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One crisis, two crises…the subprime crisis and the European sovereign debt problems

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  • Ureche-Rangau, Loredana
  • Burietz, Aurore

Abstract

This article explores the link between the subprime crisis and the European sovereign debt crisis. Using a panel data approach, we estimate the impact of the different government interventions aimed at rescuing financial institutions on the significant increase of the costs of public debts as measured by the interest rate spreads with respect to Germany. We show evidence on the existence of a statistically significant link between the two crises embodied by capital injections and government guarantees. More specifically, the two types of government interventions have a negative impact on the cost of the sovereign debts under study. This empirical result can explain why the sovereign debt crisis immediately followed the subprime crisis.

Suggested Citation

  • Ureche-Rangau, Loredana & Burietz, Aurore, 2013. "One crisis, two crises…the subprime crisis and the European sovereign debt problems," Economic Modelling, Elsevier, vol. 35(C), pages 35-44.
    • Handle: RePEc:eee:ecmode:v:35:y:2013:i:c:p:35-44
    DOI: 10.1016/j.econmod.2013.06.026
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    More about this item

    Keywords

    Financial crisis; Government interventions; European sovereign debt; Dynamic panel;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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