The thesis analyzes measures adopted and applied by the EMU crisis management in years 2010 to 2012, that means at a time when debt and currency crisis was affecting the euro area countries the most. The main focus is dedicated to the rescue mechanism EFSF and expansive monetary policy of ECB as these crisis management tools were used for stabilization of the debt situation in Ireland, Portugal and Greece. Analyzing of these tools leads to assess their contribution to selected country and to European monetary union as a whole. The final part is devoted to possible solutions for the debt crisis and to the future of the eurozone and the common currency.

This thesis analyzes the economic crises of recent years through the lens of the Regulation Theory. It focuses on the Greek Crisis of 2009 and the Turkish Financial Crises of 2000 and 2001. Furthermore it also analyzes the crisis in the United States to give a better grounding for the current crises. The thesis tries to answer the questions of whether or not Regulation Theory proves to be a sufficient tool for analyzing these crises and whether or not these fit the definition of crisis that the Regulation Theory puts forward. It is argued that Regulation Theory explains to a great extent both the causes and the structure of the crises.

2008年全球金融風暴為歐洲債券危機埋下隱患，歐元區國家紛紛進行紓困以提振經濟，導致財政赤字更加嚴重。歐元區各國因採行單一貨幣而喪失獨立的貨幣政策，使得融資工具受限。信用評等機構又先後對周邊國家調降評等，無形中擴大危機。歐洲債券危機不僅讓歐洲經濟暨貨幣同盟的結構缺陷再度浮上檯面，亦引發歐元區解決方案的認知分歧，形成以德國為首的撙節派和法國代表的反撙節派間的對立，政治界興起一片波瀾。 為分析未來歐洲統合的方向和進程，本論文從政治和經濟面了解經濟暨貨幣同盟的建立與歐洲債券危機的發生，並透過自由政府間主義的分析層次，探究未來歐洲統合的發展。經由上述方法，研究發現就德法目前國內情勢和相互交往來看，未來歐洲統合的發展可能維持現狀，而不會開倒車或形成完全的超國家建制。至於理論是否和事實重合，又有待日後持續觀察。 / After the outbreak of the European Debt Crisis since 2009, the necessity and possibility of the further integration is once again highly valued. To analyze the future development of the European integration, the thesis looks into the establishment of the Economic and Monetary Union and the outbreak of the European Debt Crisis. In addition, it looks into the relation between Germany and France through the approach of the Liberal Intergovermentalism to explore the future development of the European integration. The result of the research demonstrates that it is likely European integration will remain at status quo, instead of advancing integration to the establishment of supranational institutions, nor leading to the breakup of the European Union. While Liberal Intergovernmentalism provides the integration analysis with a feasible approach, whether the result of the research coincides with the future development of the European integration still remains to be seen.

This thesis consists of three chapters. In the first chapter, titled "Aggregate Risk and Bank Risk-Taking", I propose a general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and a drop in investment and output. With some opacity in bank balance sheets, depositors form expectations about bank risk-taking and demand a return on bank deposits according to their risk. This creates strategic complementarities and possibly multiple equilibria: in response to an increase in funding costs, banks may optimally choose to pursue risky portfolios that undermine their solvency prospects. In a bad equilibrium, bank lending is crowded out by risky asset purchases and weak economic fundamentals lead to a banking crisis. Policy interventions face a trade-o¤ between alleviating banks' funding conditions and strengthening their risk-taking incentives. Due to this trade-off, liquidity provision to banks may eliminate the good equilibrium when it is not targeted. Targeted interventions have the capacity to eliminate the bad equilibrium. The second chapter, titled "Gambling Traps", analyzes macroeconomic dynamics under this framework in a dynamic general equilibrium model. I show that self-fulfilling expectations about high bank risk-taking may lead to 'gambling traps' associated with slow recovery from crises. In a gambling trap, high bank funding costs hinder the accumulation of bank net worth, leading to a prolonged period of financial fragility and a persistent decline in economic activity. I bring this model to bear on the European sovereign debt crisis, in the course of which under-capitalized banks in default-risky countries experienced an increase in funding costs and raised their holdings of domestic government debt. The model is quantified using Portuguese data and accounts for macroeconomic dynamics in Portugal in 2010-2016. Finally, I show that subsidized loans to banks, similar to the European Central Bank's longer-term refinancing operations (LTRO) may perpetuate gambling traps. The third chapter, titled ''Shadow Banking and Market Discipline on Traditional Banks'', is joint work with Matthieu Darracq-Paries, Christo¤er Kok, and Dawid · Zochowski. In this chapter, we present a general equilibrium banking model in which shadow banking arises endogenously and undermines market discipline on traditional banks. We show that depositors' ability to re-optimize in response to crises imposes market discipline on traditional banks: these banks optimally commit to a safe portfolio strategy to prevent early withdrawals. With costly commitment, shadow banking emerges as an alternative banking strategy that combines high risk-taking with early liquidation in times of crisis. We bring the model to bear on the 2007-09 financial crisis in the United States, during which shadow banks experienced a sudden dry-up of funding and liquidated their assets. We derive an equilibrium in which the shadow banking sector expands to a size where its liquidation causes a fire-sale and exposes traditional banks to liquidity risk. Higher deposit rates in compensation for liquidity risk also weaken threats of early withdrawal and traditional banks pursue risky portfolios that may leave them in default. Financial stability is achieved with a tax on shadow bank profits or collateralized liquidity support to traditional banks.

No fim dos anos 1970, dois choques externos o segundo salto nos preços do petróleo e o reajuste na taxa básica de juros norte-americana marcam o início de tendências econômicas divergentes entre o Leste da Ásia e a América Latina. Para os prósperos tigres, a próxima década seria uma janela para o chamado catching up, culminando com a promoção simbólica de seu prodígio, a Coréia do Sul, ao status de país desenvolvido quando da realização dos Jogos Olímpicos em Seul. Na América Latina, inversamente, os anos 1980 são geralmente apelidados de Década Perdida, inaugurando uma era de regressão econômica e instabilidade política. A Argentina, provavelmente a menos dinâmica dentre as economias que então se industrializavam, é geralmente evocada como um desastre que tipifica a sina regional. A vasta maioria das investigações acerca desta divergência se concentra nas políticas econômicas domésticas e em seus resultados objetivos. Não obstante, tais políticas foram formuladas e aplicadas sob uma combinação de circunstâncias internacionais e políticas que podem variar consideravelmente de país para país ao longo do tempo. O objetivo deste texto é examinar em que medida algumas das particularidades destes dois casos naquilo que concerne ao processo político interno e à evolução da economia internacional moldaram a reação de cada qual ao cenário adverso. / At the end of the 1970s, a couple of external shocks namely, the second leap in petroleum prices and the readjust of American basic interest rate mark the beginning of divergent economic trends for East Asia and Latin America. For the prosperous tigers, the following decade would be a time for catching up, culminating with the symbolic promotion of its prodigy, South Korea, to the rank of a developed country by the time of Seouls Summer Olympics. In Latin America, inversely, the 1980s are generally nicknamed the Lost Decade, inaugurating an era of economic regression and political instability. Argentina, probably the worlds less dynamic industrializing economy at that time, is usually evoked as a disaster that typifies the regional fate. The vast majority of the investigations about this diversion concentrate on domestic economic policies and their objective results. Nonetheless, such policies were formulated and launched under a combination of international and political circumstances that can vary considerably from country to country and along the course of time. The aim of this text is to examine to what extent have some of these two cases particularities in what concerns to the domestic politic process and the evolution of international economy molded each national reaction to the adverse scenario.

The main objective with the thesis was to analyze institutional change in the European Union pre-and-post financial debt crisis, with particular focus on the roles of the Parliament, the Commission, the Council as well as the Court of Justice. To attain the objective, the thesis intended to answer the subsequent queries; (i) what notable institutional changes were brought in the European Union pre-and-post financial debt crisis; (ii) what role did the Parliament, the Commission, the Council and the Court of Justice play pre-and-post financial debt crisis; were their roles enhanced by the financial debt crisis? In order to attain the objective, the thesis utilized an institutional analysis and development framework. This theoretical framework relied on a qualitative content analysis.  The results of the thesis exhibit that the European Union’s progression route was not free from crises. With the Union’s expansion, more decisions ought to be taken by the four institutional bodies. The role of the European institutional bodies resulted in various institutional changes with the establishment of the Treaty of Lisbon; from having a normative power to encompass an executive one. The Treaty of Lisbon also changed the decisionmaking procedure to an ordinary legislative procedure. Apropos decision-making, the Treaty of Lisbon also enhanced the Council and the Parliament’s role pre-financial debt crisis by making the Parliament and Council equal in the new co-decision procedure. The role of the Council has been dynamic since its formation, while the role of the three other institutions could somewhat vary throughout the pre-financial debt crisis. With regards to institutional change after the financial debt crisis, the results reveal that institutional changes occurred mainly in economic and fiscal policies, for instance strengthening the EMU with the intergovernmental Treaty on Stability and Coordination and Governance. Whilst the Treaty of Lisbon brought more supranationalism in the European Union, the period after the financial debt crisis rather celebrated intergovernmentalism in the Union. The role of the Council was dynamic even post-financial debt crisis, decreasing the role of the Commission in the agenda setting. However, with the introduction of the Six-Pack and the Banking Union, the Commission and the Parliament’s role became evidently enhanced, whilst the Court of Justice, did not play a key role in the financial debt crisis.

In this work, I covered the sustainability of public finances in Greece, reachability of target values of debt to GDP ratio, analysis of impacts of the debt crisis in a political and social context, structure of the state budget and an evaluation of the implemented reforms. On the basis of technical publications, examples of debt crises in Asia and Latin America and recommendations from OECD, EC, NERV and IOBE I summarized the reform directions and steps to reach a sustainable state of public finances in Greece.

This master's thesis deals with the response of the EU to the European Debt Crisis and with the attitude of large European economies (Germany, France, Great Britain) to approved anti - crisis measures. In the first chapter the economic and political tradition of large European economies is described, followed by their attitude to the European integration. After a brief outline of the European Debt Crisis, the second chapter deals with short-term and subsequently systemic anti-crisis measures and puts them into the context of attitudes and interests of large European economies.

The objective of the thesis is to analyze the accumulated public debt of France including its structure during the financial and economic crisis between 2008 and 2012 with possible short-term and medium-term scenarios for the future. The thesis is divided into three chapters. The first chapter describes the development of the French economy and the main macroeconomic indicators from 1991 until 2012. The second chapter deals with the accumulated public debt of France, its development in the past, structure of the debt and debt of French municipalities. The last chapter is dedicated to the possible scenarios for the development of French public debt and public debt problems with specific options for their removal. The next section describes the attitude of the French government toward the debt crisis in the eurozone.

This dissertation thesis focuses on complex analysis of the problem, which is the sovereign debt crisis in the Euro area. The aim of this paper is to provide a complex overview and analysis of the current sovereign debt crisis, from the theoretical definition of the term, through an analysis of the causes and consequences of this crisis to outline the economic policy response to it. The text is divided into two parts. The first part deals with theoretical problem solving. In the second part is analyzed and described course of sovereign debt crisis. This section also analyzes in detail causes and consequences of the sovereign debt crisis in certain countries. This section is completed by an analysis of economic policy response to the sovereign debt crisis and an expert estimate of the future development of public debt countries analyzed.