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The Bail-Out! Positive Political Economics of Greek-type Crises in the EMU
Fahrholz, Christian; Wójcik, Cezary - CESifo - 2010
analysis suggests that, given EMU’s present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU’s institutional design could be improved … processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU depends. In …
Persistent link: https://www.econbiz.de/10008671732
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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - CESifo - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10010877795
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The Eurozone Needs Exit Rules
Fahrholz, Christian; Wójcik, Cezary - CESifo - 2012
This paper argues that the key issue for defining and solving the Eurozone’s (EZ) difficulties lies in readjusting the relationship between the centre and the periphery of the EZ. Our argument proceeds in two steps. Firstly, the basic finance problem of a centre-periphery system is captured by...
Persistent link: https://www.econbiz.de/10010553271
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Do Re-election Probabilities Influence Public Investment?
Fiva, Jon H.; Natvik, Gisle James - CESifo - 2009
We identify exogenous variation in incumbent policymakers' re-election probabilities and explore empirically how this variation affects the incumbents' investment in physical capital. Our results indicate that a higher re-election probability leads to higher investments, particularly in the...
Persistent link: https://www.econbiz.de/10005013040
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Inflation and Inflation Uncertainty in the Euro Area
Caporale, Guglielmo Maria; Onorante, Luca; Paesani, Paolo - CESifo - 2009
policy regime change associated with the start of EMU in 1999. The main findings are as follows. Steady-state inflation and … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly …
Persistent link: https://www.econbiz.de/10005013037
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The Euro and Inflation Uncertainty in the European Monetary Union
Caporale, Guglielmo Maria; Kontonikas, Alexandros - CESifo - 2006
This paper investigates the relationship between inflation and inflation uncertainty in twelve EMU countries. A time …
Persistent link: https://www.econbiz.de/10005406171