The euro crisis : a view from the North

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dc.contributor Bank of Finland Honkapohja, Seppo 2014-09-22T07:58:03Z 2014-09-22T07:58:03Z 2013
dc.identifier.isbn 978-952-6699-23-3
dc.identifier.issn 1456-6184
dc.description Ilmestynyt myös Journal of Macroeconomics 39 ; part B ; March ; 2014.
dc.description.abstract The paper provides an overview of the sovereign debt crisis. I first consider the build-up of the crisis.I then discuss policy choices when a financial crisis erupts and assess the adjustment processes in the crisis countries, including alternatives to policies of austerity. Finally I take up institutional improvements that can help in resolving the current crisis and avoiding a future one. These include the banking union and the strengthened Stability and Growth Pact and related institutional rules. Current high levels of public and private debt together with still weak bank balance sheets are a major unsolved problem. Publication keywords: financial crisis, sovereign debt, European integration, E62, E65, F36, Seppo Honkapohja
dc.format.extent 21 s.
dc.language.iso eng
dc.subject rahoitusmarkkinat
dc.subject kriisit
dc.subject euroalue
dc.subject valtionvelka
dc.subject vakauttaminen
dc.subject velkaantuminen
dc.subject pankkikriisit
dc.subject säännöt
dc.subject sääntely
dc.subject instituutiot
dc.subject SP
dc.subject RP
dc.title The euro crisis : a view from the North
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-20140807275
dc.subject.jel E62
dc.subject.jel E65
dc.subject.jel F36 Bank of Finland Research Discussion Papers
dc.series.year 2013
dc.series.number 12/2013
dc.series.sortingnumber 0012 28.6.2013
dc.identifier.doi 10.1016/j.jmacro.2013.08.004
dc.description.publication Published in Journal of Macroeconomics, Volume 39, Part B, March 2014, Pages 260-271

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