Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 14 Number 4 pp. 22-37

Piotr Stanek

Cracow University of Economics, Poland

Public debt sustainability and the participation of the new member states in the euro area

Abstract: The recent financial and economic crisis pushed the ratio of public debt to GDP in a number of industrialised countries to unprecedented levels. This phenomenon was especially marked in the peripheral countries of the euro area, which questioned again the adequacy of the institutional framework of the Economic and Monetary Union (including the Maastricht criteria related to public finance). Thus, the new entrants and candidates to the euro area must put a deeper emphasis on the interrelations between public debt sustainability and participation in the monetary union. The article analyses empirically the interrelationships between the participation of the EU-10 countries in the euro area and the sustainability of their debts. The principal method of investigation is the use of panel stationarity tests. The results, contrary to intuition, indicate no significant differences between countries in the euro area and those remaining outside. (original abstract)
pub/2014_4_22.pdf Full text available in in Adobe Acrobat format:
http://www.ebr.edu.pl/volume14/issue4/2014_4_22.pdf
Keywords: Economic and Monetary Union (EMU), Gross domestic product (GDP), Eurozone, Public debt, Unia Gospodarcza i Walutowa (UGW), Produkt krajowy brutto (PKB), Strefa euro, Dług publiczny

For citation:

MLA Stanek, Piotr. "Public debt sustainability and the participation of the new member states in the euro area." Economics and Business Review EBR 14.4 (): 22-37.
APA , (). Public debt sustainability and the participation of the new member states in the euro area. Economics and Business Review EBR 14(4), 22-37
ISO 690 STANEK, Piotr. Public debt sustainability and the participation of the new member states in the euro area. Economics and Business Review EBR, , 14.4: 22-37.