Echilibrul financiar global şi riscul suveran în perioada post-criză

The Global Financial Balance and Post-Crisis Sovereign Risk

George Georgescu

MPRA Paper from University Library of Munich, Germany

Abstract: Caused by the lack of an international financial regulations framework and under the circumstances of markets volatility persistence, the global financial balances deteriorated during the postcrisis period. The bail-out of the banking system by public or multilateral intervention instead of leading to the financial re-balancing has transferred a systemic risk to the sovereign level, mainly in the case of advanced countries. Addressing high public debts toward sustainable levels by the budgetary constraints of austerity programs has proved to hamper the economic growth, increasing, in fact, the sovereign risk.

Keywords: : global financial balance; markets volatility; financial crisis; sovereign risk; public debt sustainability. (search for similar items in EconPapers)
JEL-codes: F01 F65 G01 G15 H12 H63 (search for similar items in EconPapers)
Date: 2013-08
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