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Paths to Eurobonds
Claessens, Stijn; Mody, Ashoka; Vallee, Shahin - 2012
infrastructures and political safeguards. -- Eurobonds ; eurozone ; fiscal risk-sharing ; European ; Monetary Union …
Persistent link: https://www.econbiz.de/10009564385
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Did the German court do Europe a favour?
Mody, Ashoka - 2014
The European Central Bank's Outright Monetary Transactions (OMT) programme was a politically-pragmatic tool to diffuse the euro-area crisis. But it did not deal with the fundamental incompleteness of the European monetary union. As such, it blurred the boundary between monetary and fiscal...
Persistent link: https://www.econbiz.de/10010402805
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The vulnerability of Europe's small and medium-sized banks
Mody, Ashoka; Wolff, Guntram B. - 2015
We study the vulnerability of 130 banks directly supervised by the European Central Bank's Single Supervisory Mechanism. Illustrative stress tests using banks' balance sheet data reveal that significant stress prevails in the euro area's smaller and medium-sized banks, many of them located in...
Persistent link: https://www.econbiz.de/10011296734
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Central Bank Policies and Financial Markets : Lessons from the Euro Crisis
Mody, Ashoka - 2019
The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …
Persistent link: https://www.econbiz.de/10012892183
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Sovereign debt and its restructuring framework in the euro area
Mody, Ashoka - 2013
To compensate for the inflexibility of fixed exchange rates, the euro area needs flexibility through a system of orderly debt restructuring. With virtually no room for macroeconomic manoeuvring since the crisis onset, fiscal austerity has been the main instrument for achieving reductions in...
Persistent link: https://www.econbiz.de/10009782183
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Central bank policies and financial markets : lessons from the Euro crisis
Mody, Ashoka; Nedeljkovic, Milan - 2018
Persistent link: https://www.econbiz.de/10012294979