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A mechanism to regulate sovereign debt restructuring in the Euro area
Andritzky, Jochen; Christofzik, Désirée I.; Feld, Lars P. - 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/10011521803
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The euro crisis and economic growth : a novel counterfactual approach
Terzi, Alessio - 2019 - This Draft: 25 June 2019
warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone’s specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …
Persistent link: https://www.econbiz.de/10012033212
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Ideology and dissent among economists : the Joint Economic Forecast of German economic research institutes
Ha Quyen Ngo; Potrafke, Niklas; Riem, Marina; Schinke, … - 2015
Economists, and also economic research institutes, differ in their attitudes towards desirability of economic policies. The policy positions taken can often be determined by ideology. We examine economic policy positions by investigating minority votes in the Joint Economic Forecast of German...
Persistent link: https://www.econbiz.de/10011280858
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Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union
Schnabl, Gunther; Zemanek, Holger - 2010
spending, Germany is urged to reduce its current account surplus by increasing wages to forestall a new build-up of …
Persistent link: https://www.econbiz.de/10008798227
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Ordoliberalism, pragmatism and the Eurozone crisis : how the German tradition shaped economic policy in Europe
Feld, Lars P.; Köhler, Ekkehard A.; Nientiedt, Daniel - 2015 - This version: May 18, 2015
German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what … extent this contention holds and to what extent Germany pragmatically responded to different crisis phenomena. A proper … economic constitution for Europe in which several pillars supposedly aim at ensuring sound money in the Eurozone. The policies …
Persistent link: https://www.econbiz.de/10010528303
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What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
Afonso, António (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003641707
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The impact of fiscal rules on public finances : theory and empirical evidence for the Euro area
Marneffe, Wim; Aarle, Bas van; Wielen, Wouter van der; … - 2010
This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...
Persistent link: https://www.econbiz.de/10008808242
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Smoothing asymmetric shocks vs. redistribution in the euro area : a simple proposal for dealing with mistrust in the euro area
Oksanen, Heikki - 2016 - This version 2016-03-22
The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private financial markets will develop only slowly. Mistrust among the governments has caused rigid, even pro-cyclical fiscal policies. Smoothing mechanisms are absent due to the fear that...
Persistent link: https://www.econbiz.de/10011444463
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A simple and flexible alternative to the stability and growth pact deficit ceilings : is it at hand?
Muscatelli, V. Anton; Natale, Piergiovanna; Tirelli, … - 2003
There have been widespread criticisms of EMU fiscal institutions. We consider a simple alternative to the deficit ceilings envisaged in the Stability and Growth Pact. We advocate the adoption of deficit targets. National governments should retain discretion in setting deviations from targets,...
Persistent link: https://www.econbiz.de/10011509363
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Fiscal and monetary interaction : the role of asymmetries of the stability and growth pact in EMU
Governatori, Matteo (contributor);  … - 2004
The paper builds a simplified model describing the economy of a currency union with decentralised national fiscal policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the size of deficit taking into account the two main rules...
Persistent link: https://www.econbiz.de/10002522745