Stern, "Issues in U. Davis, Gerald F. Whitman, and Mayer N. Stern "Economic Effects of a Korea-U. Free Trade Agreement, Washington, D. Saxonhouse, Gary R. Stern, "An Analysis of the U.
Whitman, Marina v. Evidence from Rainfall Shocks in the Philippines," April Auguste, Sebastian, Kathryn M. Dominguez, Herman Kamil, Linda L. Stern, "Computational Analysis of the U. Household Evidence from Ethiopia," Gordon H. Hanson, Kenneth F. Scheve, and Matthew J. Yang, Dean, "Can Enforcement Backfire? Chari, Anusha, Paige P. Ouimetand, and Linda L. Stern, and Gianni Zanini eds. Bryson, J. Daniels eds. North American Journal of Economics and Finance, forthcoming.
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Levinsohn, James, "Productivity in the U. In Robert Feenstra, ed. Brown, Drusilla, Alan V. In Ahmed Galal and Bernard Hoekman eds. International Review of Law and Economics 16, March , pp. In Jeffrey A. To fight the crisis some governments have focused on raising taxes and lowering expenditures, which contributed to social unrest and significant debate among economists, many of whom advocate greater deficits when economies are struggling. Especially in countries where budget deficits and sovereign debts have increased sharply, a crisis of confidence has emerged with the widening of bond yield spreads and risk insurance on CDS between these countries and other EU member states , most importantly Germany.
Looking at short-term government bonds with a maturity of less than one year the list of beneficiaries also includes Belgium and France. In September the Swiss National Bank surprised currency traders by pledging that "it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1. This is the biggest Swiss intervention since In total, the debt crisis forced five out of 17 eurozone countries to seek help from other nations by the end of In mid, due to successful fiscal consolidation and implementation of structural reforms in the countries being most at risk and various policy measures taken by EU leaders and the ECB see below , financial stability in the eurozone has improved significantly and interest rates have steadily fallen.
This has also greatly diminished contagion risk for other eurozone countries. Graph based on "ameco" data from the European Commission. The government spent heavily to keep the economy functioning and the country's debt increased accordingly. Finally, a role was played by controversies about Greek statistics due to the aforementioned revisions , and, possibly, by an effect of media reports. Consequently, Greece was "punished" by the markets which increased borrowing rates, making impossible for the country to finance its debt.
Despite the drastic upwards revision of the forecast for the budget deficit in October , Greek borrowing rates initially rose rather slowly. The figure was measured to Much of the rest went straight into refinancing the old stock of Greek government debt originating mainly from the high general government deficits being run in previous years , which was mainly held by private banks and hedge funds by the end ofXiang, Chong. Brown, Alan V. In , members of the European Union signed the Maastricht Treaty , under which they pledged to limit their deficit spending and debt levels. Forthcoming in Journal of the Japanese and International Economies. Remember that your thesis needs to show your conclusions. The figure was measured to Courant, Paul N.
Deardorff, and R. Graph based on "ameco" data from the European Commission. Howrey, E. Hummels, David L.
Deardorff, ed. Weitsman, and Thomas Bernauer, pp. Market Shares in Japan," Hymans, Robert M. Review of Development Economics, forthcoming. Despite the drastic upwards revision of the forecast for the budget deficit in October , Greek borrowing rates initially rose rather slowly.
Economic Journal , April , pp. Huo, Zhen, Andrei A. Cravino, Javier and Andrei A. Morck, and B.
The annual budget deficit and public debt both relative to GDP, for selected European countries. In September the Swiss National Bank surprised currency traders by pledging that "it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1. Four eurozone states had to be rescued by sovereign bailout programs, which were provided jointly by the International Monetary Fund and the European Commission , with additional support at the technical level from the European Central Bank. A Monetary Alternative". Fox, and R.
Journal of Applied Econometrics 14, September , Koyota, Kozo, "Are U.
Brown, Drusilla K. In mid, due to successful fiscal consolidation and implementation of structural reforms in the countries being most at risk and various policy measures taken by EU leaders and the ECB see below , financial stability in the eurozone has improved significantly and interest rates have steadily fallen. Harris, ed. Gary R.
Journal of International Economics 50, February , pp.