IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-137-47147-5_1.html
   My bibliography  Save this book chapter

The Limits of Surveillance and Financial Market Failure: Some Fundamental Issues Arising from the Euro-Area Crisis

In: The Limits of Surveillance and Financial Market Failure

Author

Listed:
  • Kumiharu Shigehara

Abstract

Just a few years after the outbreak of the global financial and economic crisis which originated from the US housing market debacle, another financial crisis erupted in the OECD area, this time in the euro area. It was triggered by a sudden loss of market confidence in the sustainability of Greek government debt finance. The crisis soon spread to Ireland and Portugal,1 and, by the middle of 2011, Spain and Italy were affected by mounting market concern about their sovereign debt. Unlike Greece, several of the latter countries had over the years maintained general government net financial balances in a better form than other member countries, such as Germany and France, which have not suffered from acute financial market stress. But in many of them, private-sector saving shortages relative to domestic investment were covered over years by capital inflows from abroad to match persistent current account deficits.

Suggested Citation

  • Kumiharu Shigehara, 2014. "The Limits of Surveillance and Financial Market Failure: Some Fundamental Issues Arising from the Euro-Area Crisis," Palgrave Macmillan Books, in: Kumiharu Shigehara (ed.), The Limits of Surveillance and Financial Market Failure, chapter 1, pages 3-35, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-47147-5_1
    DOI: 10.1057/9781137471475_1
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-137-47147-5_1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.