| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP9993
|
| DP9993 What Happened in Cyprus? |
| Alexander Michaelides
|
| 发表日期 | 2014-05-25
|
| 出版年 | 2014
|
| 语种 | 英语
|
| 摘要 | This is a case study of how a country nearly reached bankruptcy in March 2013, within five years from entering the Eurozone. The magnitude of the requested assistance is extremely large relative to GDP (100%) and studying this event provides useful lessons for avoiding such crises in the future. The crisis resulted from a worsening European economic environment (especially in Greece), bad choices with regards to public finances, weak corporate governance within the local banking sector, inadequate and/or difficult regulation of cross-border banking, worsening competitiveness, and bad political decisions at the European and, especially, the local (Cypriot) level. Local politics, reflected in short term political calculations and/or inadequate understanding of the magnitude of the crisis, delayed corrective action for 18 months until election time, making a bad situation almost impossible to deal with. Overconfidence can be one behavioural explanation for why local politicians ignored the dramatic costs of inaction. |
| 主题 | International Macroeconomics
|
| 关键词 | Cyprus
Bail-in
Stress tests
Cost of inaction
Sovereign debt
Banking crisis
Fiscal imbalances
European sovereign debt crisis
|
| URL | https://cepr.org/publications/dp9993
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538825
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推荐引用方式
GB/T 7714 |
Alexander Michaelides. DP9993 What Happened in Cyprus?. 2014.
|
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