Temat: debt crisis - Katalog OPAC zbiorów

Skocz do pozycji: 1.

Tytuł:: The Eurozone Crisis: Short-Run versus Long-Run Solutions
Autorzy:: Pickert, Jens
Narayanan, Vijay
Powiązania:: https://bibliotekanauki.pl/articles/420784.pdf
Data publikacji:: 2017
Wydawca:: Akademia Ignatianum w Krakowie
Tematy:: Eurozone
debt crisis
EFSF
ESM
Opis:: RESEARCH OBJECTIVE: The main objective of this article is to present the result of the comparison of the short‑run and the long‑run solutions available for the Eurozone crisis. The main focus lies in examining if the provisions provided for the short‑term are sufficient compared to the long‑term solutions. THE RESEARCH PROBLEM AND METHODS: The existing monetary policy in the European Monetary Union at the beginning of the crisis will be examined together with the measures pursued immediately following the crisis as well as future prospects. The study is based on a literature review. THE PROCESS OF ARGUMENTATION: The monetary policy showed structural problems clearly emphasizing that the Eurozone was not prepared to address this crisis. The first reactive measures were taken several months after the start of the crisis. The implemented solutions on the short‑run did not meet the requirements to garner lost trust and determination. In summary, the decided provisions on the short‑run solutions were not sufficient. RESEARCH RESULTS: On the one hand, some efforts were made to find short run solutions. But these short‑run solutions could not solve the financial difficulties of the affected Eurozone countries. On the other hand, long‑run solutions are highly discussed in the literature but are not set in place. Therefore, only a political and monetary union can solve the structural problems of the Eurozone. However, in the foreseeable future, politicians need to spend more efforts into this aim. CONCLUSION, INNOVATION AND RECOMMENDATION: The paper underlines the need for a political and monetary union. A first step in the long‑term would be the introduction of the European Monetary Fund and later on the Eurobonds.
Źródło:: Horyzonty Polityki; 2017, 8, 24; 215-235
2082-5897
Pojawia się w:: Horyzonty Polityki
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 2.

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

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Skocz do pozycji: 3.

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

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Skocz do pozycji: 4.

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

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Skocz do pozycji: 5.

Tytuł:: THE VAROUFAKIS-TSIPRAS LINE WAS DOOMED TO FAIL FROM THE WORD ‘GO’
Autorzy:: TOUSSAINT, ÉRIC
Powiązania:: https://bibliotekanauki.pl/articles/1036360.pdf
Data publikacji:: 2019-12-31
Wydawca:: Uniwersytet im. Adama Mickiewicza w Poznaniu
Tematy:: Varoufakis
Syriza
Greece
Greek Debt Crisis
European Union
Opis:: This article on Varoufakis’s book, Adults in The Room: My Battle with Europe’s Deep Establishment (2017) and about what happened in Greece in 2015 is a guide for left-leaning readers who are not happy with the dominant narrative meted out by the mainstream media and the Troika-controlled governments. These readers are also dissatisfied with the former Greek Finance Minister’s version. As a counterpoint to Varoufakis’s story, I have highlighted events that he is silent about, and I have expressed different views on what he should have done and what he did instead. My story runs parallel, and not opposite, to his. It is crucial to thoroughly analyse the policy implemented by the Varoufakis-Tsipras government because, for the first time in the 21st century, a radical left-wing government was elected in Europe. If we want to avoid another disaster, it is absolutely vital to identify the flaws and understand what went wrong. This critique of the Greek government’s policy in 2015 is not primarily meant to point out the respective responsibilities of Tsipras or Varoufakis as individuals. It is imperative to analyse the politico-economic orientation that was followed, so that we can ascertain the causes of failure, understand what could have been tried instead, and learn what a radical left-wing government can do in a country in the periphery of the Eurozone.
Źródło:: Society Register; 2019, 3, 2; 67-95
2544-5502
Pojawia się w:: Society Register
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 6.

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

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Skocz do pozycji: 7.

Tytuł:: Euro, dollar or Swiss franc: which currency had the greatest impact on the Hungarian, Polish and Czech economies during the global financial crisis?
Autorzy:: Kliber, Agata
Płuciennik, Piotr
Powiązania:: https://bibliotekanauki.pl/articles/1047384.pdf
Data publikacji:: 2021-05-31
Wydawca:: Główny Urząd Statystyczny
Tematy:: bond spread
copula-GARCH model
debt crisis
Central Europe
Opis:: The article presents an analysis of the impact of foreign currency dynamics on the fundamentals (basic indices of the economic performance) of the Czech Republic, Hungary and Poland during the financial crisis of 2007/2008 and its aftermath until 2017. The subject of the analysis are three currencies: the US dollar, the euro and the Swiss franc. The assessment of their impact on the fundamentals of the three above-mentioned economies is based on the joint volatilities of bond spreads and currencies. A series of copula-GARCH models was estimated. The research demonstrates that the impact of foreign currencies was the strongest in the case of Poland and Hungary, as these two countries were more dependent on loans in foreign currencies than the Czech Republic. Another finding shows that the impact decreased significantly in Hungary after its government introduced loan conversion.
Źródło:: Przegląd Statystyczny; 2020, 67, 4; 247-273
0033-2372
Pojawia się w:: Przegląd Statystyczny
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 8.

Tytuł:: Dispute over European Union and Eurozone Crisis in the Light of Selected Theories of European Integration
Autorzy:: Staszczyk, Artur
Powiązania:: https://bibliotekanauki.pl/articles/2031831.pdf
Data publikacji:: 2014-12-31
Wydawca:: Wydawnictwo Adam Marszałek
Tematy:: European Union
eurozone
theories of European integration
debt crisis
Opis:: The study tackles the issue of applying respective theories of European integration to explain the processes occurring in the EU, and in particular, in the debt-wrecked eurozone. In the author’s view, the eurozone crisis revived the dispute over the shape of EU. On one hand, it is the supranational neofunctionalism and on the other, state-centric intergovernmentalism views clashing with one another. The author believes that the key theory that successfully explains the member states’ behavior in face of eurozone crisis is the intergovernmentalism theory. It assumes the primacy of nation-state and its interests in the process of European integration. This is particularly apparent in the time of crisis when supranational mechanisms typical of neofunctionalist theory serve solely the purpose of legitimizing national interests of the economically strongest EU members.
Źródło:: Reality of Politics; 2014, 5; 81-94
2082-3959
Pojawia się w:: Reality of Politics
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 9.

Tytuł:: Ograniczenie budżetowych transferów socjalnych a niwelowanie nierówności ekonomicznych
Cutting Social Transfers and Reducing Economic Inequalities
Autorzy:: Bartak, Jakub
Powiązania:: https://bibliotekanauki.pl/articles/549154.pdf
Data publikacji:: 2013
Wydawca:: Uniwersytet Rzeszowski. Wydawnictwo Uniwersytetu Rzeszowskiego
Tematy:: Nierówności
wydatki socjalne
kryzys zadłużeniowy
debt crisis
inequalities
social expenditures
Opis:: W artykule podjęto tematykę wpływu konsolidacji finansowej budżetu państwa na poziom nierów-ności ekonomicznych. Przedstawiono badania empiryczne sugerujące, że zmiana wydatków publicznych na cele socjalne nie zawsze posiada takie same implikacje dla dysproporcji dochodowych oraz, że po-ziom nierówności zależy od stopnia redystrybucji i skuteczności tych wydatków, od tego, czy skierowane są one na zwalczanie nierówności frustrujących czy aktywizujących. Zaprezentowane zostały także przykłady działań zaproponowanych w raporcie OECD, które zmniejszając dysproporcje ekonomiczne mają także pozytywny wpływ na kondycję finansów publicznych.
The paper describes relationships between fiscal tightening and economic inequalities. It comprises empirical evidences suggesting that the effect of cutting social transfers on inequalities may vary between EU countries and that efficiency of social spending is conditioned to fighting frustrating inequalities, not activating ones. The article presents also examples of government activities that may reduce inequalities and public debt at the same time.
Źródło:: Nierówności Społeczne a Wzrost Gospodarczy; 2013, 31; 146-155
1898-5084
2658-0780
Pojawia się w:: Nierówności Społeczne a Wzrost Gospodarczy
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 10.

Tytuł:: Programy skupu aktywów Europejskiego Banku Centralnego w dobie kryzysu zadłużeniowego w strefie euro
European Central Bank’s asset purchase programs in the age of the debt crisis in the Eurozone
Autorzy:: Grabowski, Wojciech
Stawasz, Ewa
Powiązania:: https://bibliotekanauki.pl/articles/970384.pdf
Data publikacji:: 2013
Wydawca:: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:: euro area sovereign debt crisis
asset purchase programs
eurozone sovereign debt crisis
AIC
kryzys w strefie euro
programy pomocowe EBC
kryterium informacyjne Akaike
Opis:: The aim of the article is to analyse the effectiveness of the asset purchase programs implemented by the European Central Bank during the sovereign debt crisis of some euro area countries (i.e. Securities Markets Programme i Outright Monetary Transactions). We examine how those programs translate into changes in sovereign bond yields. With the aid of the Akaike information criterion we conclude that the impact of the Outright Monetary Transactions was more durable.
Przedmiotem artykułu jest analiza skuteczności programów skupu aktywów, które Europejski Bank Centralny wprowadził w odpowiedzi na kryzys zadłużeniowy części gospodarek strefy euro – tj. programów Securities Markets Programme i Outright Monetary Transactions. W artykule badana jest trwałość efektów wprowadzenia tych dwóch programów, mierzonych zmianą rentowności obligacji skarbowych. Wykorzystując kryterium informacyjne Akaike, dochodzimy do wniosku, że oddziaływanie programu Out-right Monetary Transactions było dłuższe niż programu Securities Markets Programme.
Źródło:: Ekonomia Międzynarodowa; 2013, 004; 5-21
2082-4440
2300-6005
Pojawia się w:: Ekonomia Międzynarodowa
Dostawca treści:: Biblioteka Nauki

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