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Iara, Anna; Wolff, Guntram B. - 2011

With a unique data set summarizing the quality of rules-based fiscal governance in EU member states, we show that stronger fiscal rules in euro area members reduce sovereign risk premia, in particular in times of market stress. To do so, we develop a model of sovereign spreads that are...

Persistent link: https://www.econbiz.de/10010317343

The debt challenge in Europe

Ahearne, Alan; Wolff, Guntram B. - 2012

challenges in the household and corporate sectors and maps out some policy options. In particular, we document the increase in … private debt prior to the crisis and consider how the corporate and household sectors have adjusted their balance sheets … during the crisis. We examine previous experiences with corporate and household deleveraging and draw lessons for …

Persistent link: https://www.econbiz.de/10010317302

Are banks affected by their holdings of government debt?

Angeloni, Chiara; Wolff, Guntram B. - 2012

Banking and sovereign risk in the euro area are highly correlated. This working paper sheds light on the link. We study the stock market performance and the holdings of government debt of the banks stress tested by the European Banking Authority in July and December 2011. Banks’ holdings of...

Persistent link: https://www.econbiz.de/10010317307

How effective and legitimate is the European semester? Increasing the role of the European Parliament

Hallerberg, Mark; Marzinotto, Benedicta; Wolff, Guntram B. - 2011

The European Semester is a new institutional process that provides EU member states with ex-ante guidance on fiscal and structural objectives. The Semester’s goals are ambitious and it is still uncertain how it will fit into the new EU economic governance framework. We find that member states...

Persistent link: https://www.econbiz.de/10010317325