1,155
Views
2
CrossRef citations to date
0
Altmetric
Review Article

In search of insolvency among European countries

, &
Pages 839-856 | Received 28 Feb 2016, Accepted 13 Sep 2016, Published online: 23 Nov 2016

References

  • Alexander, K. (2009). Market impact of (orderly) sovereign default in the EU. Policy Department A: Economic and Scientific Policies.
  • Alshubiri, F. (2015). The impact of financial position on risk asset ratios: Empirical study of banking sector listed in muscat security market. Economics & Sociology, 8, 95–107. doi:10.14254/2071-789X.2015/8-3/7.
  • Altman, Edward I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 189–209.
  • Anderson, E. (2005). Openness and inequality in developing countries: A review of theory and recent evidence. World Development, 33, 1045–1063. 10.1016/j.worlddev.2005.04.003
  • Arezki, R., Candelon, B., & Sy, A. N. R. (2011). Sovereign rating news and financial markets spillovers: Evidence from the European debt crisis s.l.: IMF Working Paper.
  • Babecký, J., Havránek, T., Matějů, J., Rusnák, M., Šmídková, K., & Vašíček, B. (2012). Banking, debt and currency crises. early warning indicators for developed countries. European Central Bank Working Paper, October, Issue 1485.
  • Balcerzak, A. P. (2015). Europe 2020 strategy and structural diversity between old and new member states. application of zero unitarization method for dynamic analysis in the years 2004-2013. Economics & Sociology, 8, 190–210. 10.14254/2071-789X.2015
  • Bi, H., & Traum, N. (2012). Estimating sovereign default risk. American Economic Review, 102, 161–166. 10.1257/aer.102.3.161
  • Blundell-Wignall, A. (2012). Solving the financial and sovereign debt crisis in Europe. OECD Journal: Financial Market Trends, 2011, 1–23, http://www.oecd.org/finance/public-debt/49481502.pdf
  • Boonman, T., Jacobs, J. P. A. M., & Kuper, H. G. (2011). Why didn’t the global financial crisis hit Latin America? CIRANO - Scientific Publication, Working Papers Series No.2011, 63–117.
  • Borensztein, E., & Panizza, U. (2008). The costs of sovereign default. IMF Working Paper.
  • BrauersW. K. M., & Zavadskas E. K. (2013). Multi-objective economic evaluation of the European union member states. as opposed to credit rating agencies opinions? Transformations in Business & Economics, 12, 102–124.
  • Bucevska, V. (2011). An analysis of financial crisis by an early warning system model: The case of the EU candidate countries. Business and Economic Horizons, January, 4, 13–26. 10.15208/beh
  • Bundesministerium für Wirtschaft und Technologie. (2011). Überschuldung und Staatsinsolvenz in der Europäischen Union [Over-indebtedness and state insolvency in the European Union]. brak miejsca: Bundesministerium für Wirtschaft und Technologie (BMWi) Öffentlichkeitsarbeit/L2.
  • Bussiere, M., & Fratzscher, M. (2002). Towards a new early warning system of financial crises. European Central Bank Working Paper, Issue 145.
  • Bussière, M., & Ristiniemi, A. (2012). Credit ratings and debt crisis, s.l. Banque de France, 396. http://www.banque-france.fr/uploads/tx_bdfdocumentstravail/DT-396_01.pdf
  • Calvo, G. A., Izquierdo, A., & Mejía, L.-F. (2004). On the empirics of sudden stops: The relevance of balance-sheet effects. NBER Working Paper No. 10520. May.
  • Candelon, B., Dumitrescu, Elena-Ivona, & Hurlin, Christophe. (2012). How to evaluate an early-warning system: Toward a unified statistical framework for assessing financial crises forecasting methods. IMF Economic Review, 60, 75–113. 10.1057/imfer.2012.4
  • Chakrabarti, A., & Zeaiter, H. (2014). The determinants of sovereign default: A sensitivity analysis. International Review of Economics and Finance, 33, 300–318. 10.1016/j.iref.2014.06.003
  • Chen, L.-T., & Peng, C.-Y. J. (2014). The sensitivity of three methods to nonnormality and unequal variances in interval estimation of effect sizes. Behavior Research Methods, 47, 107–126. doi: 10.3758/s13428-014-0461-3
  • Ciarlone, A., & Trebeschi, G. (2005). Designing an early warning system for debt crises. Emerging Markets Review, December, 6, 376–395. 10.1016/j.ememar.2005.09.003
  • Cuadra, G., & Sapriza, H. (2008). Sovereign default, interest rates and political uncertainty in emerging markets. Journal of International Economics, 76, 78–88.
  • Dajcman, S. (2015). Nonlinear spillovers between euro area sovereign bond markets. Economics & Sociology, 8, 28–40. 10.14254/2071-789X.2015
  • Daniel, B. C. & Shiamptanis, C. (2010). Sovereign default risk in a monetary union. Central Bank of Cyprus Working Papers, Issue 3.
  • Das, U. S., Papaioannou, M. G., & Trebesch, C. (2012). Sovereign debt restructurings 1950–2010: Literature survey, data, and stylized facts. IMF monetary and capital markets department. Working Paper, 12(203).
  • Enderlein, H., Trebesch, C., & von Daniels, L. (2012). Sovereign debt disputes: A database on government coerciveness during debt crises. Journal of International Money and Finance, 31, 250–266. 10.1016/j.jimonfin.2011.11.011
  • Erce, A. (2012). Selective sovereign defaults. globalization and monetary policy institute. Working Paper. Federal Reserve Bank of Dallas, Issue 127.
  • European Commission, E. a. F. A. (2013). Refining the mip scoreboard - technical changes to the scoreboard and auxiliary indicators. s.l.: s.n.
  • Frank Jr., C. R., & Cline, W. R. (1971). Measurement of debt servicing capacity: An application of discriminant analysis. Journal of International Economics, August, 1, 327–344. 10.1016/0022-1996(71)90004-3
  • Frankel, J. A. & Saravelos, G. (2012). Can Leading Indicators Assess Country Vulnerability? Evidence from the 2008-09 Global Financial Crisis. Journal of International Economics, 87, 216–231.
  • Georgievska, A., Georgievska, L., Stojanovic, A., & Todorovic, N. (2008). Sovereign rescheduling probabilities in emerging markets: A comparison with credit rating agencies’ ratings. Journal of Applied Statistics, September, 35, 1031–1051. 10.1080/02664760802193112
  • Gotz, M. (2015). Innovations in solving eurozone crisis: Review of some unconventional proposals. Transformations In Business & Economics, 14, 126–143.
  • Gujarati, D. (2003). Basic econometrics (4th ed.). s.l.: Mc Graw Hill.
  • Gündüz, Y., & Kaya, O. (2013). Sovereign default swap market efficiency and country risk in the Eurozone. Deutsche Bundesbank Discussion Paper, Issue 8.
  • Hayes, A. F., & Cai, L. (2007). Using heteroskedasticity-consistent standard error estimators in OLS regression: An introduction and software implementation. Behavior Research Methods, 39, 709–722. 10.3758/BF03192961
  • Helisek, M. (2015). Perspectives of the accession of the Czech Republic to the Euro area in terms of the price level convergence. Economics & Sociology, 8, 28–35. 10.14254/2071-789X.2015
  • Hilscher, J., & Nosbusch, Y. (2010). Determinants of sovereign risk: Macroeconomic fundamentals and the pricing of sovereign Debt. Review of Finance, 14, 235–262. 10.1093/rof/rfq005
  • Jacobs, J. P., kuper, G. H., & Lestano, J. (2007). Chapter 8 currency crises in Asia: A multivariate logit approach. Volume International Finance Review, 8, 157–173. 10.1016/S1569-3767(07)00008-8
  • Josifidis, K., Hall, J. B., Supic, N., & Beker Pucar, Emilija (2015). The European welfare state regimes: Questioning the typology during the crisis. Technological and Economic Development of Economy, 21, 577–595. 10.3846/20294913.2015.1055612
  • Kamin, S., Schindler, J., & Samuel, S. (2001). The contribution of domestic and external sector factors to emerging market devaluations crises: an early warning systems approach. International Finance Discussions Papers, Issue 711.
  • Kaminsky, G., Lizondo, S., & Reinhart, C. M. (1998). Leading indicators of currency crises. IMF Staff Papers, March, 45(1), 1–48.
  • Kang, H. (2010). Designing an early warning system of sovereign debt crises using Bp neural networks. s.l.: s.n., 351– 355.
  • Kolb, R. W., De Paoli, B., Hoggarth, G., & Saporta, V. (2011). Output costs of sovereign default. Hoboken, NJ, USA: John Wiley and Sons Inc.
  • Kregzde, A. 2015. Steady state of sovereign debt in EU countries. Transformations In Business & Economics, 14, 144–157
  • Krugman, P. (2000). Crises: The price of globalization? In Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, 75–106.
  • Laeven, L., & Valencia, F. (2013). Systemic banking crises database. IMF Economic Review, 61, 225–270.
  • Lane, P. R. (2012). The European sovereign debt crisis. Journal of Economic Perspectives, 26, 49–67.
  • Lestano, J. J., & Kuper, G. (2003). Indicators of financial crises do work! An early-warning system for six Asian countries ( Working Paper of University of Groningen).
  • Louzis, D. P., & Vouldis, A. T. (2012). A methodology for constructing a financial systemic stress index: An application to Greece. Economic Modelling, July, 4, 1228–1241. 10.1016/j.econmod.2012.03.017
  • Lucas, A., Schwaab, B., & Zhang, X. (2013). Conditional euro area sovereign default risk. Sveriges Riksbank Working Paper, 5, Issue 269.
  • Mackevicius, J., & Sneidere, R. (2010). Insolvency of an enterprise and methods of financial analysis for predicting it. Ekonomika, 89, 49–66.
  • Manasse, P., & Roubini, N. (2009). “Rules of thumb” for sovereign debt crises. Journal of International Economics, 78, 192–205.
  • Mendoza, E. G., & Yue, V. Z. (2012). A general equilibrium model of sovereign default and business cycles. The Quarterly Journal of Economics, 127, 889–946. 10.1093/qje/qjs009
  • Nadmitov, A. (2004). Russian sovereign debt restructuring: The overview of 1990s and early 2000s, structure of debt, lessons of default, seizure problems and the IMF SDRM Proposal (88 p). LAP LAMBERT Academic Publishing.
  • Nakanish, M. (2012). Fiscal prevention or consolidation? differential analysis using mixed logit model. Saga University Economic Review, 44(6), 121–155.
  • Pfister, U., & Suter, C. (1987). International financial relations as part of the world-system. International Studies Quarterly, September, 31, 239–272. 10.2307/2600667
  • Rady, D. A. M. (2012). Greece debt crisis: Causes, implications and policy options. Academy of Accounting and Financial Studies Journal, Tom 16, 87–96.
  • Rashid, A., & Abbas, Q. (2011). Predicting bankruptcy in Pakistan. Theoretical and Applied Economics, 8, 103–128.
  • Rawkins, P. (1992). The analytics of country reports and checklists. In R. Solberg (Ed.), Country-Risk Analysis: A Handbook (pp. 27–51). London: Routledge.
  • Rębisz B. (2015). Appliance of quality control charts for sovereign risk modelling. Journal of Applied Economics and Business Research JAEBR, 5, 148–160 (2015)
  • Reinhart, C. M., & Rogoff, K. S. (2010). From financial crash to debt crisis. NBER Working Paper, March, Issue No 15795.
  • Rodrik, D., & Rosenzweig, M. (2010). Handbooks in development economics (Vol. 5, pp. 4525–4595). The Netherlands: North-Holland. ISBN: 978-0-444-52944-2.
  • Rose, A. K., & Spiegel, M. M. (2009). Cross-Country causes and consequences of the 2008 crisis: Early warning. National Bureau of Economic Research Working Papers, September, Issue 15357. 10.1596/prwp
  • Rose, A. K. & Spiegel, M. M. (2011). Cross-Country causes and consequences of the 2008 crisis: An Update. European Economic Review, 55, 309–324.
  • Sarlin, P., & Marghescu, D. (2011). Neuro-Genetic predictions of currency crises. Intelligent Systems in Accounting, Finance and Management, 18, 145–160. 10.1002/isaf.v18.4
  • SESRIC. (2011). European debt crisis and impacts on developing countries. s.l.:s.n.
  • Soros G. (2011). Does
the
euro
have
a
future? The
New
York
Review
  • Succurro, M. (2012). Bankruptcy systems and economic performance across countries: Some empirical evidence. European Journal of Law and Economics, 33, 101–126. 10.1007/s10657-009-9138-2
  • Sy, A. N. (2003). Rating the rating agencies: Anticipating currency crises or debt crises? IMF Working Paper.
  • Tennant D. F., & Tracey M. R. (2015). Sovereign debt and credit rating bias. Palgrave Macmillan ( 1st Ed., Hardback, p. 150). ISBN:1137391502, 9781137391506
  • Tufféry, S. (2011). Data mining and statistics for decision making. England: John Wiley.
  • Yilanci, V. & Özcan, B. (2008). External debt sustainability of Turkey: A nonlinear approach. International Research of Finance and Economics, 20, 91–98.
  • Yıldırım, T. (2015). Did the euro trigger the European dept crises?. Journal of International Studies, 8, 43–51. 2015. 10.14254/2071-8330.2015
  • Yue, V. Z. (2010). Sovereign default and debt renegotiation. Journal of International Economics, 80, 176–187. 10.1016/j.jinteco.2009.11.004
  • Zymek, R. (2012). Sovereign default, international lending, and trade. IMF Economic Review, 60, 365–394. 10.1057/imfer.2012.14