Original title: European imbalances and the debt crisis in Europe
Translated title: European imbalances and the debt crisis in Europe
Authors: Razumnova, Alexandra ; Hnát, Pavel (advisor) ; Bič, Josef (referee)
Document type: Master’s theses
Year: 2013
Language: eng
Publisher: Vysoká škola ekonomická v Praze
Abstract: [eng] [cze]
The imbalances within the Euro-zone were the main reasons of the crisis that had led to the growing budget deficits in the Southern Europe resulting in the accumulation of unsustainable debt. The imbalances were caused by the declining competitiveness of the South vis-s-vis the North. The main causes of the declining competitiveness are the differences in unit labor costs invoked by different regulations concerning the labor markets in the Euro-zone countries and the diverging levels of productivity, which is liked with the different levels of technological advancement. The contributing factor is the institutional imperfections of the EMU, that did not allow the countries in Southern Europe to restore their competitiveness by traditional means without providing them with alternatives. The imbalances within the Euro-zone were the main reasons of the crisis that had led to the growing budget deficits in the Southern Europe resulting in the accumulation of unsustainable debt. The imbalances were caused by the declining competitiveness of the South vis-s-vis the North. The main causes of the declining competitiveness are the differences in unit labor costs invoked by different regulations concerning markets in the Euro-zone countries and the diverging levels of productivity, which is liked with the different levels of technological advancement. The contributing factor is the institutional imperfections of the EMU, that did not allow the countries in Southern Europe to restore their competitiveness by traditional means without providing them with alternativesthe labor .
Keywords: competitiveness; government bonds; imbalances; monetary union; sovereign debt; unemployment; unit labor costs; competitiveness; government bonds; imbalances; monetary union; sovereign debt; unemloyment; unit labor costs

Institution: University of Economics, Prague (web)
Document availability information: Available in the digital repository of the University of Economics, Prague.
Original record: http://www.vse.cz/vskp/eid/41233

Permalink: http://www.nusl.cz/ntk/nusl-197811


The record appears in these collections:
Universities and colleges > Public universities > University of Economics, Prague
Academic theses (ETDs) > Master’s theses