Arbeitspapier
Is the European debt crisis a mere balance of payments crisis?
This paper is interested in linking formally external disequilibriums to the sovereign debt crisis the EMU is experiencing since 2009. Relying on the CHEER approach that connects the goods market to the capital market, we show that when a country belonging to a monetary union faces external disequilibrium relative to its main partner, the corresponding interest rate differential increases. Moreover, when these imbalances are persistent, it may trigger a balance of payments crisis. Our findings indicate that this phenomenon seems to be at play for the European countries under international assistance.
- Sprache
-
Englisch
- Erschienen in
-
Series: FIW Working Paper ; No. 118
- Klassifikation
-
Wirtschaft
International Monetary Arrangements and Institutions
International Lending and Debt Problems
Financial Crises
- Thema
-
balance of payments crisis
CHEER
debt crisis
external imbalances
Eurozone
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Guerreiro, David
- Ereignis
-
Veröffentlichung
- (wer)
-
FIW - Research Centre International Economics
- (wo)
-
Vienna
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Guerreiro, David
- FIW - Research Centre International Economics
Entstanden
- 2013
Ähnliche Objekte (12)
The European balance of payments crisis
The European Balance of Payments Crisis: An Introduction
Debt stocks, debt flows and the balance of payments
The European Debt Crisis
Ireland's sovereign debt crisis
The implications of TARGET2 in the European balance of payments crisis and beyond
Greek Debt Crisis: The "@-euro" a New Possible Solution to Greek Debt Crisis
Consequences of the debt crisis
The first debt ceiling crisis
Lessons from the debt crisis
The debt crisis and IMF policy
Is a second debt crisis looming?
The European balance of payments crisis
The European Balance of Payments Crisis: An Introduction
Debt stocks, debt flows and the balance of payments
The European Debt Crisis
Ireland's sovereign debt crisis
The implications of TARGET2 in the European balance of payments crisis and beyond
Greek Debt Crisis: The "@-euro" a New Possible Solution to Greek Debt Crisis
Consequences of the debt crisis
The first debt ceiling crisis
Lessons from the debt crisis
The debt crisis and IMF policy
Is a second debt crisis looming?
The European balance of payments crisis
The European Balance of Payments Crisis: An Introduction
Debt stocks, debt flows and the balance of payments
The European Debt Crisis
Ireland's sovereign debt crisis
The implications of TARGET2 in the European balance of payments crisis and beyond
Greek Debt Crisis: The "@-euro" a New Possible Solution to Greek Debt Crisis
Consequences of the debt crisis
The first debt ceiling crisis
Lessons from the debt crisis
The debt crisis and IMF policy