The Sovereign Debt Crisis in Europe: Implications for the Future of Financial Integration and Monetary Cooperation in ASEAN

Adrian Pop ()
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Adrian Pop: LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes, IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes

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Abstract: The crisis of the world financial system that started in the summer of 2007 has had devastating and persisting effects on real economies, in almost all countries. Although the epicenter of the crisis was located in a well-developed country, the United States, it spread quickly through contagion to other countries that were interconnected to the global economy. Thus, the Asian economies that were most open to international trade, for example, were severely affected by the financial crisis, mainly through the trade channel. The objective of this chapter is, first of all, to take a quick look at the real macroeconomic effects of financial crises. Secondly, we will describe the main causes of the sovereign debt crisis in Europe. The implications of the sovereign debt crisis for the future of financial integration and monetary cooperation in ASEAN will then be discussed. Finally, the last section proposes some concluding remarks.

Keywords: sovereign debt crisis; financial integration; monetary cooperation (search for similar items in EconPapers)
Date: 2016-07
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Published in Vietnam Academy of Social Sciences & French Development Agency AFD. Shared Challenges for Development within ASEAN: Applied and Analytical Methods, , pp.147-163, 2016, 978-604-943-389-4

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04212963

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