Financial Dependence of the PIIGS Countries

Piotr Siemiatkowski; Ewa Jankowska

doi:doi:10.11648/j.jwer.20130205.12

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Financial Dependence of the PIIGS Countries

Piotr Siemiatkowski, Ewa Jankowska

Published in Journal of World Economic Research (Volume 2, Issue 5)

Received: 10 October 2013 Published: 10 November 2013

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Abstract

In the paper, the authors presented the problems connected with the financial dependence of the PIIGS countries (the contractual name for a group of European countries with the highest debt which stands for the first letters of the names of countries: Portugal, Italy, Ireland, Greece and Spain). In the first part the issues related to the concept of the financial dependence were discussed. Then International Investment Position (IIP) of the PIIGS countries was compared with other countries of the European Union. The main part of the paper is analysis of the indicators of the financial dependence the PIIGS countries. The analysis of the proposed set of indicators caused that the authors drew particular attention to the situation that took place in Ireland. Therefore, the case of Irish economy was discussed in the detail way. At the end of the paper conclusions about the financial dependence of PIIGS countries were presented.

Published in	Journal of World Economic Research (Volume 2, Issue 5)
DOI	10.11648/j.jwer.20130205.12
Page(s)	89-94
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2013. Published by Science Publishing Group

Keywords

Financial Dependence, International Investment Position, PIIGS Countries, Gross External Debt

References

[1]	Balance of Payments Manual, International Monetary Fund, http://www.imf.org/external/np/sta/bop/bop.htm (10.10.2013).
[2]	Sohnke M. Bartram, Gunter Dufey, International Portfolio Investment: Theory, Evidence and Institutional Framework, Michigan 2001, p.3.
[3]	Global Risk2011, Sixth Edition, An Initiative of the Risk Response Network, Word Economic Forum, Cologny-Geneva 2011, p. 3-50.
[4]	The foreign investment should be understood as the sum of: foreign direct investment, foreign portfolio investment (stocks and bonds) and other investments (trade credits, loans and so-called other liabilities).
[5]	These activities have been repeatedly undertaken against the Polish zloty and they were attributed to a well-known, global financial corporations, such as Goldman Sachs and JP Morgan; see for example: To speculation on zloty confessed Goldman Sachs, ISB, http://www.money.pl/gospodarka/wiadomosci/artykul/do;spekulacji;na;zlotym;przyznal;sie;goldman;sachs,125,0,428925.html (30.09.2013).
[6]	EUROSTAT, Government ¬ finance statistics, Summary tables – 1/2012, Statistical Books, European Union 2013.
[7]	Bank of Greece, Statistics Department, International Investment Position, http://www.bankofgreece.gr/BogDocumentEn/International_Investment_Position-Data.xls (25.04.2013); BANCO DE ESPAÑA, BALANZA DE PAGOS Y POSICIÓN DE INVERSIÓN INTERNACIONAL DE ESPAÑA, Madrid 2011, p. 137; Foreign assets and liabilities of Hungary, 1995 - 2012. (excluding SPE's), Magyar Nemzeti Bank, http://english.mnb.hu/Statisztika/data-and-information/mnben_statisztikai_idosorok/ mnben_elv_external_trade/mnben_fizm_20090330 (25.04.2013); BPA01: International Investment Position by Type of Investment, Year and Statistic, Central Statistics Office, Ireland, http://www.cso.ie/px/pxeirestat/statire/SelectVarVal/Define.asp?Maintable=bpa01&PLanguage=0 (25.04.2013); International Investment Position Statistics, Estatisticas online, Banco de Portugal, http://www.bportugal.pt/PAS/SEM/src/(S(hciebhzbfwwc4345wxtuwm45))/Analise.aspx?book={ED97D27C-4626-4EF3-9215-CE4DD6073F2D}&Page={EC2638D0-4FD6-4B7C-9CC2-572DECE14632} (25.04.2013).
[8]	Piotr Siemiatkowski, Grzegorz Gorniewicz, Introduction to International Capital Flows, Torun (Poland) 2006, p.86.
[9]	Quarterly International Investment Position and External Debt, Central Statistics Office, http://www.cso.ie/en/media/csoie/releasespublications/documents/economy/2011/qiipexd_q42011.pdf (6.10.2013).

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APA Style

Piotr Siemiatkowski, Ewa Jankowska. (2013). Financial Dependence of the PIIGS Countries. Journal of World Economic Research, 2(5), 89-94. https://doi.org/10.11648/j.jwer.20130205.12

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ACS Style

Piotr Siemiatkowski; Ewa Jankowska. Financial Dependence of the PIIGS Countries. J. World Econ. Res. 2013, 2(5), 89-94. doi: 10.11648/j.jwer.20130205.12

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AMA Style

Piotr Siemiatkowski, Ewa Jankowska. Financial Dependence of the PIIGS Countries. J World Econ Res. 2013;2(5):89-94. doi: 10.11648/j.jwer.20130205.12

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@article{10.11648/j.jwer.20130205.12,
  author = {Piotr Siemiatkowski and Ewa Jankowska},
  title = {Financial Dependence of the PIIGS Countries},
  journal = {Journal of World Economic Research},
  volume = {2},
  number = {5},
  pages = {89-94},
  doi = {10.11648/j.jwer.20130205.12},
  url = {https://doi.org/10.11648/j.jwer.20130205.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20130205.12},
  abstract = {In the paper, the authors presented the problems connected with the financial dependence of the PIIGS countries (the contractual name for a group of European countries with the highest debt which stands for the first letters of the names of countries: Portugal, Italy, Ireland, Greece and Spain). In the first part the issues related to the concept of the financial dependence were discussed. Then International Investment Position (IIP) of the PIIGS countries was compared with other countries of the European Union. The main part of the paper is analysis of the indicators of the financial dependence the PIIGS countries. The analysis of the proposed set of indicators caused that the authors drew particular attention to the situation that took place in Ireland. Therefore, the case of Irish economy was discussed in the detail way. At the end of the paper conclusions about the financial dependence of PIIGS countries were presented.},
 year = {2013}
}

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TY  - JOUR
T1  - Financial Dependence of the PIIGS Countries
AU  - Piotr Siemiatkowski
AU  - Ewa Jankowska
Y1  - 2013/11/10
PY  - 2013
N1  - https://doi.org/10.11648/j.jwer.20130205.12
DO  - 10.11648/j.jwer.20130205.12
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
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AB  - In the paper, the authors presented the problems connected with the financial dependence of the PIIGS countries (the contractual name for a group of European countries with the highest debt which stands for the first letters of the names of countries: Portugal, Italy, Ireland, Greece and Spain). In the first part the issues related to the concept of the financial dependence were discussed. Then International Investment Position (IIP) of the PIIGS countries was compared with other countries of the European Union. The main part of the paper is analysis of the indicators of the financial dependence the PIIGS countries. The analysis of the proposed set of indicators caused that the authors drew particular attention to the situation that took place in Ireland. Therefore, the case of Irish economy was discussed in the detail way. At the end of the paper conclusions about the financial dependence of PIIGS countries were presented.
VL  - 2
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Author Information

Piotr Siemiatkowski

Dept. of Internal and International Security, Nicolaus Copernicus University, Torun, Poland
Ewa Jankowska

Dept. of Economics, WSB Schools of Banking, Torun, Poland

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APA Style

Piotr Siemiatkowski, Ewa Jankowska. (2013). Financial Dependence of the PIIGS Countries. Journal of World Economic Research, 2(5), 89-94. https://doi.org/10.11648/j.jwer.20130205.12

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ACS Style

Piotr Siemiatkowski; Ewa Jankowska. Financial Dependence of the PIIGS Countries. J. World Econ. Res. 2013, 2(5), 89-94. doi: 10.11648/j.jwer.20130205.12

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AMA Style

Piotr Siemiatkowski, Ewa Jankowska. Financial Dependence of the PIIGS Countries. J World Econ Res. 2013;2(5):89-94. doi: 10.11648/j.jwer.20130205.12

Copy | Download

@article{10.11648/j.jwer.20130205.12,
  author = {Piotr Siemiatkowski and Ewa Jankowska},
  title = {Financial Dependence of the PIIGS Countries},
  journal = {Journal of World Economic Research},
  volume = {2},
  number = {5},
  pages = {89-94},
  doi = {10.11648/j.jwer.20130205.12},
  url = {https://doi.org/10.11648/j.jwer.20130205.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20130205.12},
  abstract = {In the paper, the authors presented the problems connected with the financial dependence of the PIIGS countries (the contractual name for a group of European countries with the highest debt which stands for the first letters of the names of countries: Portugal, Italy, Ireland, Greece and Spain). In the first part the issues related to the concept of the financial dependence were discussed. Then International Investment Position (IIP) of the PIIGS countries was compared with other countries of the European Union. The main part of the paper is analysis of the indicators of the financial dependence the PIIGS countries. The analysis of the proposed set of indicators caused that the authors drew particular attention to the situation that took place in Ireland. Therefore, the case of Irish economy was discussed in the detail way. At the end of the paper conclusions about the financial dependence of PIIGS countries were presented.},
 year = {2013}
}

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TY  - JOUR
T1  - Financial Dependence of the PIIGS Countries
AU  - Piotr Siemiatkowski
AU  - Ewa Jankowska
Y1  - 2013/11/10
PY  - 2013
N1  - https://doi.org/10.11648/j.jwer.20130205.12
DO  - 10.11648/j.jwer.20130205.12
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
SP  - 89
EP  - 94
PB  - Science Publishing Group
SN  - 2328-7748
UR  - https://doi.org/10.11648/j.jwer.20130205.12
AB  - In the paper, the authors presented the problems connected with the financial dependence of the PIIGS countries (the contractual name for a group of European countries with the highest debt which stands for the first letters of the names of countries: Portugal, Italy, Ireland, Greece and Spain). In the first part the issues related to the concept of the financial dependence were discussed. Then International Investment Position (IIP) of the PIIGS countries was compared with other countries of the European Union. The main part of the paper is analysis of the indicators of the financial dependence the PIIGS countries. The analysis of the proposed set of indicators caused that the authors drew particular attention to the situation that took place in Ireland. Therefore, the case of Irish economy was discussed in the detail way. At the end of the paper conclusions about the financial dependence of PIIGS countries were presented.
VL  - 2
IS  - 5
ER  -

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