On the Causes of the Eurozone Crisis

• Authors: Tomasz Serwach

Title variants

O przyczynach kryzysu w strefie euro

• Languages of publication: EN

Abstracts

EN

The paper examines the causes of the Eurozone crisis – they are divided into two categories: proximate and fundamental causes. Regarding the former, it seems that the current account balance should be seen as a crucial determinant of the GDP dynamics of the Eurozone members during 2008–2012. As far as the fundamental causes are concerned, the financial market structure and institutional quality measures are of the highest explanatory power. Econometric results indicate that measures taken to tackle the crisis (austerity and internal devaluation) may be ineffective in restoring growth and stability.

PL

Celem artykułu jest przedstawienie przyczyn kryzysu finansowego w strefie euro w podziale na dwie ich kategorie: przyczyny bezpośrednie i fundamentalne. W odniesieniu do pierwszej z nich saldo rachunku obrotów bieżących powinno być postrzegane jako kluczowa determinanta dynamiki PKB w strefie euro w latach 2008–2012. Z kolei najważniejszymi czynnikami fundamentalnymi okazały się te, które były związane ze strukturą rynku i jakością infrastruktury instytucjonalnej.

Keywords

EN

Eurozone; financial crisis; balance of payments

PL

strefa euro; kryzys finansowy; bilans płatniczy; strefa euro; kryzys finansowy; bilans płatniczy

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Ekonomia Międzynarodowa
• Year: 2016
• Issue: 16
• Pages: 332-349

Dates

published

2016-12-30

Contributors

author

Tomasz Serwach

• Uniwersytet Łódzki, Wydział Ekonomiczno-Socjologiczny, Katedra Wymiany Międzynarodowej

References

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Identifiers

DOI

10.18778/2082-4440.16.03