ECONIS Select – Responses to Potential National Insolvency

07/2010

Selected for the Global Economic Symposium 2010

Since 2007, we have witnessed a series of financial shocks – at the household, firm and country levels – to which policy makers have reacted vigorously with the aim of restoring confidence to the global markets. Nevertheless, the recent Eurozone turbulence indicates that this aim has not been achieved. Policy makers and financial market participants are not agreed on whether fiscally vulnerable countries should be allowed an orderly debt restructuring, whether Euro rescue packages should make such restructuring superfluous, or whether new policy approaches could obviate the need for restructuring without requiring rescue packages.

• What policy approaches are particularly promising?
• How can the gap between market expectations and government policy responses be bridged?

This panel will explore these issues, with a view to providing proposals on how such currency-area problems can be fruitfully addressed in the future.

Literature selected from our database ECONIS:

• Article: The Greek crisis and the attempt to correct collective irresponsibility / Jens Bastian
  In: Südosteuropa-Mitteilungen. - München: Südosteuropa-Ges, ISSN 0340-174X, ZDB-ID 1927978. - Bd. 50.2010, 3, S. 26-39
  Subject heading: Sovereign insolvency / Public Debt / European stability pact / European Economic and Monetary Union / Economic policy / Euro area / Greece / EU countries
• Title: Policy instruments for sound fiscal policies: fiscal rules and institutions / edited by Joaquim Ayuso-i-Casals ...
  Published: Basingstoke [u.a.]: Palgrave [u.a.], 2009
  Subject heading: Fiscal Policy / Public Debt / Public Budget / Policy rules / Budgetary process / Fiscal constitution / European stability pact / EU countries
• Article: Sovereign insolvency procedures: a comparative look at selected proposals / Kathrin Berensmann; Angélique Herzberg
  In: Journal of economic surveys. - Oxford [u.a.]: Wiley-Blackwell, ISSN 0950-0804, ZDB-ID 722946x. - Bd. 23.2009, 5, S. 856-881
  Subject heading: Public Debt / Insolvency / Sovereign insolvency / External debt service / Debt management / Sustainable development / Newly industrializing countries / Developing countries
• Article: Fiscal policy and macroeconomic stabilisation in the Euro area: possible reforms of the stability and growth pact and national decision-making processes
  In: Designing the European model. - Basingstoke [u.a.]: Palgrave Macmillan, ISBN 0-230-54701-X. - 2009, S. 177-228
  Subject heading: Economy / Fiscal Policy / European stability pact / EU policy / European Economic and Monetary Union / EU countries
• Article: Beyond the current crisis: how should Europe deal with government deficits and public debt in future? / Fabian Zuleeg and Hans Martens
  In: Liberalism in crisis?. - Cheltenham [u.a.]: Elgar, ISBN 978-1-8484-4530-7. - 2009, S. 148-177
  Subject heading: Economic liberalism / Financial crisis / Economic policy / Public Debt / EU countries / United States
• Title: Sustainability of public debt / ed. by Reinhard Neck and Jan-Egbert Sturm
  Published: Cambridge, Mass. [u.a.]: MIT Press, c 2008
  Subject heading: Public Debt / Fiscal Policy / Sovereign insolvency / Fiscal consolidation / United States / EU countries
  Link: Inhaltsverzeichnis
• Title: How to prevent and resolve debt crises in LICs? / Kathrin Berensmann
  Published: Bonn: Dt. Inst. für Entwicklungspolitik, 2010
  Subject heading: Public Debt / External debt service / Sovereign insolvency / Loan agreement / Debt swap / Low-income countries / International credit / Development finance / Reform / World
  Link: Inhaltsverzeichnis
• Article: The breakup of the euro area / Barry Eichengreen
  In: Europe and the euro. - Chicago, Ill. [u.a.]: Univ. of Chicago Press, ISBN 0-226-01283-2. - 2010, S. 11-51
  Subject heading: European Economic and Monetary Union / Euro / Macroeconomic performance / Financial crisis / European stability pact / Convergence criteria / Currency crisis / Impact analysis / Euro area / EU countries / 2003-2008
• Article: The Greek crisis and the future of the eurozone / Paul De Grauwe
  In: Intereconomics. - Berlin; Heidelberg [u.a.]: Springer, ISSN 0020-5346, ZDB-ID 29099. - Bd. 45.2010, 2, S. 89-93
  Subject heading: Sovereign insolvency / Greece / Economic adjustment / European Economic and Monetary Union / Impact analysis / EU countries
• Article: Beyond the crisis: the Greek conundrum and EMU reform / Deborah Mabbett and Waltraud Schelkle
  In: Intereconomics. - Berlin; Heidelberg [u.a.]: Springer, ISSN 0020-5346, ZDB-ID 29099. - Bd. 45.2010, 2, S. 81-85
  Subject heading: Sovereign insolvency / Greece / Economic policy coordination / European Economic and Monetary Union / Debt management / Impact analysis / EU countries
• Article: Crisis resolution in the euro area: an alternative to the European Monetary Fund / Jean Pisani-Ferry and André Sapir
  In: Intereconomics. - Berlin; Heidelberg [u.a.]: Springer, ISSN 0020-5346, ZDB-ID 29099. - Bd. 45.2010, 2, S. 72-75
  Subject heading: Sovereign insolvency / European Economic and Monetary Union / International economic organization / External debt service / Good governance / Impact analysis / EU countries
• Title: What determines debt intolerance?: the role of political and monetary institutions / by Raffaela Giordano and Pietro Tommasino
  Published: Roma: Banca d'Italia, 2009
  Subject heading: Public bond / Public Debt / Sovereign insolvency / Monetary Policy / Institutional economics / Theory
  Link: http://www.bancaditalia.it/pubblicazioni/econo/temidi/td09/td700_09/td_700_09
  Request info: - Available
• Article: Political institutions and debt crises / Caroline Van Rijckeghem; Beatrice Weder
  In: Public choice. - Dordrecht: Springer, ISSN 0048-5829, ZDB-ID 2075970. - Bd. 138.2009, 3/4, S. 387-408
  Subject heading: Institutional economics / Public Debt / External debt / Sovereign insolvency / World
• Title: New evidence on the effectiveness of Europes fiscal restrictions / Marcos Poplawski Ribeiro
  Published: Paris: CEPII, 2009
  Subject heading: Fiscal Policy / Fiscal consolidation / Convergence criteria / European stability pact / Euro area / EU countries
  Link: http://www.cepii.fr/anglaisgraph/workpap/pdf/2009/wp2009-13.pdf
• Article: Has the stability and growth pact changed the likelihood of excessive deficits in the European Union? / S. Tolga Tiryaki
  In: Türkiye Cumhuriyet Merkez Bankasi: Central Bank review // The Central Bank of the Republic of Turkey. - Ankara: Central Bank, ISSN 1303-0701, ZDB-ID 20513598. - Bd. 8.2008, 1, S. 65-83
  Subject heading: European stability pact / Budget deficit / EU countries
• Article: More carrot and less stick?: why the stability pact might use debt rather than deficit targets / Andrew Hughes Hallett
  In: Potential growth and potentials for growth in Europe. - Berlin: LIT, ISBN 978-3-8258-1438-0. - 2008, S. 123-159
  Subject heading: European stability pact / Fiscal Policy / Economic policy coordination / Reaction function / Monetary Policy / Credibility / Cost-benefit analysis / Theory / EU countries / United Kingdom / Fiscal leadership
• Article: Efficient fiscal policy restrictions in a monetary union / Costas Azariadis und Raphael W.K. Lam
  In: International trade and economic dynamics. - Berlin [u.a.]: Springer, ISBN 978-3-540-78675-7. - 2008, S. 345-360
  Subject heading: Fiscal Policy / Monetary Policy / Public Debt / European Economic and Monetary Union
• Article: Fiscal policy coordination and discipline: the stability and growth pact and domestic fiscal regimes / Mark Hallerberg and Joshua Bridwell
  In: The euro at 10. - Oxford [u.a.]: Oxford Univ. Press, ISBN 978-0-19-920886-9. - 2008, S. 69-86
  Subject heading: Economic Integration / European Integration / Monetary union / Euro / Fiscal Policy / Coordination / European stability pact / European Economic and Monetary Union
• Title: Budgeting versus implementing fiscal policy in the EU / Roel Beetsma, Massimo Giuliodori and Peter Wierts
  Published: London: Centre for Economic Policy Research, 2009
  Subject heading: European stability pact / Convergence criteria / Public Finance / Fiscal Policy / EU countries
  Link: http://www.cepr.org/pubs/dps/DP7285.asp
  Request info: - Available
• Article: European fiscal policy co-ordination and the persistent myth of stabilization / Erik Jones
  In: The future of the EMU. - Basingstoke, Hampshire [u.a.]: Palgrave Macmillan, ISBN 0-230-21841-5. - 2009, S. 29-53
  Subject heading: Fiscal Policy / EU policy / Economic policy coordination / European stability pact / EU countries / 1999-2009
• Title: The euro and fiscal policy / Antonio Fatas; Ilian Mihov
  Published: Cambridge, Mass., 2009
  Subject heading: Fiscal Policy / Countercyclical fiscal policy / European stability pact / Euro / EU countries / OECD countries / 1970-2007
  Link: http://papers.nber.org/papers/w14722.pdf
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• Article: The stability and growth pact: Germanising the Euro / Ruth Hoekstra, Cécile Horstmann, Juliane Knabl, Derek Kruse and Sarah Wiedemann
  In : #!577553100!#. - Bd. 3.2008, 1/2, S. 100-117
  Subject heading: European stability pact / European Economic and Monetary Union / EU countries