Sovereign Debt Crisis and National Policy Efficiency

Pavel E. Zhukov ()
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Pavel E. Zhukov: Financial University under the Government of the Russia, Moscow, Russia

Finansovyj žhurnal — Financial Journal, 2012, issue 2, 37-48

Abstract: The article reviews the reasons of the international economic crisis in its present stage, i.e. sovereign debt crisis and proposes a hypothesis whereby the fundamental cause of the crisis is the continuing trade misbalance between the developed and developing countries. IS-LM and AS-AD models explain non-efficiency of the current anti-crisis policies and the risk of falling into the stagnation trap of the European Union and the US economies.

Keywords: international economic crisis; sovereign debt crisis; trade misbalance; current accounts balance; monetary policy; IS-LM model; AS-AD model; stagflation trap (search for similar items in EconPapers)
JEL-codes: H63 H68 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:120205:p:37-48

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