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The sustainability of public finances and fiscal policy coordination in the EMU

Hagen, Jürgen von - 2010

The financial crisis of 2007-2009 led to a renewed increase in government deficits and debts in many EU countries … the internal market of the EU. This would increase the wedge between members and non-members of the euro area …

Persistent link: https://www.econbiz.de/10008664982

Sovereign bond purchases and risk-sharing arrangements : implications for monetary policy

Blaszkiewicz-Schwartzman, Monika - 2015

The design of the euro area Quantitative Easing (QE) programme raises the question of whether insuficient liquidity in the bond markets will reduce the impact of the programme and lead to market volatility. While estimates suggests that scarcity of around €102 billion may arise over the life...

Persistent link: https://www.econbiz.de/10011300235

Does anonymity matter in electronic limit order markets?

Foucault, Thierry; Moinas, Sophie; Theissen, Erik - 2004 - This Draft: May, 2004

We develop a model of limit order trading in which some traders have better information on future price volatility. As limit orders have option-like features, this information is valuable for limit order traders. We solve for informed and uninformed limit order traders' bidding strategies in...

Persistent link: https://www.econbiz.de/10010361995

Fiscal rules and fiscal performance in the EU and Japan

Hagen, Jürgen von - 2006

such rules in Japan and in the EU. Comparing the performance of fiscal policy in the 1980s and 1990s until 2003, we find … rule of the Maastricht Treaty had a significant impact on political budget cycles in the EU, but did little to constrain … fiscal rule in the EU has vanished. Next, we discuss the importance of budgetary institutions for the effectiveness of fiscal …

Persistent link: https://www.econbiz.de/10010374865

Sovereign risk premiums in the European Government bond market

Bernoth, Kerstin; Hagen, Jürgen von; Schuknecht, Ludger - 2006

This paper provides a study of bond yield differentials among EU government bonds issued between 1993 and 2005 on the … by EU countries and Germany or the USA contain risk premiums which increase with fiscal imbalances and depend negatively …

Persistent link: https://www.econbiz.de/10010365887

What do deficits tell us about debt? : empirical evidence on creative accounting with fiscal rules in the EU

Hagen, Jürgen von; Wolff, Guntram B. - 2006

Fiscal rules, such as the Excessive Deficit Procedure and the Stability and Growth Pact (SGP), aim at constraining government behavior. Milesi-Ferretti (2003) develops a model in which governments circumvent such rules by reverting to creative accounting. The amount of this depends on the...

Persistent link: https://www.econbiz.de/10010366529

An economic approach to Article 82 : report by the European Advisory Group on Competition Policy

Gual i Solé, Jordi; Hellwig, Martin; Perrot, Anne; … - 2005

This report argues in favour of an economics-based approach to Article 82, in a way similar to the reform of Article 81 and merger control. In particular, we support an effects-based rather than a form-based approach to competition policy. Such an approach focuses on the presence of...

Persistent link: https://www.econbiz.de/10010366559

A dynamic approach to Europe's unemployment problem : policy report

Burgess, Simon M.; Garrett, Patrick - 2005

Persistent link: https://www.econbiz.de/10002916787

Sustainable regimes of capital movements in accession countries

Begg, David K. H.; Eichengreen, Barry; Halpern, László; … - 2003

Persistent link: https://www.econbiz.de/10001745572

The design of fiscal rules and forms of governance in European Union countries

Hallerberg, Mark; Strauch, Rolf; Hagen, Jürgen von - 2006

procedures in EU countries on public finances. It briefly describes the main pattern of budgetary institutions and their … determinants across the EU 15 member states. Empirical evidence for the time period 1985-2004 suggests that the centralisation of …

Persistent link: https://www.econbiz.de/10010343939