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What is EFSF

Chapter 16
Handbook of Research on Financial and Banking Crisis Prediction through Early Warning Systems
The European Financial Stability Facility (EFSF) was created as a temporary crisis resolution mechanism by the euro area Member States in June 2010. The EFSF has provided financial assistance to Ireland, Portugal and Greece. The assistance was financed by the EFSF through the issuance of bonds and other debt instruments on capital markets.
Published in Chapter:
Developing EWS Models for Contemporary Crises Using Extreme Value Binary Models: The Cases of Eurozone and Argentinian Peso (2014)
Dimitrios K. Dapontas (University of Peloponnese, Greece)
Copyright: © 2016 |Pages: 21
DOI: 10.4018/978-1-4666-9484-2.ch016
Abstract
This chapter is presenting the most contemporary crises following the 2008 credit crunch and small scale following crises. Our sample consists of five countries (Cyprus, Greece, Ireland, Portugal and Argentine respectively) hit by crisis during 2010's. The Early Warning System (EWS) proposed is the Extreme Value Model (EVA) used previously for natural disasters and irregular phenomena. Its major advantage compared to other binary models is its focus to the turbulence periods and their characteristics contrast to possible trend models which exclude them. The results show that EVA fits better forecast and it gave positive and calm signals than similar logit and probit models for all five cases examined.
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