Comparing Financial Crises: What Lessons for Asia from the Eurozone Crisis?

Ramkishen Rajan and Sasidaran Gopalan

Chapter 6 in Economic Management in a Volatile Environment, 2015, pp 121-142 from Palgrave Macmillan

Abstract: Abstract The Eurozone crisis, that began in 2009, most badly affected the Southern Eurozone countries consisting of Greece, Ireland, Italy, Portugal and Spain (GIIPS). A combination of extremely sluggish growth and harsh fiscal consolidation forced these economies to undergo a painful process of deleveraging to reduce their high public and private debts. Also, facing a rapidly ageing population that is likely to add to greater stress to their future fiscal burdens, there is a growing need for these countries to undertake painful structural reforms (“internal devaluation”) to restore their lost competitiveness and get back on a fiscally sustainable growth path.

Keywords: Gross Domestic Product; International Monetary Fund; Real Interest Rate; European Central Bank; Global Financial Crisis (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-37152-2_6

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DOI: 10.1057/9781137371522_6

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