Buradasınız

Yunanistan Borç Krizi: Nedenleri, Etkileri ve Alternatif Çözüm Önerileri

The Greek Sovereign Debt Crisis: Causes, Impacts and Some Policy Recommendation

Journal Name:

Publication Year:

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
The Greek Sovereign Debt Crisis, exposed both Greece and Eurozone. Greek authorities had failed to overcome endemic problems of fiscal mismanagement, low competitiveness and trade deficits. Steady deterioriation of Greek macroeconomic fundamentals and disappointing market expectations from Greek fiscal liabilities can be considered as the basic reasons of Greek crisis. Greek Debt Crisis has also brought questions with the Eurozone which has unified monetary policy and diverse fiscal policies. At this point, it has come to light that there may be a risk of contagion to the other EMU countries. This atricle provides an overview of the sovereign debt crisis in Greece, outlines the major causes of the crisis focusing on both domestic and international factors and the response of the local and Eurozone authorities to the crisis. Finally, short run and long run solution suggestions for the crisis will be explained.
Abstract (Original Language): 
Yunanistan borç krizi, sadece Yunanistan’ı değil, Avrupa Birliği içerisindeki diğer ülkeleri de olumsuz etkilemiştir. Gittikçe bozulan makroekonomik yapı, artan ticari açık, zayıflayan rekabet gücü ve hatalı finansal yönetimle Yunanistan, ekonomi yönetiminde yeterince başarılı olamadığını ortaya koymuştur. Öte yandan, bir yandan AB üyesi diğer ülkelerin, diğer yandan da yerel yöneticilerin tüm çabalarına rağmen kamu borçlarını ödeme konusunda piyasa beklentilerinin giderek zayıflaması, Yunanistan borç krizinin derinleşmesine neden oluşturmuştur. Bu kriz, Yunanistan ekonomisindeki derin problemleri gün yüzüne çıkarması yanında, Avrupa Birliği bünyesinde uygulanan ortak para politikası ve ayrık maliye politikalarının da sorgulanmasına yol açmıştır. Üstelik birlik içindeki finansal bağımlılığın yüksek olması nedeniyle, para birliği içinde olan diğer ülkelere de krizin bulaşma ihtimali söz konusu olmuştur. Bu bilgiler ışığında, bu çalışmada Yunanistan borç krizinin endojen ve egzojen nedenleri belirtildikten sonra, krize yönelik olarak Yunanistan ve Avrupa Birliği tarafından alınan tedbirler üzerinde durulacaktır. Çalışmanın son kısmında ise krize yönelik olarak kısa ve uzun vadede uygulanabilecek alternatif çözüm önerileri açıklanmaya çalışılacaktır.
19
43

JEL Codes:

REFERENCES

References: 

BIS (2010). Quarterly Review. Bank of International Settlements, http://www.bis.org/publ/qtrpdf/r_qt1006.htm
Bank of Greece (2009). Annual Report. http://www.bankofgreece.gr/BogEkdoseis/Annrep2009.pdf
Buchheit, Lee C.; Gulati G. Mitu. (2010).“How to Restructure Greek Debt”, SSRN, pp.1–14. http://ssrn.com/abstract=1603304
Council of the European Union, Press Release 9596/10, Extraordinary Council Meeting, Economic and Financial Affairs, Brussels, 9/10 May 2010.
Dağdelen, İlhan. (2011). “Bütünleşme Sürecinde Yunanistan’ın Borç Krizi”, Ankara Avrupa Çalışmaları Dergisi, 10(2):1–26.
Darvas, Zsolt.; Pisani-Ferry J. and. Sapir, A (2011) “A Comprehensive Approach to the Euro-area Debt Crisis”, Corvinus Unıversıty of Budapest, Working Paper Series, 2011 / 01.
Darvas, Zsolt. (2011).”Debt Restructuring in the Euroarea: A Necessary But Manageable Evil”,Corvinus University of Budapest, Working Paper, 4 June 2011, pp.1–40.
De Grauwe, Paul. (2011). “The Greek Crisis and the Future of the Eurozone”, http://www.econ.kuleuven.be/ew/academic/intecon/Degrauwe/PDG-papers/ Discussion_papers/EuroIntelligence-March-2010.pdf /02.09.2012
Economist Intelligence Unit. (2010). “Country Report: Greece”. http:// www.alacrastore.com/research/acm-eiu-special-report-2110 / 04.10.2012
Eichengreen, Barry. (2002) “Predicting and Preventing Financial Crises: Where Do We Stand? What Have We Learned?1”, Kiel Week Annual Conference, Kiel, Germany, 24-25 June 2002, pp.1-40.
Euro Pact. (2011). Conclusions of the Heads of State or Government of the Euro Area of 11 March 2011.
European Commission, DG Economic and Financial Affairs, Excessive Debt Procedure Notification, 2011. http://ec.europa.eu/economy_finance/publications/european_economy/ public_finances_emu_en.htm. / 15.09.2012
The Greek Sovereign Debt Crisis: Causes, Impacts and Some Policy Recommendation • 41
Gogos, Stylianos.G; Mylonidis; Nikolaos. Papageorgiou; Dimitris and Vassilatos. Vanghelis. (2012). “Greece 1979–2001: A (First) Great Depression Seen From the Basic RBC Model”, Athens University of Economics and Business, Department of Economics, Working Paper Series, No. 01-2012, pp.1-25.
Eurostat (2010) http://epp.eurostat.ec.europa.eu/guip/themeAction.do./ 15.09.2012
Eurostat (2012) Inflation Rates. http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&language= en&pcode=tec00118&tableSelection=1&footnotes=yes&labeling=labels&plugin=1
Felipe, Jesus. Kumar, Utsav. (2011). “Unit Labor Costs in the Eurozone: The Competitiveness” Debate, Again, 201, Levy Economics Institute http://www.levyinstitute.org/pubs/wp_651.pdf
Gerlach, Stefan. (2010). “The Greek Sovereign Debt Crisis and ECB Policy”. Policy Department A: Economic and Scientific Policies, IP/A/ECON/FWC/2009_040/C3, http://www.europarl.europa.eu/activities/committees/studies.do?language=EN
Greek Ministry of Finance, Update of the Hellenic Stability and Growth Programme, January 2010. http://www.mnec.gr/export/sites/mnec/en/economics/ growth_programme_2005_8/2010_01_15_SGP.pdf /04.10.2012
Gianviti, François; Krueger, Anne, O.; Pisani-Ferry, Jean; Sapir, Andre and Von Hagen, Jürgen. (2010). “A European Mechanism for Sovereign Debt Crisis Resolution: A Proposal, Bruegel Blueprint Series, Volume X, Bruegel, pp.1–32.
Gros, Daniel and Mayer, Thomas (2010).“How to Deal with Sovereign Default in Europe: Create the European Monetary Fund now!”, CEPS Policy Brief, No. 202/February 2010: 1–11.
Gros Daniel and Mayer, Thomas (2011). “Debt reduction without default?, CEPS Policy Brief , No. 233/February 2011, pp.1-13. www.ceps.eu/book/debt-reduction-without-default . /23.08.2012
Hallerberg, Mark. (2011)“Fiscal Federalism Reforms in the European Union and the Greek Crisis”. European Union Politics. http://eup.sagepub.com/content /12/1/127
IFO (Institute for Economic Research, European Economic Advisory Group: Report on European Economy, 12 February 2003, pp.5-7.
IMF (2009). World Economic Outlook. October 2009 and European Commission, DG Economic and Financial Affairs, http://ec.europa.eu/economy_finance/publications/european _economy/ public_finances_emu_en.htm /15.09.2012
IMF (2010). Country Report: Greece, March 2010.
IMF (2010). Country Report, Greece: Staff Report on Request for Stand-by Arrangement, No:10/110, May 2010.
IMF. (2012). World Economic and Financial Surveys, Growth Resuming, Dangers Remain, World Economic Outlook, April 2012.
IMF (2012) Country Report. Greece: Request for Extended Arrangement Under the Extended Fund Facility. No.12/57. March 2012.
Katsimi, Margaret and Moutos, Thomas (2010).“EMU and the Greek Crisis: The Political Economy Perspective”, European Journal of Political Economy, No.26, pp.568–576.
42• KOCAELİ ÜNİVERSİTESİ SOSYAL BİLİMLER DERGİSİ
Christian, Kopf, “Restoring financial stability in the euro area, CEPS Policy Research, No. 237, 15 March 2011,pp.1–36.
Kouretas, Georgios, P. and Vlamis, Prodromos (2010). “The Greek Crisis: Causes and Implications”, Panoeconomıcus, pp. 391–404.
Krugman, Paul. (2010) “Appeasing the Bond Gods”, 19 August, 2010 http://www.nytimes.com /2010/08/20/opinion/20krugman.html?_r=0 /04.10.2012
Menguy, Severine. (2008)“A Dynamic Rule Applied to the Threshold Imposed on the European Budgetary Deficits”, Journal of Policy Modeling, 30, 1093–1105.
Milios, John and Sotiropoulos, Dimitris P. (2010).”Crisis of Greece or Crisis of the Euro? A View from the European ‘Periphery’” Journal of Balkan and Near Eastern Studies, 12(3): 223–240.
Nelson, Rebeca. M.; Belkin, Paul.; Mix, Derek, E.(2010). “ Greece’s Debt Crisis: Overview, Policy Responses, and Implications”, Congressional Research Service, 7–5700, pp. 1–15.
OECD Factbook Statistics., 2012
Oxford Economics (2010). “Is Greece Heading for Default?,” www.oxfordeconomics.com/publication /download/222555 /10.10.2012
Perotti, Roberto.; Strauch Rolf ; and Von Hagen, Jürgen (1998). Sustainibility of Public Finance, Centre for Economic Research, London UK.
Reuters.“Fiscal Woes to Dog Greek Bonds Even if Aid Offered,” March 22, 2010.
Rossi, Vanessa and Aguilera, Rodrigo Delgado (2010)“No Painless Solution to Greece’s Debt Crisis”, Chatham House, Programme Paper, IE PP 2010/03.
Shane, Oliver (2011). The Euro-Zone Public Debt Crisis, Edition 20. http://www.financialfoundations.com.au/pdf/The%20Euro%20zone%20public%20...(again).pdf. / 10.10.2012
Sinn, Hans Werner (2010). Rescuing Europe, Cesifo Forum Special Issue, V.11, Munich. http://www.cesifo-group.de. /15.09.2012
Tavalas, George, S; Gibson, Heather, D.(2011). “The Greek Financial Crisis: Growing Imbalances and Sovereign Spreads”, University of Leicester, Department of Economics, Working Paper No:11/25, pp.1-31
The Economist (2010). The future of the euro, Don't do it, Dec 2nd 2010. http://www.economist.com /node/17629661. /10.10.2012
The Wall Street Journal, June, 19, 2012, http://online.wsj.com/article/ SB1000142405270230337920 4577474652466408254.html/10.10.2012
The Wall Street Journal, September 20, 2012. http://online.wsj.com/article/ SB10000872396390 444032404578008521228332116.html /10.10.2012
Wihlborg, Clas; Willett, Thomas, D.; Zhang, Nan (2010).“The Euro Crisis: It isn’t Just Fiscal and It Doesn’t Just Involve Greece”, Robert Day School Working Paper, No. 2011-03: 1-37.

Thank you for copying data from http://www.arastirmax.com