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Michel, Philippe; von Thadden, Leopold; Vidal, Jean-Pierre - 2021

Unstable government debt dynamics can typically be corrected by various fiscal instruments, like appropriate adjustments in government spending, public transfers, or taxes. This paper investigates properties of state-contingent debt targeting rules which link stabilizing budgetary adjustments...

Persistent link: https://www.econbiz.de/10013318110

Debt Rule Design in Theory and Practice : The SGP's Debt Benchmark Revisited

Hauptmeier, Sebastian - 2020

This paper is linked to two debates on fiscal policies: first, the implications of low interest-growth differentials for debt sustainability and, second, the reform of the EU fiscal governance framework. In both debates the choice of government debt anchor and the speed of adjustment take centre...

Persistent link: https://www.econbiz.de/10012840203

Drivers of European Public Debt Management

2020

This study analyses the choice of government debt managers in the euro area between issuing short‐term or long‐term debt over the period 1992‐2017. Debt managers increased short‐term debt issuance in response to higher interest rate spreads and to rising government debt, notably in...

Persistent link: https://www.econbiz.de/10012829297

Sovereign Defaults in Court

Schumacher, Julian - 2018

For centuries, defaulting governments were immune from legal action by foreign creditors. This paper shows that this is no longer the case. Building a dataset covering four decades, we find that creditor lawsuits have become an increasingly common feature of sovereign debt markets. The legal...

Persistent link: https://www.econbiz.de/10012925866

Stress Testing with Multi-Faceted Liquidity : The Central Bank Collateral Framework as a Financial Stability Tool

Cuzzola, Angelo; Barbieri, Claudio; Bindseil, Ulrich - 2023

The paper studies the central bank collateral framework and its impact on banks’ liquidity under an adverse stress test … significantly after the initial shock. We find evidence of a threshold in the benefits of expanding the collateral framework and … institutions can rely on the collateral framework channel …

Persistent link: https://www.econbiz.de/10014354850

Governments' Payment Discipline : The Macroeconomic Impact of Public Payment Delays and Arrears

Checherita-Westphal, Cristina D. - 2015

increased delays in public payments can affect private sector liquidity and profits and hence ultimately economic growth. We …

Persistent link: https://www.econbiz.de/10013025488

Funding Behaviour of Debt Management Offices and the ECB's Public Sector Purchase Programme

Plessen-Mátyás, Katharina; Kaufmann, Christoph; von … - 2021

purchases supported higher maturities at issuance. The former indicates a behaviour of “locking in low rates for longer”, while …

Persistent link: https://www.econbiz.de/10013227324

Fiscal Sustainability using Growth-Maximising Debt Targets

Checherita-Westphal, Cristina D. - 2012

This paper highlights the importance of debt-related fiscal rules and derives growth-maximizing public debt ratios from a simple theoretical model. On the basis of evidence on the productivity of public capital, we estimate public debt targets that governments should try to maintain if they wish...

Persistent link: https://www.econbiz.de/10013100835

Interbank loans, collateral and modern monetary policy

Wolski, Marcin; van de Leur, Michiel - 2016

This study develops a novel agent-based model of the interbank market with endogenous credit risk formation mechanisms …

Persistent link: https://www.econbiz.de/10011606004

The microstructure of the euro money market

Hartmann, Philipp; Manna, Michele; Manzanares, Andrés - 2001

sample period. Main refinancing operations with the open market are associated with active liquidity re-allocation, little …

Persistent link: https://www.econbiz.de/10011604126

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