Recently, debates about the economics of debt have been dominated
by issues related to the global financial crisis. In this edited
volume, the relationships between this crisis and Eurozone
sovereign debt, debt mechanics, the Greek economic decline,
European budget rules, debt obligations, convertible bonds,
household indebtedness, financial guarantees as well as proposed
Basel III leverage and liquidity regulation is explored. The
sovereign debt crisis and weak European economic growth has damaged
the European and Monetary Union and the Euro itself. Among the
causes of this crisis is rapid government debt level growth, trade
imbalances, monetary policy inflexibility and loss of confidence.
Moreover, the consequences involve disrupted bond markets and the
banking sector, depreciation of the Euro, reduced economic growth,
loss of confidence, reduced remittances, tight fiscal measures and
politics. Initial crisis cures included the creation of the
European Financial Stability Facility, the European, Financial
Stabilization Mechanism and the Brussels Agreement. In particular,
the book investigates which economic mechanisms of the currency
union have managed to turn the European political and cultural
heterogeneity into such severe external imbalances between the
Northern and Southern Eurozone. Another problem addressed is the
extent to which the external debt accumulation of Southern EMU
countries can be attributed to Euro capital market integration.
Also, we employ the most recent data on money, credit, industrial
production and productivity to show that the Greek drama is an
almost ideal application of the Austrian ideas. A reinforced budget
rule, according to which structural budget balances must be
virtually zero, has been adopted. In this edited volume, we argue
that such a target can make fiscal and monetary policies
pro-cyclical.
General
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