Research ArticleOpen AccessGoogle Scholar indexed
Sovereign Debt Crisis in Europe: A Different Crisis with a “Less Than Different” Impact on Bangladesh?
- 1
- 2
Copy link · social · email
Abstract
Global economy is going through another round of rough patches. Right after an economic turmoil that originated in the USA, the global economy is experiencing a debt crisis in the EU region. Even though there are certain differences in the nature of the crisis, the possibility of an economic disaster around the world looms over. Bangladesh suffered from the previous financial crisis with a time lag. The country also fears a similar lagged blow from the EU crisis as that region is one of her major trading partners. Export, Aid, FDI and remittance of Bangladesh are feared to suffer from the EU sovereign debt crisis but the impact might not be immediate in case of this crisis as well.
KeywordsBangladesh EconomyEU Debt CrisisGlobal Financial Crisis
- “Economic Crisis in Europe: Causes, Consequences and Responses,” Economic and Financial Affairs, European Union, 2009.
- M. Rahman, A. M. Iqbal, T. Islam and S. Dasgupta, “Global Financial Crises: Bangladesh Phase 2,” Discus- sion Series, Paper 12, January 2010.
- Calvo and Guillermo, “Servicing the Public Debt: The Role of Expectations,” American Economic Review, Vol. 78, No. 4, 1998, pp. 647-661.
- B. Eichengreen, R. Hausmann and U. Panizza, “The Pain of Original Sin”, Other People’S Money: Debt Denomination and Financial Instability in Emerging Market Economies, Chicago University Press, Chicago, 2005.
- P. De Grauwe and W. Moesen, “Gains for All: A Proposal for a Common Eurobond,” Intereconomics, May/ June, 2009.
- D. Leigh, “Will it hurt? Macroeconomic Effects of Fiscal consolidation,” International Monetary Fund, October 2010.
- D. B. Paoli, G. Hoggarth and V. S. Orta, “Cost of So- vereign Default,” Financial Stability Paper, No. 1, Bank of England, July 2006.
- M. Dooley, “Can Output Losses Following International Financial Crises be Avoided?” National Bureau of Economic Research Working Paper, No. 7531, 2000.
- G. Caprio and D. Klingebiel, “Episodes of Systemic and Borderline Banking Crises,” Research at the World Bank, 2003.
- S. A. K. Murshid, C. S. Zohir, M. Ahmed and I. Zabid, “The Global Financial Crisis Implication for Bangladesh,” BIDS-PRP Working Paper Series 1, April 2009.
- K. M. Mujeri and M. Shahiduzzaman, “Navigating the Global Financial Storm: Challenges for Bangladesh,” Policy Paper Series, No. 0903, Policy Analysis Unit, Bangladesh Bank, November 2008.
- A. Adamu, “The Effects of Global Financial Crisis on Nigerian Economy,” Nasarawa State University, Nigeria, 2008.
- J. Eaton, S. Kortum, B. Neiman and J. Rmalis, “Trade and Global Recession,” National Bureau of Economic Research Working Paper Series 16666, Cambridge, January 2011.
- M. Karshenas, “The Impact of the Global Financial and Economic Crisis on LDC Economies,” Univesity of London, London, 2009.
- “European Cities Hit by Anti-Austerity Protests,” BBC News, September 2010. http://www.bbc.co.uk/news/world-europe-11432579.
- J. Levine and M. Gerow, “European Economic Crises 2010,” European Union, 2010.