small countries in non-optimum currency area only moral 在非最优货币区的小国家的道德

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1、Thesistitle:“Smallcountriesinnonoptimumcurrencyarea:onlymoralhazard?TheGreekcase”.ERASMUSUNIVERSITYROTTERDAMErasmusSchoolofEconomicsDepartmentofEconomicsSupervisor:ProfessorBenoitS.J.CrutzenName:MarcodellaGiacomaExamNumber:E-mailaddress:djmarco87@hotmail.com36SmallCountriesInNonO

2、ptimumCurrencyArea:OnlyMoralhazard?TheGreekCase.MarcodellaGiacomaErasmusUniversityRotterdamSeptember2010TheGreekcrisisisastoryofnowadays.OfficiallystartedinDecember2009,whenthemainratingagenciesdowngradedtheGreekdebtasjunk-bond,itactuallywasnotsuchasurprisebecausetherealsituation

3、ofGreekpublicfinanceshadbeenknownsincealongtime,evenbeforetheaccessionintoEurozone.MostoftheobserversarenowtemptedtoclassifyGreekbehaviourascharacterizedbymoralhazard,arguingthataweakandhighlyindebtedeconomyastheGreekonewouldhavehadevenmoreincentivestokeeponrunningexpansionaryfis

4、calpolicy,onceadoptedthecommoncurrency,relyingontheimprovedfinancialstabilitythankstoEuroandimplicitlyonsomebailoutasalastresort,iftheworsthadcome.Itisdefinitelyhardtodisagreewiththesupportersofmoralhazardasoneofthemainreasonsofthiscrisis,butanotherfundamentalquestionisabouthowth

5、eotherEuropeancountriescouldhaveclosedtheireyesfromthebeginninginfrontofsuchscenario.SupposingthatGreecehasengagedinmoralhazardbehaviour,thispaperaimstoshedlightonthefollowingpoints:-WhatoftheactualsituationisduetoimperfectionsofthewholeEuropeanMonetaryUnionasithasbeenoriginallyd

6、evised?-WhatisduetoGreekmoralhazard?-HowdoesthefactthatGreeceisasmall,peripheraleconomymatter?-WhatcantheEuropeanmonetaryauthoritiesdoinordertopreventfuturesimilarsituations?36ReviewofRelevantLiteratureThespecifictopicofthebehaviourofasmalleconomyinamonetaryunionenvironmenthasnot

7、beenmuchexploredanddevelopedevenbecausetheonlyfeasibleobjectofanalysiswouldbethestillyoungEuropeanUnion.Howevertherelevantliteratureusefulforabetterunderstandingofthispapercanbedividedaccordingtothesub-topiccovered,andthemainfieldsofanalysisare:thecritiquesoftheStabilityandGrowth

8、Pactandthepurposesofreform,thehistorical