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The Euro Crisis: Three Essays

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https://osnadocs.ub.uni-osnabrueck.de/handle/urn:nbn:de:gbv:700-2015011912993
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DC ElementWertSprache
dc.contributor.advisorProf. Frank Westermann
dc.creatorSteinkamp, Sven
dc.date.accessioned2015-01-19T07:52:42Z
dc.date.available2015-01-19T07:52:42Z
dc.date.issued2015-01-19T07:52:42Z
dc.identifier.urihttps://osnadocs.ub.uni-osnabrueck.de/handle/urn:nbn:de:gbv:700-2015011912993-
dc.description.abstractThis dissertation is a collection of three essays dealing with selected problems of the Euro Area during its most recent crisis. It applies empirical, theoretical, and institutional analyses to gain new insights into many of its financial aspects. The first essay offers an alternative explanation for the surge in government bond spreads. Many researchers attribute this phenomenon to market sentiment and multiple equilibria alone. We show that an often neglected fundamental variable may drive spreads: a decrease in the expected recovery value of private market participants. With an ever-increasing share of crisis countries’ debt held by official creditors, private investors may feel pushed into the position of subordinated creditors. The other two essays both explain the sharp increase in central bank credit from different perspectives. First, from the national perspective, central banks may be confronted with a classical tragedy-of-the-commons problem, which gives rise to an expansionary bias. Second, from the perspective of the ECB, we argue that the empirical patterns surrounding the liquidity provision in December 2011 are reminiscent of a speculative attack on a fixed exchange rate system.eng
dc.subjectEuro Crisiseng
dc.subjectBalance of payments crisiseng
dc.subjectCapital flighteng
dc.subjectCreditor Seniorityeng
dc.subjectCredit channeleng
dc.subjectEuro Areaeng
dc.subjectDecentralized monetary policyeng
dc.subjectPrivate Sector involvementeng
dc.subjectMultiple Equilibriaeng
dc.subjectSpeculative Attackeng
dc.subjectSovereign Debt Crisiseng
dc.subjectTragedy of the Commonseng
dc.subject.ddc330 - Wirtschaft
dc.titleThe Euro Crisis: Three Essayseng
dc.typeDissertation oder Habilitation [doctoralThesis]-
thesis.locationOsnabrück-
thesis.institutionUniversität-
thesis.typeDissertation [thesis.doctoral]-
thesis.date2014-11-10-
dc.contributor.refereeProf. Dr. Valeriya Dinger
dc.subject.bk83.00 - Volkswirtschaft: Allgemeines
vCard.ORGFB9
Enthalten in den Sammlungen:FB09 - E-Dissertationen
Osnabrück JMCE Award Series

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