| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10898 |
| DP10898 The Pitfalls of External Dependence: Greece, 1829-2015 | |
| Carmen Reinhart; Christoph Trebesch | |
| 发表日期 | 2015-10-25 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Two centuries of Greek debt crises highlight the pitfalls of relying on external financing. Since its independence in 1829, the Greek government has defaulted four times on its external creditors ? with striking historical parallels. Each crisis is preceded by a period of heavy borrowing from foreign private creditors. As repayment difficulties arise, foreign governments step in, help to repay the private creditors, and demand budget cuts and adjustment programs as a condition for the official bailout loans. Political interference from abroad mounts and a prolonged episode of debt overhang and financial autarky follows. We conclude that these cycles of external debt and dependence are a perennial theme of Greek history, as well as in other countries that have been ?addicted? to foreign savings. |
| 主题 | Economic History ; International Macroeconomics and Finance |
| 关键词 | Bailouts Crisis resolution External debt Sovereign default |
| URL | https://cepr.org/publications/dp10898 |
| 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/539728 |
| 推荐引用方式 GB/T 7714 | Carmen Reinhart,Christoph Trebesch. DP10898 The Pitfalls of External Dependence: Greece, 1829-2015. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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