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The European Sovereign Debt Crisis
Open accessAbstract
The origin and propagation of the European sovereign debt crisis can be attributed to the flawed original design of the euro. In particular, there was an incomplete understanding of the fragility of a monetary union under crisis conditions, especially in the absence of banking union and other European-level buffer mechanisms. Moreover, the inherent messiness involved in proposing and implementing incremental multicountry crisis management responses on the fly has been an important destabilizing factor throughout the crisis. After diagnosing the situation, we consider reforms that might improve the resilience of the euro area to future fiscal shocks.
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Citations
Cited by
Systemic Banking Crises Database II
Laeven, L., & Valencia, F. (2020) · IMF Economic Review · doi:10.1057/s41308-020-00107-3 · Cited by 1,123
Jordà, Ò., Schularick, M., & Taylor, A. M. (2015) · Journal of International Economics · doi:10.1016/j.jinteco.2014.12.011 · Cited by 404
Shambaugh, J. C. (2012) · Brookings Papers on Economic Activity · doi:10.1353/eca.2012.0006 · Cited by 332
Asteriou, D., Spanos, K., & Trachanas, E. (2024) · International Journal of Finance & Economics · doi:10.1002/ijfe.2793 · Cited by 37
“In the aftermath of the global financial crisis of 2008–2009 (henceforth, GFC), the impact of the financial sector on growth has been decreased, while the crisis transformed into a debt crisis and the subsequent austerity measures undertaken amplified further the fiscal impact on the crisis (Lane, 2012).”
Background
Metadata
- Authors
- Lane, P. R.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2012-08-01
- Volume
- 26
- Issue
- 3
- Pages
- 49-68
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2046004231
- Cited by
- 985
- References
- 0
- FWCI
- 137.97
- Type
- journal article
- Language
- en
- Open access
- green
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