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Sovereign default risk and banks in a monetary union
Uhlig, Harald - 2013 - This revision: August 12, 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10009786077
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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/10009691625
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The Euro area periphery sovereigns' fiscal positions and unconventional monetary policy
Hülsewig, Oliver; Scharler, Johann - 2020
We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...
Persistent link: https://www.econbiz.de/10012154910
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How much binding is the bill?
Cafiso, Gianluca; Cellini, Roberto - 2018
We study whether and how much the interest bill conditions the size and composition of public expenditures. The group of EU 15 countries over the 1995-2016 period is the object of analysis. We study both total public expenditures and public expenditures by function of government in order to...
Persistent link: https://www.econbiz.de/10011872946
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Survey-based structural budget balances
Göttert, Marcell; Wollmershäuser, Timo - 2021
The budget dispute between Italy and the European Commission in 2018 gave new impetus for the debate about the … reliability of output gap estimation methods and their use for calculating structural budget balances. In this paper we review the … main properties of the mainstream approaches and compare their performance with structural budget balances, whose …
Persistent link: https://www.econbiz.de/10012438332
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Aggressive oil extraction and precautionary saving : coping with volatility
Ploeg, Frederick van der - 2010
The effects of stochastic oil demand on optimal oil extraction paths and tax, spending and government debt policies are analyzed when the oil demand schedule is linear and preferences quadratic. Without prudence, optimal oil extraction is governed by the Hotelling rule and optimal budgetary...
Persistent link: https://www.econbiz.de/10003966514
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Fiscal sustainability, fiscal reactions, pitfalls and determinants
Afonso, António; Coelho, José Carlos - 2022
We examine the sustainability of public finances and its determinants for 19 Eurozone countries from 1995 to 2020. We conclude for the existence of panel cointegration between government revenues and expenditures; primary government balance and one-period lagged public debt-to-GDP ratio; and...
Persistent link: https://www.econbiz.de/10013162289
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Budgetary constrained governments : drivers of time varying fiscal sustainability in OECD countries
Afonso, António; Coelho, José Carlos - 2024
-term relationships between government revenues and expenditures as well as between the primary budget balance and past public debt ratio … fiscal rules in terms of the budget balance, and also the output gap. The effects of inflation, external accounts balance and …
Persistent link: https://www.econbiz.de/10014543858
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Public finances solvency in the Euro Area : true or false?
Afonso, António; Coelho, José Carlos - 2022
country-by-country analysis, the answer to the title question is true. For most countries, (i) the primary budget balance … higher for higher average public debt ratios; (iv) past primary budget balances allow the public debt ratio to be reduced …
Persistent link: https://www.econbiz.de/10013365375
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Drivers of fiscal sustainability : a time-varying analysis for Portugal
Afonso, António; Coelho, José Carlos - 2023
We assess the drivers of fiscal sustainability in Portugal during the period 1999Q4-2021Q4. We resort to expanding window and Schlicht (2003, 2021)'s time-varying approaches to construct the responses of government revenues to government expenditures and the responses of the primary government...
Persistent link: https://www.econbiz.de/10014391313