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Self-Fulfilling Crises in the Eurozone : An Empirical Test

De Grauwe, Paul - 2013

We test the hypothesis that the government bond markets in the Eurozone are more fragile and more susceptible to self-fulfilling liquidity crises than in stand-alone countries. We find evidence that a significant part of the surge in the spreads of the PIGS countries in the Eurozone during...

Persistent link: https://www.econbiz.de/10013090949

The European Central Bank : Lender of Last Resort in the Government Bond Markets?

De Grauwe, Paul - 2013

The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...

Persistent link: https://www.econbiz.de/10013092424

A Fragile Eurozone in Search of a Better Governance

De Grauwe, Paul - 2013

When entering a monetary union, member-countries change the nature of their sovereign debt in a fundamental way (e.g., they cease to have control over the currency in which their debt is issued). As a result, financial markets can force these countries' sovereigns into default. In this sense,...

Persistent link: https://www.econbiz.de/10013092900

The Fragility of Two Monetary Regimes : The European Monetary System and the Eurozone

Ji, Yuemei - 2013

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...

Persistent link: https://www.econbiz.de/10013072510

Subsidies for Wages and Infrastructure : How to Restrain Undesired Immigration

Meier, Volker - 2006

investment subsidies in the EU …

Persistent link: https://www.econbiz.de/10012779814

Going NUTS : The Effect of EU Structural Funds on Regional Performance

Becker, Sascha O. - 2009

The European Union (EU) provides grants to disadvantaged regions of member states to allow them to catch up with the EU … average. Under the Objective 1 scheme, NUTS2 regions with a GDP per capita level below 75% of the EU average qualify for … structural funds transfers from the central EU budget. This rule gives rise to a regression-discontinuity design that exploits …

Persistent link: https://www.econbiz.de/10012765692

Fiscal Rules, Financial Stability and Optimal Currency Areas

De Grauwe, Paul - 2015

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...

Persistent link: https://www.econbiz.de/10013020581

Pensions and Fertility : Back to the Roots - The Introduction of Bismarck's Pension Scheme and the European Fertility Decline

Fenge, Robert; Scheubel, Beatrice - 2021

Fertility has long been declining in industrialised countries and the existence of public pension systems is considered as one of the causes. This paper is the first to provide detailed evidence based on historical data on the mechanism by which a public pension system depresses fertility. Our...

Persistent link: https://www.econbiz.de/10013315719

Is the European monetary system a DM-Zone?

De Grauwe, Paul - In: Evolution of the international and regional monetary …, (pp. 207-227). 1991

Persistent link: https://www.econbiz.de/10014541118

Reconciling Insurance with Market Discipline : A Blueprint for a European Fiscal Union

Dolls, Mathias - 2016

This contribution develops a blueprint for a European fiscal union. We argue that a viable European fiscal union can be constructed without joint liability for public debt or a centralized government with a large common budget. Such a fiscal union should combine elements of market discipline...

Persistent link: https://www.econbiz.de/10012996428