{"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":"","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 v26.5 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\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 - WIFO\",\"isPartOf\":{\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#website\"},\"datePublished\":\"2024-01-22T19:43:06+00:00\",\"dateModified\":\"2024-11-07T03:50:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Startseite\",\"item\":\"https:\/\/www.wifo.ac.at\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Sovereign Debt Crisis as the Crisis of the European Financial System\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#website\",\"url\":\"https:\/\/www.wifo.ac.at\/en\/\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#organization\"},\"alternateName\":\"WIFO\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.wifo.ac.at\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#organization\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"alternateName\":\"WIFO\",\"url\":\"https:\/\/www.wifo.ac.at\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg\",\"contentUrl\":\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg\",\"width\":2000,\"height\":429,\"caption\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\"},\"image\":{\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/WIFOat\/\",\"https:\/\/x.com\/WIFOat\",\"https:\/\/linkedin.com\/company\/wifoat\/\",\"https:\/\/www.youtube.com\/@WIFO_at\"],\"description\":\"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.\",\"email\":\"office@wifo.ac.at\",\"telephone\":\"+43 1 798 26 01 \u2013 0\",\"legalName\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"foundingDate\":\"1927-01-02\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"51\",\"maxValue\":\"200\"},\"publishingPrinciples\":\"https:\/\/www.wifo.ac.at\/institut\/mission-und-strategie\/\",\"ownershipFundingInfo\":\"https:\/\/www.wifo.ac.at\/institut\/organisation\/\",\"actionableFeedbackPolicy\":\"https:\/\/www.wifo.ac.at\/aktuelles\/presse\/\",\"correctionsPolicy\":\"https:\/\/www.wifo.ac.at\/institut\/kontakt\/\",\"ethicsPolicy\":\"https:\/\/www.wifo.ac.at\/institut\/evidenzbasierung-transparenz-und-unabhaengigkeit\/\",\"diversityPolicy\":\"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/\",\"diversityStaffingReport\":\"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Sovereign Debt Crisis as the Crisis of the European Financial System - WIFO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/","og_locale":"en_US","og_type":"article","og_title":"The Sovereign Debt Crisis as the Crisis of the European Financial System","og_url":"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/","og_site_name":"WIFO","article_publisher":"https:\/\/www.facebook.com\/WIFOat\/","article_modified_time":"2024-11-07T03:50:08+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@WIFOat","schema":{"@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 - WIFO","isPartOf":{"@id":"https:\/\/www.wifo.ac.at\/en\/#website"},"datePublished":"2024-01-22T19:43:06+00:00","dateModified":"2024-11-07T03:50:08+00:00","breadcrumb":{"@id":"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wifo.ac.at\/en\/publication\/117816\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/117816\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Startseite","item":"https:\/\/www.wifo.ac.at\/en\/"},{"@type":"ListItem","position":2,"name":"The Sovereign Debt Crisis as the Crisis of the European Financial System"}]},{"@type":"WebSite","@id":"https:\/\/www.wifo.ac.at\/en\/#website","url":"https:\/\/www.wifo.ac.at\/en\/","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","description":"","publisher":{"@id":"https:\/\/www.wifo.ac.at\/en\/#organization"},"alternateName":"WIFO","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wifo.ac.at\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.wifo.ac.at\/en\/#organization","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","alternateName":"WIFO","url":"https:\/\/www.wifo.ac.at\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","contentUrl":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","width":2000,"height":429,"caption":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung"},"image":{"@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/WIFOat\/","https:\/\/x.com\/WIFOat","https:\/\/linkedin.com\/company\/wifoat\/","https:\/\/www.youtube.com\/@WIFO_at"],"description":"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.","email":"office@wifo.ac.at","telephone":"+43 1 798 26 01 \u2013 0","legalName":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","foundingDate":"1927-01-02","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"51","maxValue":"200"},"publishingPrinciples":"https:\/\/www.wifo.ac.at\/institut\/mission-und-strategie\/","ownershipFundingInfo":"https:\/\/www.wifo.ac.at\/institut\/organisation\/","actionableFeedbackPolicy":"https:\/\/www.wifo.ac.at\/aktuelles\/presse\/","correctionsPolicy":"https:\/\/www.wifo.ac.at\/institut\/kontakt\/","ethicsPolicy":"https:\/\/www.wifo.ac.at\/institut\/evidenzbasierung-transparenz-und-unabhaengigkeit\/","diversityPolicy":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/","diversityStaffingReport":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/"}]}},"_links":{"self":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/117816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication"}],"about":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/types\/publication"}],"version-history":[{"count":1,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/117816\/revisions"}],"predecessor-version":[{"id":348183,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/117816\/revisions\/348183"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/person\/4877"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/research_group\/3500"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication_type\/44312"}],"wp:attachment":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/media?parent=117816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}