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Title:VPLIV FINANČNO-GOSPODARSKE IN EVROPSKE DOLŽNIŠKE KRIZE NA EVRO
Authors:ID Jug, Simon (Author)
ID Oplotnik, Žan Jan (Mentor) More about this mentor... New window
Files:.pdf MAG_Jug_Simon_2012.pdf (1,06 MB)
MD5: F03351EF2BF058B42A3B1898C214CE6F
PID: 20.500.12556/dkum/2b352bfd-db43-47bc-adf8-109dd0c4c208
 
Language:Slovenian
Work type:Master's thesis/paper
Organization:EPF - Faculty of Business and Economics
Abstract:Evropski narodi so v pretekli zgodovini pokazali pogoste težnje po združevanju, ki so ob novi politični situaciji po drugi svetovni vojni vodile v nastanek Evropske unije. Evropska unija danes predstavlja veliko gospodarsko in politično integracijo 27 držav s skoraj 500 milijoni prebivalcev, ki ima pomemben glas in vlogo pri vseh svetovnih izzivih in vprašanjih. Ena za naše delo najpomembnejših značilnosti Evropske unije je skupna monetarna unija 17 držav članic, evro območje. Evro območje danes v svetu predstavlja edinstveno strukturo držav, ki so ne glede na skupno valuto v veliki meri ohranile svoje pristojnostmi na področju ekonomskih in fiskalnih politik. Evro je v kratkem času svojega obstoja postal pomembna svetovna valuta in z vidika fizične uporabe denarja prehitel svetovno rezervno valuto ameriški dolar ter se zasidral kot druga svetovna rezervna valuta. Pojav svetovne finančne in kasneje gospodarske krize, nastale v ZDA zaradi drugorazrednih vrednostnih hipotekarnih papirjev, je bil prvi pravi preizkus trdnosti in stabilnosti evra, ki ga je evro v celoti gledano sicer relativno dobro opravil. Je pa finančno-gospodarska kriza pokazala na nekatere njegove pomanjkljivosti in slabo vodenje javnih financ v perifernih državah evro območja. Z zamenjavo oblasti v Grčiji so na dan prišle podrobnosti o njenem slabem stanju javnih financ in prirejanju podatkov, kar je povzročilo nemir na finančnih trgih in sprožilo vprašanja o širitvi grških težav v druge periferne države evro območja, s čimer označujemo začetek dolžniške krize v evro območju. Države evro območja so v kratkem času vzpostavile do tedaj neobstoječi mehanizem finančne pomoči za zaščito evra, s katerim so želele zajeziti širjenje dolžniške krize in stabilizirati evro. Eden glavnih ciljev našega dela je bil ugotoviti, v kolikšni meri je na novo vpeljani mehanizem prispeval k stabilizaciji evra in kot je pokazala naša raziskava, mu ni v celoti uspelo stabilizirati evra. Medtem, ko se je novi sistem pokazal kot dovolj učinkovit v primeru reševanja Irske in Portugalske, je pritisk na Italijo pokazal na dvome finančnih trgov o zadostni moči tega mehanizma. Ne glede na to obstoj in nadaljnja širitev evro območja ni ogrožena, s številnimi dodatnimi ukrepi in s podpisom Pogodbe o fiskalni uniji je evro ponovno na pravi poti k povrnitvi zaupanja in moči, ki jo je imel pred začetkom dolžniške krize evro območja.
Keywords:Evropska unija, evro, ECB, Maastrichtski kriteriji, finančna in gospodarska kriza, drugorazredna posojila, Lehman Brothers, Grčija, evropska dolžniška kriza, javne finance, mehanizem za stabilnost evra, svetovna rezervna valuta
Place of publishing:Maribor
Publisher:[S. Jug]
Year of publishing:2012
PID:20.500.12556/DKUM-22481 New window
UDC:339.74
COBISS.SI-ID:11077148 New window
NUK URN:URN:SI:UM:DK:THGAYC2V
Publication date in DKUM:23.05.2012
Views:3912
Downloads:530
Metadata:XML DC-XML DC-RDF
Categories:EPF
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Secondary language

Language:English
Title:INFLUENCE OF FINANCIAL AND ECONOMIC AND EUROPEAN DEBT CRISIS ON EURO
Abstract:European nations have shown many integration tendencies in the past history and with new political situation after Second World War, these tendencies led to formation of European Union. Nowadays European Union represents large economic and political integration of 27 countries with almost 500 million residents, which has important voice and role in current world’s challenges and issues. One of most important characteristics of European Union is common currency union of 17 member states, the euro zone. Euro zone today represents unique integration of countries, which have regardless of common currency in significant part preserved their competences on economic and fiscal area. In short time of its existence the euro managed to became important world currency that has in view of physical money use already surpassed the world’s reserve currency US dollar and has established itself as worlds second reserve currency. Occurrence of world’s financial and later economic crisis, originating from USA subprime loan market and its developed securities, was the first real test of common currency’s hardness and stability, which the euro surpassed relatively well. However the financial-economic crisis has opened some issues regarding euro because of bad public finances in periphery euro zone countries. With the government change in Greece, the information regarding their worse than estimated public finance health and data adjusting has caused unrest on financial markets and raised concerns of spreading of Greece’s problems into other periphery euro zone countries, which marked the beginning of euro debt crisis. Euro zone countries have in short time been able to establish new, until then non-existing system of financial support for euro protection, with which the spreading of crisis should be prevented and euro stabilised. One of main goals of our paper was to examine, to what extent the newly introduced mechanism has been able to stabilise euro, as results of our research showed it has not been completely successful in its task to do so. While with the bailout of Ireland and Portugal the system was efficient enough, it failed to ease financial markets doubts of its sufficiency in the case of financial market pressure on Italy. Nevertheless, the existence and further broadening of euro area is not questionable, with many additional measures and with the signing of Contract on Fiscal treaty the euro is back on the right path to regain trust and strength it had before the start of euro debt crisis.
Keywords:European Union, euro, ECB, Maastricht Criteria, financial and economic crisis, subprime loans, Lehman Brothers, Greece, European debt crisis, public finance, euro stability mechanism, world’s reserve currency.


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