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Sovereign Bond Market Reactions to Fiscal Rules and No-Bailout Clauses - The Swiss Experience
Feld, Lars P. - 2013
We investigate the political determinants of risk premiums which sub-national governments in Switzerland have to pay for their sovereign bond emissions. For this purpose we analyse financial market data from 288 tradable cantonal bonds in the period from 1981 to 2007. Our main focus is on two...
Persistent link: https://www.econbiz.de/10013082962
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Fiscal Spillovers in the Euro Area
Caporale, Guglielmo Maria - 2012
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...
Persistent link: https://www.econbiz.de/10013112600
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The Output Costs of Hard and Soft Sovereign Default
Trebesch, Christoph - 2016
How costly are sovereign debt crises? In this paper we study output losses during sovereign default and debt renegotiation episodes since 1980. In contrast to previous work, we account for the severity of default and not only for its occurrence. Specifically, we distinguish between “hard”...
Persistent link: https://www.econbiz.de/10012978462
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Networks of Volatility Spillovers Among Stock Markets
Baumohl, Eduard - 2017
volatility spillovers during global financial crisis and tranquil periods. The resulting market interconnectedness is depicted by … between markets and somewhat weaker temporal effects with regard to the US equity market – volatility spillovers decrease when … markets are characterized by greater temporal proximity. Volatility spillovers also present a high degree of …
Persistent link: https://www.econbiz.de/10012954361
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External Sovereign Debt in a Monetary Union : Bailouts and the Role of Corruption
Achury, Carolina - 2011
We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent fiscal impatience which leads to excessive issuing of...
Persistent link: https://www.econbiz.de/10013121867
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External Sovereign Debt in a Monetary Union: Bailouts and the Role of Corruption
Achury, Carolina; Koulovatianos, Christos; Tsoukalas, … - CESifo - 2011
We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent fiscal impatience which leads to excessive issuing of...
Persistent link: https://www.econbiz.de/10009228617
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Austerity, Growth and Inflation - Remarks on the Eurozone's Unresolved Competitiveness Problem
Sinn, Hans-Werner - 2013
While the financial protection measures enacted by the ECB and the community of Eurozone members have calmed financial markets, they have left the competitiveness problem of the Eurozone's southern countries and France unresolved. The paper compares price inflation before the crisis with the...
Persistent link: https://www.econbiz.de/10013087283
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The Limits of Political Compromise : Debt Ceilings and Political Turnover
Cunha, Alexandre B. - 2017
We study the desirability of limits on the public debt and of political turnover in an economy where incumbents have an incentive to set public expenditures above the socially optimal level due to rent-seeking motives. Parties alternate in office and cannot commit to future policies, but they...
Persistent link: https://www.econbiz.de/10012956707
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Does it Pay to Fulfill the Maastricht Convergence Criteria? - Reflections on the Public Debt and Growth Nexus for Selected European Economies
Bökemeier, Bettina - 2016
This paper empirically studies whether it pays off (in terms of economic growth) to fulfill the convergence criteria on the public budget and participation in the Euro-zone. The analysis is based on data of European economies with a special focus on twelve Euro–zone members and a control group...
Persistent link: https://www.econbiz.de/10012978070
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Political Competition and the Limits of Political Compromise
Cunha, Alexandre B - 2014
We consider an economy where competing political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimum level. Parties cannot commit to future policies, but they can forge a political compromise where each...
Persistent link: https://www.econbiz.de/10013054495