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2016 | OriginalPaper | Buchkapitel

7. The European Debt Crisis

verfasst von : Victor A. Beker

Erschienen in: Modern Financial Crises

Verlag: Springer International Publishing

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Abstract

This paper shows that data do not fully endorse most of the common explanations for the European debt crisis. A distinction is made between a first group of countries whose debt problems have roots before 2007 but did not worsen significantly after that year and a second one of “new” highly indebted countries. Finally, Spain appears as a special case. The development of the indebtedness process in these three different types of countries allows isolating the factors which were determinant in each case. The conclusion is that the European indebtedness process does not accept a unique explanation and that its solution will necessarily require resource transfers from the richer to the poorer countries of the Eurozone.

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Vorheriges Kapitel The European Crisis and the Accumulation of TARGET2 Imbalances

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Titel: The European Debt Crisis
verfasst von: Victor A. Beker
Verlag: Springer International Publishing
Buch: Modern Financial Crises
Print ISBN: 978-3-319-20990-6

Electronic ISBN: 978-3-319-20991-3

Copyright-Jahr: 2016
DOI: https://doi.org/10.1007/978-3-319-20991-3_7