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ギリシアにおける財政危機に関するノート: 日本への教訓

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Title: ギリシアにおける財政危機に関するノート: 日本への教訓
Authors: 吉岡, 真史
Issue Date: 30-Jun-2010
Publisher: 長崎大学経済学部 / Faculty of Economis, Nagasaki University
Citation: 長崎大学経済学部研究年報, 26, pp.161-186; 2010
Abstract: From 2009,Greece is getting into a sovereign crisis. Standard & Poor's, a US rating company, downgraded its sovereign debt for four times in 2009 and once in March2010 although Greek government bonds, which are now rated at BBB+,have been issued in Euro from 2001.Finally, Greek Minister of Finance, Mr. Papaconstantinou, sent a letter requesting the activation of the support mechanism to the Eurogroup, to the European Commission, and to the European Central Bank on April 23.This study on one hand focuses on this sovereign crisis in Greece surveying data and related literatures, and on the other hand attempts to derive some implication for Japan where the volume of the bond finance exceeds that of the tax collection in the Government budget. Main conclusions are (1) the current Greek sovereign crisis will not necessarily bring currency crisis in Euro area unless the contagion spreads to Spain; and,(2) to avoid explicit sovereign risk in Japan and to keep fiscal credibility in the market, it is important to build fiscal consolidation program for a medium-term.
Keywords: Sovereign debt crisis / Euro / Government balance / Contagion / Greece / Japan
URI: http://hdl.handle.net/10069/24472
ISSN: 09108602
Type: Departmental Bulletin Paper
Text Version: publisher
Appears in Collections:Volume 26

Citable URI : http://hdl.handle.net/10069/24472

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