scholarly journals Cointegration between the European Union and the selected global markets following Sovereign Debt Crisis

2018 ◽  
Vol 15 (1) ◽  
pp. 35-45 ◽  
Author(s):  
Anna Golab ◽  
Ferry Jie ◽  
Robert Powell ◽  
Anna Zamojska
Keyword(s):  
Granger Causality ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Cointegration Analysis ◽  
The Other ◽  
Asia Pacific ◽  
Global Markets ◽  
Sovereign Debt Crisis ◽  
The Us ◽  
The Impact

The purpose of this paper is to provide an analytical analysis of cointegration between Europe and the other significant trading partners, namely US, China, Japan and Australia, for the period from January 1, 2010 to December 30, 2016. This captures the impact of the sovereign European debt crisis and the Greek crisis. A range of parametric techniques were adopted including Johansen cointegration analysis, Vector Error Correction Model and Granger causality. The results of the crisis Granger causality test during the European sovereign crisis implies the highest influence to be that of the US and Japanese stock market over the other four markets. Overall, found that the Asia-Pacific region plus the US stay closely related to each other, while European countries influence all the studied markets except each other. For the post-crisis sub-period, the Granger causality is slightly different. It is observable that the UK and Germany are influencing all the markets. This is probably due to the recent Brexit referendum outcome and potential consequences not only for the EU, but also for the rest of the world too. Overall, the Granger outcome shows the dependence between Europe and other global markets, but there is no European interdependence during the sovereign debt crisis period. It may be concluded that there is a separation of Asian markets from the European markets and even though cointegration exists, the relationship is rather weak.

European Economies Stability Faced With Potential Outburst of Sovereign Debt Crisis. An Empirical Study Using Neural Network

2013 ◽  
Vol 12 (2) ◽  
pp. 3255-3260
Author(s):  
Stelian Stancu ◽  
Alexandra Maria Constantin
Keyword(s):  
Neural Network ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Banking System ◽  
Sovereign Debt Crisis ◽  
European Level ◽  
Continuous Growth ◽  
Economic Context ◽  
European Economies ◽  
The Impact

Instilment, on a European level, of a state incompatible with the state of stability on a macroeconomic level and in the financial-banking system lead to continuous growth of vulnerability of European economies, situated at the verge of an outburst of sovereign debt crises. In this context, the current papers main objective is to produce a study regarding the vulnerability of European economies faced with potential outburst of sovereign debt crisis, which implies quantitative analysis of the impact of sovereign debt on the sensitivity of the European Unions economies. The paper also entails the following specific objectives: completing an introduction in the current European economic context, conceptualization of the notion of “sovereign debt crisis, presenting the methodology and obtained empirical results, as well as exposition of the conclusions.

On Financial Contagion Through ETFs

2020 ◽  
pp. 82-101
Author(s):  
Alexia Thomaidou ◽  
Dimitris Kenourgios
Keyword(s):  
Financial Crisis ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Financial Contagion ◽  
Sovereign Debt Crisis ◽  
European Sovereign Debt Crisis ◽  
The Interest Rate ◽  
The Global Financial Crisis ◽  
The Impact

This chapter investigates the impact of the Global Financial Crisis and the European Sovereign Debt Crisis in ETFs across regions and segments. In particular, two tests are taking place, with the first one to examine if there is evidence of contagion effect and the second one to test the affection of risks in each pair of ETFs. The evidence across the stable period and the two crisis periods suggests the existence of the transmission of shocks from the Global Financial ETF to regional and sectoral ETFs. However, there is evidence that some of the ETFs remain less unaffected during both crises and some of them are immune. Moreover, the authors examine the impact of several control variables, which represent various risks, to the correlation of each pair of ETFs and the results show the influence of the interest rate risk and interbank liquidity risk during the Global Financial Crisis and the European Sovereign Debt Crisis.

Challenging EU Legality

2021 ◽  
pp. 1-14
Author(s):  
Claire Kilpatrick ◽  
Joanne Scott
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Legal Order ◽  
The Other ◽  
Political Organization ◽  
Sovereign Debt Crisis ◽  
European Court ◽  
Cast Doubt ◽  
Shed Light

This introduction explores what we mean when we talk about contemporary challenges to EU legality. Broadly, these involve actions or activities that cast doubt on the premises, principles, and norms that underpin the EU’s legal order as shaped by the Treaties and the judgments of the European Court. The chapter provides an initial taxonomy based on examples from the sovereign debt crisis and considers how the other contributions in the volume adjust or amplify that taxonomy. It shows that by looking at both ‘standard legality’ and legality exceptionalism in relation to EU legality, we can shed light both on the nature of the EU as a political organization and more specifically on the nature and role of law within it.

How Firm and Market Characteristics Affect Profitability

2015 ◽  
Vol 2 (1) ◽  
pp. 67-83 ◽  
Author(s):  
Ioannis Katsampoxakis ◽  
Haralampos Basdekis ◽  
Konstantinos Anathreptakis
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Government Bond ◽  
Sovereign Debt Crisis ◽  
Bond Yield ◽  
Time Period ◽  
Greek Government ◽  
Greek Economy ◽  
Greek Government Bond ◽  
The Impact

This study aims to assess the impact of specific corporate and market features on the profitability of firms. More precisely, the variables examined for the purposes of this study are firms' size, financial leverage, accruals, volatility of profitability, growth rate of the Greek economy, the 10-year Greek government bond yield, and the Greek sovereign debt crisis. The empirical results exhibit an average profitability of 10.71%, which varies significantly both between firms and during the time period examined. Another finding of this study is the verification of the theoretical relationship between the above variables and Greek firms' profitability between 2004 and 2012. Whereas variables such as firms' size, volatility of profitability and accruals do not seem to affect firms' profitability in a statistically significant way, the signs of the coefficients are consistent with those found the literature review.

scholarly journals European Sovereign Debt Crisis and its Impact on Financial Markets and Institutions

2015 ◽  
Vol 2 (3) ◽  
pp. 113-120
Author(s):  
Afzal Ahmad
Keyword(s):  
Gross Domestic Product ◽  
Financial Institutions ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Domestic Product ◽  
Sovereign Debt Crisis ◽  
Policy Makers ◽  
Markets And Institutions ◽  
European Sovereign Debt Crisis ◽  
The Impact

This paper examines the European sovereign debt crisis that began in 2009; it mostly considers Greece and then Italy and Portugal since they were affected by the crisis.  It gives the emergence and the causes of the crisis as well as its effect on their debt as a percentage to Gross Domestic Product and their Real Gross Domestic Product.  It also analyses the impact on sovereign bond and its yields, the stock, gold, derivatives and forex markets, including the impact on financial institutions, it uses graphical illustrations from Bloomberg to back the analysis.  It further assesses the measures taken so far by policy makers and financial institutions to curb the situation.  It finally considers the impact of the crisis on financial landscape and lessons learnt from it.

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