996 resultados para BUDGET DEFICITS


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Includes bibliography

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After nearly four years of the most serious financial and economic crisis Europe has seen in 80 years, most EU Member States are facing high budget deficits, growing public debts, while most entrepreneurs are facing difficulties in accessing finance due to the credit crunch. Meanwhile there are more than 23 million unemployed in the EU and unemployment rates have reached an average of 10% and more than 20% in Greece and Spain1. Microcredit can provide an answer to the employment challenges caused by the current economic crisis and to reach the 75% employment target rate set in the Europe 2020 strategy.

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Item 854

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Includes bibliographical references.

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Mode of access: Internet.

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This dissertation analyzes recent financial crises in developed and developing countries. The research emphasizes the effects of institutional factors on the international banking and currency crises and their output losses. ^ Chapter two examines the roles of regulation, supervision, and countries' institutional environment in determining the probability of banking crises for a panel of fifteen developed countries from 1975 to 1998. The results from a multivariate logit model indicated that countries with greater government involvement, less capital standard requirements, and lower lending limits on a single borrower are associated with a higher probability of banking crises. ^ Chapter three studies whether output loss in banking crisis differs in market-based or bank-based financial systems. Using existing banking crisis data for sixty-nine countries during 1970–1999, we investigate whether the underlying financial system affects the output loss. The results show that output losses are more serious in market-based economies than those in bank-based economies. Longer crisis duration tends to increase the output losses in banking crises. Finally, countries with deposit insurance and strict law enforcement have less output losses. ^ Chapter four uses macroeconomic and institutional measures to explain the extent of exchange rate depreciation and the decline in stock prices for emerging countries affected by the Mexican currency crisis of 1994–95. The results show that countries with more government budget deficits, and worse reserve adequacies tend to experience large exchange rate depreciation. The institutional measures do not explain much the extent of both the exchange rate depreciation and the decline in stock prices. ^