lack of credibility on international financial markets from the 1990s or the recent global crisis. We conclude that …

The crisis has recalled that private sector indebtedness may constitute a core macrofinancial vulnerability. In some … markedly rising nonperforming loans during the crisis, following years of high credit growth. The inclusion of sector debt …. We scrutinize the fast buildup of debt prior to the financial crisis as well as the gradual adjustment that has taken …

of the euro area crisis in the summer and fall of 2011, these events weakened the banking system which was vulnerable due … to its exposure in Greece. Rather than deal with its ?scal crisis, the government secured a loan from the Russian … the February 2013 election. The strategy succeeded in delaying resolution of the crisis and avoiding short-term political …

-to-quality effect. Common news about the euro crisis and news about specific countries itself tend to raise the covariance of yields … between distressed countries, indicating potential crisis spill-over effects. However, we do not detect spillover effects from … Markets Programme (SMP) mitigate the negative crisis spillovers among the distressed countries and reduce the flight …

discontinuity in sovereign debt pricing. This study suggests that debt forgiveness is a more effective solution in debt crisis, as …

Following the financial crisis effects, the issue of debt sustainability became of global importance, even for … international security reasons. In the EU, despite post-crisis fiscal austerity measures aimed at rebalancing the public finances …

This paper explores the dominant role of politics in decisions made by euro area governments during the crisis … discussed. The domination of politics over economics has led to crisis mismanagement. The underlying cause of tension is … noncooperative manner. This has magnified the costs of the crisis and has resulted in an unbalanced and divisive incidence of the …