{"id":117816,"date":"2024-01-22T20:43:06","date_gmt":"2024-01-22T19:43:06","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/117816\/"},"modified":"2024-11-07T04:50:08","modified_gmt":"2024-11-07T03:50:08","slug":"die-staatsschuldenkrise-als-krise-des-europaeischen-finanzsystems-2","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/","title":{"rendered":"The Sovereign Debt Crisis as the Crisis of the European Financial System"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-117816","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"European banks have accumulated important risks through excessive rescheduling of debt maturities, purchase of US derivatives and loans extended to companies and households of the European periphery. Aggressive lending in the \u2013 already before structurally weak \u2013 periphery countries fuelled excess demand that would have collapsed sooner or later even in the absence of a global financial market crisis. The artificial boom ended in a deep recession when over-indebtedness, together with the world-wide confidence crisis, led to a belated increase in interest rate spreads and the breakdown of financing. Economic policy, like the largely neo-classical inspired observers, underestimated the demand overshooting in the periphery countries in the run-up to the crisis, followed by far too optimistic expectations of recovery thereafter. Hence, the repeated disappointment of investors, along with the institutional lag (or even lack) of policy decisions, exacerbated and protracted the crisis. The over-reliance on fiscal retrenchment to counter the crisis is largely based on obsolete perceptions of the strength and effects of multipliers. A path of moderate consolidation, confined to the crisis countries, putting greater emphasis on temporary tax increases with smaller multiplier effects, would arguably have depressed economic activity to a lesser extent.","onlinedate":"2013-06-25 12:00:00","lang":"German","publication_series":"","publication_date":"20130601","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Finanzkrise Wirtschaftskrise Strategien\"]","jelcodes":"[]","related_publications":"[]","pdf":348195,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"86","monthly_report_pages":"473-492","monthly_report_pages_sort":"473","issue":"6","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"2013-06-25 12:00:00","types":[44312],"research_groups":[3500],"collaboration":"","persons":[4877],"persons_data":"[{\"personId\":4877,\"personName\":\"Gunther Tichy\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Tichy, G.<\\\/span> (2013). <span>Die Staatsschuldenkrise als Krise des europ\u00e4ischen Finanzsystems<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>86<\\\/em>(6), 473-492. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/46840\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/46840<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Tichy G<\\\/span>. <span class=\\\"title\\\"><span>Die Staatsschuldenkrise als Krise des europ\u00e4ischen Finanzsystems<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2013 Jun;86(6):473-492.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{d1f5a3512df54b04ac62330854ed0dbe,<\\\/div><div>  title    = \\\"Die Staatsschuldenkrise als Krise des europ{\\\\\\\"a}ischen Finanzsystems\\\",<\\\/div><div>  abstract = \\\"Die gegenw{\\\\\\\"a}rtige Krise hat prim{\\\\\\\"a}r eine extreme, auf riskanten Transaktionen beruhende Expansion der europ{\\\\\\\"a}ischen Banken, sekund{\\\\\\\"a}r Strukturprobleme der L{\\\\\\\"a}nder an der europ{\\\\\\\"a}ischen Peripherie zur Ursache. Die Budget- und Schuldenprobleme entstanden erst in deren Folge. Zur {\\\\\\\"U}berwindung der Krise sind vorrangig Strukturma{\\\\ss}nahmen erforderlich, auf den Finanzm{\\\\\\\"a}rkten wie in den peripheren L{\\\\\\\"a}ndern. Forciert restriktive Fiskalpolitik verhindert angesichts der gegenw{\\\\\\\"a}rtigen Rezession Wachstum und damit indirekt ihren eigenen Erfolg.\\\",<\\\/div><div>  keywords = \\\"Finanzkrise Wirtschaftskrise Strategien, Finanzkrise Wirtschaftskrise Strategien\\\",<\\\/div><div>  author   = \\\"Gunther Tichy\\\",<\\\/div><div>  note     = \\\"Krise des Finanzsystems\\\",<\\\/div><div>  year     = \\\"2013\\\",<\\\/div><div>  month    = jun,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"86\\\",<\\\/div><div>  pages    = \\\"473--492\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Die Staatsschuldenkrise als Krise des europ\u00e4ischen Finanzsystems<\\\/p><p>AU  - Tichy, Gunther<\\\/p><p>N1  - Krise des Finanzsystems<\\\/p><p>PY  - 2013\\\/6<\\\/p><p>Y1  - 2013\\\/6<\\\/p><p>N2  - Die gegenw\u00e4rtige Krise hat prim\u00e4r eine extreme, auf riskanten Transaktionen beruhende Expansion der europ\u00e4ischen Banken, sekund\u00e4r Strukturprobleme der L\u00e4nder an der europ\u00e4ischen Peripherie zur Ursache. Die Budget- und Schuldenprobleme entstanden erst in deren Folge. Zur \u00dcberwindung der Krise sind vorrangig Strukturma\u00dfnahmen erforderlich, auf den Finanzm\u00e4rkten wie in den peripheren L\u00e4ndern. Forciert restriktive Fiskalpolitik verhindert angesichts der gegenw\u00e4rtigen Rezession Wachstum und damit indirekt ihren eigenen Erfolg.<\\\/p><p>AB  - Die gegenw\u00e4rtige Krise hat prim\u00e4r eine extreme, auf riskanten Transaktionen beruhende Expansion der europ\u00e4ischen Banken, sekund\u00e4r Strukturprobleme der L\u00e4nder an der europ\u00e4ischen Peripherie zur Ursache. Die Budget- und Schuldenprobleme entstanden erst in deren Folge. Zur \u00dcberwindung der Krise sind vorrangig Strukturma\u00dfnahmen erforderlich, auf den Finanzm\u00e4rkten wie in den peripheren L\u00e4ndern. Forciert restriktive Fiskalpolitik verhindert angesichts der gegenw\u00e4rtigen Rezession Wachstum und damit indirekt ihren eigenen Erfolg.<\\\/p><p>KW  - Finanzkrise Wirtschaftskrise Strategien<\\\/p><p>KW  - Finanzkrise Wirtschaftskrise Strategien<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 86<\\\/p><p>SP  - 473<\\\/p><p>EP  - 492<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Sovereign Debt Crisis as the Crisis of the European Financial System - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Sovereign Debt Crisis as the Crisis of the European Financial System\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T03:50:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/117816\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/117816\\\/\",\"name\":\"The Sovereign Debt Crisis as the Crisis of the European Financial System - 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