Jump to ContentJump to Main Navigation
The Global Financial Crisis and AsiaImplications and Challenges$
Users without a subscription are not able to see the full content.

Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 August 2019

The Eurozone in the Global Financial Crisis

The Eurozone in the Global Financial Crisis

Chapter:
(p.63) 3 The Eurozone in the Global Financial Crisis
Source:
The Global Financial Crisis and Asia
Author(s):

Charles Wyplosz

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199660957.003.0003

This chapter contrasts the United States (US) and European situations during the global financial and economic crisis and examines how much of the crisis has been imported by Europe from the US. The chapter argues that Europe never had a chance to avoid contagion from the US. Trade and financial links — some of which operate through third countries, those in East Asia in particular — are simply too powerful. At the same time, domestic conditions were often critical in a number of countries where house prices had generated unsustainable booms, even though there is no European equivalent to subprime lending. The chapter also documents the relatively limited reaction of both monetary and fiscal authorities. The concluding remarks consider the differences that the monetary union has made and their relevance.

Keywords:   financial crisis, contagion effect, monetary union, subprime lending, house price boom

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .