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A Mechanism to Regulate Sovereign Debt Restructuring in the Euro Area
Andritzky, Jochen R. - 2016
To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a two-stage...
Persistent link: https://www.econbiz.de/10012982263
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Resolving Sovereign Debt Crises : The Role of Political Risk
Trebesch, Christoph - 2018
Sovereign defaults are bad news for investors and debtor countries, in particular if a default becomes messy and protracted. Why are some debt crises resolved quickly, in a matter of months, while others take many years to settle? This paper studies the duration of sovereign debt crises based on...
Persistent link: https://www.econbiz.de/10012910995
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The Sovereign Default Problem in the Eurozone : An Insurance-Based Approach
Arnold, Nadjeschda - 2015
This paper argues that the Eurozone crisis stems from a risk management failure in the Eurosystem's design, and that …
Persistent link: https://www.econbiz.de/10013020584
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Sovereign Debt Relief and its Aftermath
Reinhart, Carmen - 2015
This paper studies sovereign debt relief in a long-term perspective. We quantify the relief achieved through default and restructuring in two distinct samples: 1920-1939, focusing on the defaults on official (government to government) debt in advanced economies after World War I; and 1978-2010,...
Persistent link: https://www.econbiz.de/10013019408
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The Greek Debt Crisis : Likely Causes, Mechanics and Outcomes
Arghyrou, Michael - 2010
We use insights from the literature on currency crises to offer an analytical treatment of the crisis in the market for Greek government bonds. We argue that the crisis itself and its escalating nature are very likely to be the result of: (a) steady deterioration of Greek macroeconomic...
Persistent link: https://www.econbiz.de/10013135455
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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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Debt Stabilization and Debt Mutualization in a Monetary Union with Endogenous Risk Premia
Engwerda, Jacob C. - 2015
In this paper we analyse debt stabilization in a monetary union that features endogenous risk premia. In particular, we analyse debt stabilization in two diametrically opposed regimes. In the first regime, the “national fiscal discipline regime”, financial markets impose sovereign risk...
Persistent link: https://www.econbiz.de/10013011725
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Financial Contagion and the European Debt Crisis
Missio, Sebastian - 2013
Since the beginning of 2010, the Euro Area faces a severe sovereign debt crisis, now generally known as the Euro Crisis. While the Euro Crisis has its origin in Greece, problems have now spread to several other European countries as well. Dynamic conditional correlation models (DCC) are...
Persistent link: https://www.econbiz.de/10013092476
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Labor Market Policies and European Crises
Bertola, Giuseppe - 2013
This paper studies theoretically and empirically why and how labor policies may reduce productivity and employment in order to stabilize labor incomes and redistribute resources. It proposes a specific stylized model where the tradeoffs facing labor policies are influenced by structural factors,...
Persistent link: https://www.econbiz.de/10013073087
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Ordoliberalism, Pragmatism and the Eurozone Crisis : How the German Tradition Shaped Economic Policy in Europe
Feld, Lars P. - 2015
German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what … economic constitution for Europe in which several pillars supposedly aim at ensuring sound money in the Eurozone. The policies … the German government pushed during the Eurozone crisis have been informed by the ordoliberal tradition. In particular …
Persistent link: https://www.econbiz.de/10013021693