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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

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

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

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

No contagion, only globalization and flight to quality

Szafarz, Ariane; Chapelle, Ariane; Brière, Marie - Université Paris-Dauphine (Paris IX) - 2012

In this article, tests for globalization and contagion are separated using an ex ante definition of crises, and … contagion tests are neutralized with respect to globalization effects. A large database is constructed to study the stability of … globalization and flight to quality, while emphasizing that contagion on the equity markets appears as an artifact due to …

Persistent link: https://www.econbiz.de/10010707605

Do interventions in foreign exchange markets modify investors' expectations? The experience of Japan between 1992 and 2004

Morel, Christophe; Teiletche, Jérôme - Université Paris-Dauphine (Paris IX) - 2008

The purpose of this paper is to analyze the impact of the Bank of Japan's official interventions on the JPY/USD parity during the period 1992–2004. The novelty of our approach is to combine two recent advances of the empirical literature on foreign exchange interventions: (i) drawing on...

Persistent link: https://www.econbiz.de/10010754232

Quelle gouvernance économique mondiale après la crise ?

Siroën, Jean-Marc - Université Paris-Dauphine (Paris IX) - 2010

Le terme de « gouvernance » trouve son origine dans l’ancien français et, d’après « Le Robert », désignait l’action de piloter un navire en manœuvrant le gouvernail. Acclimaté outre Atlantique, le concept resurgit dans les années quatre-vingt-dix pour désigner la gestion des...

Persistent link: https://www.econbiz.de/10011072356

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

An Analysis of the Stability Pact

Uhlig, H.F.H.V.S.; Beetsma, R.M.W.J. - Tilburg University, Center for Economic Research - 1997

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

Renegotiation, Collective Action Clauses and Sovereign Debt Markets

Wynne, Jose; Weinschelbaum, Federico - Society for Economic Dynamics - SED - 2004

Collective action clauses (CACs) are provisions specifying that a supermajority of bondholders can change the terms of a bond. We study how CACs determine governments' fiscal incentives, sovereign bond prices and default probabilities in environments with and without contingent debt and IMF...

Persistent link: https://www.econbiz.de/10005090896

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