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Echilibrul financiar global şi riscul suveran în perioada post-criză
[The Global Financial Balance and Post-Crisis Sovereign Risk]

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  • Georgescu, George

Abstract

Caused by the lack of an international financial regulations framework and under the circumstances of markets volatility persistence, the global financial balances deteriorated during the postcrisis period. The bail-out of the banking system by public or multilateral intervention instead of leading to the financial re-balancing has transferred a systemic risk to the sovereign level, mainly in the case of advanced countries. Addressing high public debts toward sustainable levels by the budgetary constraints of austerity programs has proved to hamper the economic growth, increasing, in fact, the sovereign risk.

Suggested Citation

  • Georgescu, George, 2013. "Echilibrul financiar global şi riscul suveran în perioada post-criză [The Global Financial Balance and Post-Crisis Sovereign Risk]," MPRA Paper 50772, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:50772
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    References listed on IDEAS

    as
    1. Mehl, Arnaud, 2013. "Large global volatility shocks, equity markets and globalisation: 1885-2011," Working Paper Series 1548, European Central Bank.
    2. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
    3. Carmen M. Reinhart & M. Belen Sbrancia1, 2015. "The liquidation of government debt," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 30(82), pages 291-333.
    4. Zaman, Gheorghe & Georgescu, George, 2011. "Sovereign risk and debt sustainability: warning levels for Romania," MPRA Paper 32924, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    : global financial balance; markets volatility; financial crisis; sovereign risk; public debt sustainability.;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • 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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