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Sovereign Debt, Bail-Outs and Contagion in a Monetary Union
Eijffinger, Sylvester; Uras, Burak R.; Kobielarz, M.L. - Tilburg University, Center for Economic Research - 2015
Abstract: The European sovereign debt crisis is characterized by the simultaneous surge in borrowing costs in the GIPS countries after 2008. We present a theory, which can account for the behavior of sovereign bond spreads in Southern Europe between 1998 and 2012. Our key theoretical argument is...
Persistent link: https://www.econbiz.de/10011199228
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International Bailouts: Why Did Banks' Collective Bet Lead Europe to Rescue Greece?
Mengus, E. - Banque de France - 2014
In this paper, I use a two-country model to investigate the incentives which lead one country to take charge of another country's debt. I show that, when direct transfers to residents cannot be perfectly targeted, the first country can be better o_ honoring the second country's liabilities, even...
Persistent link: https://www.econbiz.de/10010884832
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Net interoffice accounts of global banks: the role of domestic funding.
D’Avino, C. - Banque de France - 2013
Using US banks' balance sheet data, this paper examines the responsiveness of net interoffice accounts, that is, the net liabilities of parent offices due to their foreign-related offices, to variations in different types of domestic funding. Furthermore, it investigates whether the relationship...
Persistent link: https://www.econbiz.de/10010816000
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Stability of Monetary Unions : Lessons from the Break-Up of Czechoslovakia
Fidrmuc, J.; Horváth, J. - Tilburg University, Center for Economic Research - 1998
In 1993, Czechoslovakia experienced a two-fold break-up: On January 1st, the country disintegrated as a political union, while preserving an economic and monetary union. Then, the Czech-Slovak monetary union collapsed on February 8th. We analyze the economic background of the two break-ups, and...
Persistent link: https://www.econbiz.de/10011092912
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Measuring Long-Run Exchange Rate Pass-Through.
.De Bandt, O.; Banerjee, A.; Kozluk, T. - Banque de France - 2007
The paper discusses the issue of estimating short- and long-run exchange rate pass-through to import prices in euro area countries and reviews some problems with the measures recently proposed in the literature. Theoretical considerations suggest a long-run Engle and Granger cointegrating...
Persistent link: https://www.econbiz.de/10005092592
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Systemic sovereign risk: macroeconomic implications in the euro area
Bahaj, Saleem A. - London School of Economics (LSE) - 2014
What are the macroeconomic implications of changes in sovereign risk premia? In this paper, I use a novel identification strategy coupled with a new dataset for the Euro Area to answer this question. I show that exogenous innovations in sovereign risk premia were an important driver of the...
Persistent link: https://www.econbiz.de/10011126365
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Cross-border interbank contagion in the European banking sector.
Gabrieli, S.; Salakhova, D.; Vuillemey, G. - Banque de France - 2015
This paper studies the scope for cross-border contagion in the European banking sector using true bilateral exposure … propagation from 2008 to 2012. We study the distribution of contagion outcomes after a common shock and an exogenous bank default … propagation of losses. An econometric analysis of the determinants of contagion shows that the position of a bank in the network …
Persistent link: https://www.econbiz.de/10011212945
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Bubbles and capital flows
Ventura, Jaume - Society for Economic Dynamics - SED - 2004
This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles absorb local savings, eliminating inefficient investments and...
Persistent link: https://www.econbiz.de/10005090899
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Capital controls and spillover effects: evidence from Latin-American countries
Lambert, F.; Ramos-Tallada, J.; Rebillard, C. - Banque de France - 2011
The surge in capital inflows towards emerging countries after 2009 has revived the debate about capital controls. This paper analyzes some of the international implications of restrictions on capital inflows. Focusing on a sample of Latin-American countries, we use detailed balance of payments...
Persistent link: https://www.econbiz.de/10009399335
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Money, Fiscal Defecits and Government Debt in a Monetary Union
Bovenberg, A.L.Bovenberg; van Aarle, B.; Raith, M. - Tilburg University, Center for Economic Research - 1996
The replacement of national currencies by a common currency in the EMU causes a monetary externality if the European Central Bank is inclined to monetize part of outstanding government debt in the community.High government debt in one part of the EU then increases the common inflation rate.We...
Persistent link: https://www.econbiz.de/10011092899