BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Author
Koyama Yoji (Niigata University, Japan)
Title
Systemic Defects in the EMU and Small Countries in Central and Eastern Europe
Ogólnoustrojowe wady unii gospodarczo-walutowej krajów Europy Środkowej i Wschodniej
Source
Finanse, Rynki Finansowe, Ubezpieczenia, 2016, nr 1 (79), s. 687-704, rys., tab., bibliogr. 24 poz.
Issue title
Rynek kapitałowy i zarządzanie wartością
Keyword
Sektor bankowy, Strefa euro, Międzynarodowe przepływy kapitałowe
Banking sector, Eurozone, International capital flows
Note
streszcz., summ.
Company
Unia Europejska (UE), Unia Gospodarczo - Walutowa
European Union (EU),
Country
Europa Środkowo-Wschodnia
Central and Eastern Europe
Abstract
Waluta euro, która od roku 1999 funkcjonuje w transakcjach bezgotówkowych, ułatwiła regio nalny handel zagraniczny w strefie euro, ale w połączeniu z liberalizacją finansową oraz globalną finansyzacją przyniosła ogromne transgraniczne przepływy kapitału i brak kontroli nad działalnością dużych banków, co prowadzi do baniek na rynku nieruchomości na obrzeżach Europy południowej i krajów nowej Unii w połowie 2000 roku. Po szoku związanym z upadkiem banku Lehman Brothers, który wystąpił we wrześniu 2008 roku, napływ kapitału w tych krajach nagle zatrzymał się i odwrócił. W celu ratowania sektora bankowego, który posiadał wiele zagrożonych kredytów, rządy były zmuszone do zasilenia banków "świeżym" kapitałem, powodując wzrost długu publicznego. W celu zmniejszenia zadłużenia rządów Trojka (Komisja Europejska, Europejski Bank Centralny i MFW), jako warunek pomocy finansowej, zmusiła peryferyjne kraje UE do przyjęcia planów oszczędnościowych, ale ta polityka spowodowała z kolei stagnację gospodarczą w tych krajach. Artykuł ten przedstawia wady systemowe w UGW i polityczne problemy w strefie euro. (abstrakt oryginalny)

The euro, which was created in 1999, facilitated regional foreign trade in the euro, but combined with financial liberalization and global financialization it brought a massive cross-border capital flow and major banks' operating without control, leading to real estate bubbles in the periphery in Southern Europe and New EU member states in the mid-2000s. When the Lehman shock occurred in September 2008 the capital inflow in these countries suddenly stopped and reversed. In order to rescue the banking sector which had a huge amount of non- performing loans governments' were obliged to inject fresh capital into banks, resulting in an expansion of government debt. In order to decrease governments' debt the Troika (European Commission, European Central Bank and the IMF) imposed austerity measures on the EU periphery countries as a prerequisite for financial support, but this policy in turn has caused economic stagnation in these countries. This paper considers the systemic defects in the EMU and policy problems in the Eurozone. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
Full text
Show
Bibliography
Show
  1. Baimbridge & Whyman (2015), Crisis in the Eurozone: Causes, Dilemmas and Solutions, Palgrave MacMillan.
  2. Brown B. (2012), The Euro's Collapse, The Japanese edition (translated by Katsumasa Tamura) was published by Ittosha in 2012.
  3. Blyth M. (2013), Austerity: the History of a Dangerous Idea, Oxford University Press. The Japanese edition (translated by Masazumi Wakatabe and Katsuyoshi Tamura) was published by NTT Shuppan in 2015.
  4. De Grauwe P. (2009), Economics of Monetary Union, The Japanese edition (2011) (translated by Soko Tanaka and Masaki Yamaguchi) was published Keiso Shobo.
  5. Fujita N. (2003), Theory of Cumulative Causal Relationship in Myrdal, "Keizai Kagaku" vol. 51, no. 2 (in Japanese).
  6. Hansson, Randveer (2013), Economic Adjustment in the Baltic Countries, Easti Pank, Working Paper Series, 1/2013.
  7. Hoshino K. (2015), EU Keizai Tsuka Tohgoh to Euro Kiki, Tokyo: Nihon Hyoronsha.
  8. IMF (2015), Greece: Preliminary Draft Debt Sustainability Analysis, Country Report no. 15/165. https://www.imf. org/external/pubs/cat/longres.aspx?sk=43044.0 (accessed on January 16, 2016).
  9. Iwata K. (ed.) (2003), Euro to EU no Kin'yu System, Tokyo: Nihon Hyoronsha.
  10. Iwata K. (2003), EU no Shohken Kisei no Shin Tenkai, Chapter 8 of Iwata (ed.) (2003).
  11. JETRO (2011), Yorropa Semester no Gaiyo to Kongo no Sukejuru, "Yuro Torendo" no. 4.
  12. Konoe S. (2014), EMU no Kesei to Kin'yu Anteika: Bundan sareta Seisaku Katei to Kongo no Yukue, EU Studies in Japan, no. 34.
  13. Koyama Y. (2015), The EU's Eastward Enlargement: Central and Eastern Europe's Strategies for Development, Singapore: World Scientific.
  14. Koyama Y. (2015), EU Accession and the Collapse of Casino Capitalism in Small Countries in Central and Eastern Europe: Focus on Latvia and Slovenia, in Global Financial Crisis: Causes, Consequences and Impact on Economic Growth, ed. J. Barnett, NY: Nova Science.
  15. Koyama Y. (ed.) (2016), The Eurozone Enlargement: Prospect of New EU Member States for the Euro Adoption, NY: Nova Science.
  16. Martin W. (2014), The Shifts and the Shocks: What We've Learned - and Have Still to Learn - from the Financial Crisis, The Japanese edition (translated by Masami Endo) was published by Hayakawa Shobo in 2015.
  17. Mayes D.G. (2003), EU niokeru Ginkoh Kantoku no Shin Tenkai, Chapter 7 of Iwata (ed.).
  18. Minsky H. (1986), Stabilizing an Unstable Economy, The Japanese edition (translated by Osamu Yoshino, Toichiro Asada and Kazuo Uchida) was published by Taga Shuppan.
  19. Paternesi M.W. (2015), Austerity and competitiveness: a misleading linkage, Paper presented at the 1st World Congress of Comparative Economic Studies, held at Rome Tre University on June 25-27.
  20. Radosevic, Cvijanovic (eds.) (2015), Financialisation and Financial Crisis in South-Eastern European Countries, Fankfurt am Main: Peter Lang GmbH.
  21. Richter S. (2013), Macroeconomic Conditionality: a Threat to Cohesion Policy Transfers from 2014 onwards?, Gligorov, Vladimir, et al., Animal Spirits still Dimmed: Slow Recovery Expected, Current Analyses and Forecasts 12, wiiw.
  22. Takemori S. (2015), Ohshu Tohgoh Girisha ni Shisu. Tokyo: Kohdansha.
  23. Tanaka H. (2015), Euro to EU Keizai wa Dokoni Mukau noka, "Keizai", September iss. of 2015.
  24. Tanaka S. (2015), Euro Kiki to Seido Kaikaku: Euro 2.0 heno Hatten, Seiichi, Nakajo and Yoshimasa Komoriya, eds. Tanaka S. (2015), Euro Kiki to Grisha no Hanran, Tokyo: Iwanami.
Cited by
Show
ISSN
2450-7741
Language
eng
URI / DOI
http://dx.doi.org/10.18276/frfu.2016.79-55
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu