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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
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
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
We analyse the proposed "Stability Pact" for countries joining a European Monetary Union (EMU). In an EMU shortsighted governments fail to fully internalise the inflationary consequences of their debt policies. This results in excessive debt accumulation. Therefore, while in the absence of EMU...
Persistent link: https://www.econbiz.de/10011092348
We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice depends on the characteristics of both the currency and the country. We use unique quarterly panel...
Persistent link: https://www.econbiz.de/10011090527
contagion models based on homogeneous and non-hierarchical networks. Also, results provide further evidence about financial … may be considered as the most important conduits for monetary policy transmission, and the main drivers of contagion risk …
Persistent link: https://www.econbiz.de/10011092945
the improper functioning of FMIs or by FMIs acting as conduits for contagion. …
Persistent link: https://www.econbiz.de/10011092313
In stationary point process theory, the concept Palm distribution plays an important role.Many important results (like for instance Little s law, so important in many fields) arise from it.However, in the non-stationary case a whole family of local Palm distributions (PD s) has to be considered...
Persistent link: https://www.econbiz.de/10011090738
Persistent link: https://www.econbiz.de/10011092599
The international exchange of tax information, and its merits compared to withholding taxes, is the central topic in current debates in international tax policy.The purpose of this paper is to characterize and compare the tax regimes that emerge with and without information exchange, under the...
Persistent link: https://www.econbiz.de/10011090983