FINANCIAL CONTAGION AND ITS TRANSMISSION CHANNELS BETWEEN PIIGS ECONOMIES

Daniela Zapodeanu, Edina Kulcsar and Sorina Ioana Petriş
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Daniela Zapodeanu: University of Oradea
Edina Kulcsar: University of Oradea
Sorina Ioana Petriş: University of Oradea

Theoretical and Applied Economics, 2013, vol. XX, issue Special I, 538-548

Abstract: This paper identifies the most important similarities between the four PIGS countries: Portugal, Italy, Greece and Spain, in terms of principle macroeconomic indicators in the current crisis. This article also treats the principle transmission channels of sovereign risk and implicitly the financial crises. These transmission channels are the following: increase in sovereign bond yields, critically budgetary position, banks' exposures toward PIIGS economies and other states banks' exposures to sovereign debt of the PIIGS states. Studying the transmission channels of sovereign risk, results that, the European Framework is under institutional reform, but it should be improved in terms of instruments which quantify financial stability and crises prevention.

Keywords: financial contagion; public debt; financial stability; public deficit; exposure. (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:xx:y:2013:i:special-i:p:538-548

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