Showing 1 - 10 of 1,679
All of the attempts to end the euro crisis and to return the Eurozone countries to healthy growth rates of income and … by the individual Eurozone countries. I describe some of these fiscal options after reviewing the history of failed …
Persistent link: https://www.econbiz.de/10012457804
IMF forecasts and the EU's Fiscal Compact foresee Europe's heavily indebted countries running primary budget surpluses of as much as 5 percent of GDP for as long as 10 years in order to maintain debt sustainability and bring their debt/GDP ratios down to the Compact's 60 percent target. We show...
Persistent link: https://www.econbiz.de/10012458350
We use a network model of credit risk to measure market expectations of the potential spillovers from a sovereign default. Specifically, we develop an empirical model, based on the recent theoretical literature on contagion in financial networks, and estimate it with data on sovereign credit...
Persistent link: https://www.econbiz.de/10012458098
This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new … institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … responsibility for the euro's future. Germany's resilience and dominant size within the EU may explain its "muddling …
Persistent link: https://www.econbiz.de/10012458424
but also spilled over beyond the euro area. Lower interest rates allowed peripheral countries to run bigger deficits … analyze the geography of international debt flows using multiple data sources and provide evidence that after the euro … euro area …
Persistent link: https://www.econbiz.de/10012458631
Using a variance decomposition of shocks to GDP, we quantify the role of international factor income, international transfers, and saving in achieving risk sharing during the recent European crisis. We focus on the sub-periods 1990-2007, 2008-2009, and 2010 and consider separately the European...
Persistent link: https://www.econbiz.de/10012458750
We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage … government spending, and sudden stops. We then ask how eurozone countries would have fared with different policies. We find that …
Persistent link: https://www.econbiz.de/10012458093
In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial … other countries in the euro zone, and how they may be addressed by policies at the European level …
Persistent link: https://www.econbiz.de/10012458985
Between 2000 and 2012, the Portuguese economy grew less than the United States during the Great Depression and less than Japan during its lost decade. This paper asks why this happened, with a particular focus on the slump between 2000 and 2007. It describes the main facts of Portugal's recent...
Persistent link: https://www.econbiz.de/10012459373
senior tranche of an internationally diversified sovereign portfolio known as ESBies in the euro-area context. Finally …
Persistent link: https://www.econbiz.de/10012456680