The importance of trade and capital imbalances in the European debt crisis

Hallett, Andrew Hughes; Oliva, Juan Carlos Martinez

doi:10.1016/j.jpolmod.2015.02.001

Cited by 12 publications

(2 citation statements)

References 10 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Moreover, any investment would be very sensitive to the current and expected production output and interest rates. Thus the, 'productivity differentiation' factor impedes investment, which can pose a threat to the unification process [15].…”

Section: Structure Of Russia's Trade With the Cis Countries%mentioning

confidence: 99%

The Policy of Regional Convergence in Russia-Belarus integration: Prospects for Development

Chaplygin¹

2016

Balt. Reg.

View full text Add to dashboard Cite

In a number of cases, integration of a large international region or an interstate union can only be promoted by political means. The policy of regional economic convergence prevails in many sectors. The single economic market and membership in economic and monetary unions give a new impetus to consolidation. The study aims to identify and explore the problems of political governance, which the Union State of Russia-Belarus faces due to their asymmetric and not completely compatible economies. The author analyzes the process of interstate convergence, considering it as an essential part of integration and explores a number of specific characteristics underlying the Russian-Belarusian economic integration. The author offers a set of criteria of convergence/not convergence of the states, describes the principles of their economic and political rapprochement and offers models of convergence as well as prerequisites for them. The article examines the principles that determine the participation of a country in international integration as well as prospects for the further development of the regional economic and political mechanisms, which are being forme

show abstract

Section: Structure Of Russia's Trade With the Cis Countries%mentioning

confidence: 99%

The Policy of Regional Convergence in Russia-Belarus integration: Prospects for Development

Chaplygin¹

2016

Balt. Reg.

View full text Add to dashboard Cite

show abstract

“…Some argued that the crisis was related to increasing fiscal deficits and rising public debt stock, but these problems are the consequences of the structural factors associated with the Eurozone (i.e., [8][9][10][11][12][13][14]). The main argument here is the Eurozone is not an optimum currency area a la Mundell [15], since there is no risk sharing system such as an automatic fiscal transfer mechanism to redistribute money to areas/sectors which have been adversely affected by the capital and labor mobility.…”

Section: Introductionmentioning

confidence: 99%

Determinants of the European Sovereign Debt Crisis: Application of Logit, Panel Markov Regime Switching Model and Self Organizing Maps

Allégret

Cergibozan

2023

Entropy

View full text Add to dashboard Cite

The study aims to empirically identify the determinants of the debt crisis that occurred within the framework of 15 core EU member countries (EU-15). Contrary to previous empirical studies that tend to use event-based crisis indicators, our study develops a continuous fiscal stress index to identify the debt crises in the EU-15 and employs three different estimation techniques, namely self-organizing map, multivariate logit and panel Markov regime switching models. Our estimation results show first that the study correctly identifies the time and the length of the debt crisis in each EU-15-member country. Empirical results then indicate, via three different models, that the debt crisis in the EU-15 is the consequence of deterioration of both financial and macroeconomic variables such as nonperforming loans over total loans, GDP growth, unemployment rates, primary balance over GDP, and cyclically adjusted balance over GDP. Furthermore, variables measuring governance quality, such as voice and accountability, regulatory quality, and government effectiveness, also play a significant role in the emergence and the duration of the debt crisis in the EU-15.

show abstract