liability imbalances of emerging markets that frequently contributed to financial crises. The aim of the paper is to contribute … the economy. We show that if (i) a significant share of the debt is denominated in foreign currency-creating a currency … tilts the debt profile towards short term debt, thereby increasing the volatility of output. Taking the model implications …

. We find that while financial market stress and economic imbalances were the drivers of TARGET balances during the great … financial and sovereign debt crises, the implementation of Eurosystem asset purchases was the driving force since March 2015. As …

In this paper we argue that, for a group of converging economies of the European Union, participation in the euro area …

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although … the resources used to acquire public debt reduce domestic consumption and investment. These crowding-out effects are … likely to be weaker when governments have access to foreign markets to place their debt, increasing the size of multipliers …

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although … the resources used to acquire public debt reduce domestic consumption and investment. These crowding-out effects are … likely to be weaker when governments have access to foreign markets to place their debt, increasing the size of multipliers …

The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact … of external financial imbalances. This paper uses Granger causality tests and vector autoregressive models to assess the …. The results also suggest that the measures in the Euro Plus Pact to restrain the growth of unit labour costs may not …

and aggregate demand conditions. We find that firms with higher debt levels and a higher share of short-term debt reduce …