group has weathered the crisis better than the EU, even though its initial fiscal position was worse. However, in the long term, the fiscal consolidation process will be hindered due to unfavorable demographic trends and the burden on public finances imposed by scarce social security systems. In this respect, the V4 Group is going to experience even greater challenges than the EU. The purpose of this article is to show the arithmetic course and consequences of the sovereign debt crisis on economies of V4 Group as well as the challenges related among others to ageing process its population is going to face in medium and long term.
Źródło:
Ekonomia XXI Wieku; 2014, 4(4); 64-79
2353-8929
Pojawia się w:
Ekonomia XXI Wieku
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten
Autorzy:
Reinhart, Carmen M.
Rogoff, Kenneth S.
Powiązania:
https://bibliotekanauki.pl/articles/565636.pdf
Data publikacji:
2015
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Financial crises
sovereign debt crises
deleveraging
credit cycles
financial repression
debt restructuring
debt forgiveness
capital controls
austerity
Opis:
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 predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression. As we document, this claim is at odds with the historical track record of most advanced economies, where debt restructuring or conversions, financial repression, and a tolerance for higher inflation, or a combination of these were an integral part of the resolution of significant past debt overhangs.
Źródło:
Journal of Banking and Financial Economics; 2015, 2(4); 5-17
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs?
Autorzy:
Chung, Kay
Papaioannou, Michael G.
Powiązania:
https://bibliotekanauki.pl/articles/2048280.pdf
Data publikacji:
2021-10-22
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
collective action clause
sovereign bond contractual clause
governing law
default
bond spreads
sovereign cost of borrowing
sovereign debt restructuring
Opis:
This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns’ borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers’ moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.
Źródło:
Journal of Banking and Financial Economics; 2021, 1(15); 59-87
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
SOVEREIGN DEBT CRISIS OF THE EUROZONE COUNTRIES
Autorzy:
Miklaszewicz, Sławomir
Powiązania:
https://bibliotekanauki.pl/articles/488828.pdf
Data publikacji:
2016
Wydawca:
Instytut Badań Gospodarczych
Tematy:
sovereign debt
crisis of the euro area
EMU monetary policy
European semester
fiscal pact
European stability mechanism
Opis:
The aim of the publication is to examine the fiscal position of the euro area countries and fiscal policy architecture in Europe after the outbreak of the financial and economic crisis started in 2008. The first part of the publication consists of the analyses of the budgetary situation of euro area countries and complications with the increasing costs of servicing the public debt in the European market affected by the financial liquidity crisis. In the second section the most important changes in the framework of budgetary policies coordination process in the euro zone are presented. The final section describes the role and activities of the European Central Bank in minimising the negative consequences of the debt crisis in the euro zone.
Źródło:
Oeconomia Copernicana; 2016, 7, 3; 357-373
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Are treasury debt instruments still attractive to foreign investors? Poland – a case study based on ATM and ATR indicators
Czy skarbowe instrumenty dłużne są nadal atrakcyjne dla inwestorów zagranicznych? Polska – studium przypadku z wykorzystaniem wskaźników ATM i ATR
Autorzy:
Uryszek, Tomasz
Kłysik-Uryszek, Agnieszka
Powiązania:
https://bibliotekanauki.pl/articles/1018839.pdf
Data publikacji:
2020-06-30
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
dług publiczny
inwestorzy zagraniczni
polskie skarbowe papiery wartościowe
zarządzanie długiem publicznym
sovereign debt
foreign investors
Polish Treasury securities
public debt management
Opis:
The article’s primary goal is to investigate foreign investors’ activity on the Polish primary debt instruments market in light of the public debt management strategy. We wanted to check the scale of investors’ response to the authorities’ policy in the sovereign debt area. The article consists of five parts. We started with the introduction, followed by a literature review. We then described the research method and data, as well as the empirical discussion.We based our study mostly on the average time to maturity (ATM) and average time to refixing (ATR) indexes. The most important findings, concluding remarks, and policy implications are presented in the last part of the paper. The study’s general outcomes show that despite the deterioration of the State Treasury debt instruments’ overall characteristics targeted to foreign investors, Polish sovereign debt papers remained attractive to buy. It was mostly due to the still relatively low refinancing and interest rate risks for debt denominated in foreign currencies.
Głównym celem artykułu jest ocena aktywności inwestorów zagranicznych na polskim, pierwotnym rynku instrumentów dłużnych w świetle strategii zarządzania długiem publicznym. Sprawdzono skalę reakcji inwestorów na politykę władz w obszarze długu państwowego. Artykuł składa się z pięciu części: wprowadzenia, przeglądu literatury, opisu metody badawczej i danych, oraz dyskusji wyników. Najważniejsze ustalenia, uwagi końcowe i implikacje polityczne zostały przedstawione w ostatniej części opracowania. Wyniki badania wskazały, że pomimo pogorszenia się ogólnej charakterystyki instrumentów dłużnych Skarbu Państwa skierowanych do inwestorów zagranicznych, pozostały one atrakcyjne dla nierezydentów. Wynikało to głównie z wciąż stosunkowo niskiego ryzyka refinansowania i stopy procentowej dla długu denominowanego w walutach obcych.
Źródło:
Ekonomia Międzynarodowa; 2020, 30; 94-106
2082-4440
2300-6005
Pojawia się w:
Ekonomia Międzynarodowa
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Competition Law and State Aid for Failing Banks in the EU and its Specific Implications for CEE Member States
Autorzy:
Blazsek, Virag
Powiązania:
https://bibliotekanauki.pl/articles/530389.pdf
Data publikacji:
2016-12-31
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
EU Competition Law
Central and Eastern Europe (CEE)
financial crisis
State aid
bank bailouts
Eurozone
sovereign debt
European Stability Mechanism (ESM)
Opis:
The bank bailouts following the global financial crisis of 2008 have been subject to prior approval of the European Commission (EC), the competition authority of the European Union. The EC was reluctant to reject rescue efforts directed at failing banks and so it consistently approved all such requests submitted by Member States. Out of the top twenty European banks, the EC authorized State aid to at least twelve entities. In this context, the paper outlines the gradually changing interpretation of EU State aid rules, the “temporary and extraordinary rules” introduced starting from late 2008, and the extension of the “no-State aid” category. The above shifts show that the EC itself deflected from relevant EU laws in order to systemically rescue important banks in Europe and restore their financial stability. The paper argues that bank bailouts and bank rescue packages by the State have led to different effects on market structures and consumer welfare in the Eurozone and non-Eurozone areas, mostly the Eastern segments of the European Union. As such, it is argued that they are inconsistent with the European common market. Although the EC tried to minimize the distortion of competition created as a result of the aforementioned case law primarily through the application of the principle of exceptionality and different compensation measures, these efforts have been at least partially unsuccessful. Massive State aid packages, the preferential treatment of the largest, or systemically important, banks through EU State aid mechanisms – almost none of which are Central and Eastern European (CEE) – may have led to the distortion of competition on the common market. That is so mainly because of the prioritization of the stability of the financial sector and the Euro. The paper argues that State aid for failing banks may have had important positive effects in the short run, such as the promotion of the stability of the banking system and the Euro. In the long-run however, it has contributed to the unprecedented sovereign indebtedness in Europe, and contributed to an increased economic and political instability of the EU, particularly in its most vulnerable CEE segment.
Les sauvetages bancaires consécutifs à la crise financière mondiale de 2008 ont été soumis à l'approbation préalable de la Commission européenne (CE), l'autorité de la concurrence de l'Union européenne. Les CE étaient réticentes à rejeter les efforts de sauvetage dirigés contre les banques défaillantes et ont donc approuvé de manière cohérente toutes les demandes présentées par les États membres. Sur les vingt premières banques européennes, la CE a autorisé des aides d'État au moins douze entités. Dans ce contexte le document souligne l'évolution progressive de l'interprétation des règles de l'UE en matière d'aides d'État, les « règles temporaires et extraordinaires » introduites à partir de la fin de 2008 et l'extension de la catégorie « sans aides d’État ». Les changements susmentionnés montrent que la CE elle-même a dévié des lois pertinentes de l'UE afin de sauver systématiquement d'importantes banques en Europe et de rétablir leur stabilité financière. L'article soutient que les plans de sauvetage bancaire et les plans de sauvetage bancaire de l'État ont eu des effets différents sur les structures du marché et sur le bien-être des consommateurs dans les zones de la zone euro et hors zone euro, principalement dans les segments orientaux de l'Union européenne. En tant que tel, il est soutenu qu'ils sont incompatibles avec le marché commun européen. Bien que les CE aient essayé de minimiser les distorsions de concurrence créées par la jurisprudence susmentionnée, principalement par l'application du principe d'exception et des mesures de compensation différentes, ces efforts ont été au moins partiellement infructueux. Les paquets massifs d'aides d'État, le traitement préférentiel des banques les plus importantes ou systématiquement importantes par le biais des mécanismes d'aide de l'UE - presque aucun d'Europe centrale et orientale (CEE) - ont entraîné une distorsion de concurrence sur le marché commun. Cela est dû principalement à la priorité accordée à la stabilité du secteur financier et de l'euro. Le document fait valoir que les aides d'État pour les banques en faillite peuvent avoir eu des effets positifs importants à court terme, comme la promotion de la stabilité du système bancaire et de l'euro. Toutefois, à long terme, elle a contribué à l'endettement souverain sans précédent en Europe et a contribué à accroître l'instabilité économique et politique de l'UE, en particulier dans son segment d'Europe centrale et orientale le plus vulnérable.
Źródło:
Yearbook of Antitrust and Regulatory Studies; 2016, 9(14); 145-158
1689-9024
2545-0115
Pojawia się w:
Yearbook of Antitrust and Regulatory Studies
Dostawca treści:
Biblioteka Nauki
Artykuł
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