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Is It Too Late to Bail Out the Troubled Countries in the Eurozone?
Conesa, Juan Carlos - 2014
In January 1995, U.S. President Bill Clinton organized a bailout for Mexico that imposed penalty interest rates and … Central Bank, and International Monetary Fund) organize similar bailouts for the troubled countries in the Eurozone? Our … analysis suggests that debt levels are so high that bailouts with penalty interest rates could induce the Eurozone governments …
Persistent link: https://www.econbiz.de/10012458755
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Kicking the Can Down the Road : Government Interventions in the European Banking Sector
Acharya, Viral V. - 2020
We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector … an econometric approach that addresses the endogeneity associated with governmental bailout decisions in identifying …
Persistent link: https://www.econbiz.de/10012481392
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The Euro and the Stability Pact
Feldstein, Martin - 2005
This paper begins by discussing the inherent conflict between the simultaneous existence of a single currency for the countries of the European Economic and Monetary Union (EMU) and the independent fiscal policies of those countries. The Stability and Growth Pact was an attempt to reconcile that...
Persistent link: https://www.econbiz.de/10012467436
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Fiscal Policy and Monetary Integration in Europe
Gali, Jordi - 2003
A popular view among economists, policymakers, and the media, is that the Maastricht Treaty and then Stability and Growth Pact have significantly impaired the ability of EU governments to conduct a stabilizing fiscal policy and to provide an adequate level of public infrastructure. In this...
Persistent link: https://www.econbiz.de/10012468923
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Bias in Official Fiscal Forecasts : Can Private Forecasts Help?
Frankel, Jeffrey A. - 2016
Government forecasts of GDP growth and budget balances are generally more over-optimistic than private sector forecasts. When official forecasts are especially optimistic relative to private forecasts ex ante, they are more likely also to be over-optimistic relative to realizations ex post. For...
Persistent link: https://www.econbiz.de/10012456327
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How Do Monetary and Fiscal Policy Interact in the European Monetary Union?
Canzoneri, Matthew B. - 2005
Formation of the Euro area raises new questions about the coordination of monetary and fiscal policy. Using a New Neoclassical Synthesis (NNS) model, we show that a common monetary policy, responding to area-wide aggregates, has asymmetric effects on countries within the union, depending on...
Persistent link: https://www.econbiz.de/10012467632
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Subsidiarity and the European Union
Inman, Robert P. - 1998
The European Union is at a crossroads. At issue will be each of the three decisions which define a federal constitution: the number of participating governments, the assignment of policy responsibilities to the new EMU, and the representation of local interests in, and the decision-making rules...
Persistent link: https://www.econbiz.de/10012472252
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Coordination in the European Union
Feldstein, Martin - 2013
This paper examines the sources of current conflict within the EU and the EMU. The topics discussed include the recent ECB policy of bond buying (the OMT policy), the attempts to advance the "European Project" of stronger political union (the fiscal compact, the banking union, and the proposals...
Persistent link: https://www.econbiz.de/10012459989
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The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis
Gourinchas, Pierre-Olivier - 2020
Despite a formal 'no-bailout clause', we estimate significant net present value transfers from the European Union to … recent Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed … differences across countries. We characterize bailout size and likelihood as a function of the economic fundamentals (economic …
Persistent link: https://www.econbiz.de/10012481598
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Target Loans, Current Account Balances and Capital Flows : The ECB's Rescue Facility
Sinn, Hans-Werner - 2011
The European Monetary Union is stuck in a severe balance-of-payments imbalance of a nature similar to the one that destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits whose accumulated value, as measured by the Target...
Persistent link: https://www.econbiz.de/10012461031