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Policy Credibility and Sovereign Credit : The Case of New EU Member States

Kumar, Manmohan S. - 2007

References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally...

Persistent link: https://www.econbiz.de/10014403003

Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis

Adler, Gustavo - 2012

Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence...

Persistent link: https://www.econbiz.de/10014395679

Euro Area Sovereign Risk During the Crisis

Zoli, Edda - 2009

While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy … perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with … previous studies, the paper suggests that euro area sovereign risk premium differentials tend to comove over time and are …

Persistent link: https://www.econbiz.de/10014402235

Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis

Chan-Lau, Jorge A. - 2012

This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by deteriorating funding conditions and investor sentiment....

Persistent link: https://www.econbiz.de/10014412154

Investor information and bank instability during the European debt crisis

Iorgova, Silvia; Ross, Chase P. - 2021

Persistent link: https://www.econbiz.de/10012487211

Sovereign rating news and financial markets spillovers : evidence from the European debt crisis

Arezki, Rabah; Candelon, Bertrand; Sy, Amadou N. R. - 2011

Persistent link: https://www.econbiz.de/10009486229

Numerical fiscal rules for economic unions : the role of sovereign spreads

Hatchondo, Juan Carlos; Martinez, Leonardo; Roch, Francisco - 2021

We study gains from introducing a common numerical fiscal rule in a "Union" of model economies facing sovereign default risk. We show that among economies in the Union, there is significant disagreement about the common debt limit the Union should implement: the limit preferred by some economies...

Persistent link: https://www.econbiz.de/10012605545

Sovereign Rating News and Financial Markets Spillovers : Evidence From the European Debt Crisis

Candelon, Bertrand - 2011

have a systematic spillover effects across Euro zone countries. Rating-based triggers used in banking regulation, CDS …

Persistent link: https://www.econbiz.de/10014400977

Exchange Market Pressures and Speculative Capital Flows in Selected European Countries

Pazarbasioglu, Ceyla - 1994

This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devaluations in adjustable fixed exchange rate systems in the European currency markets....

Persistent link: https://www.econbiz.de/10014396462

The Markets in Financial Instruments Directive : Bankingon Market and Supervisory Efficiency

Haas, François - 2007

The Markets in Financial Instruments Directive (MiFID) which comes to life on November 1, 2007, represents a major step toward the creation of a single, more competitive, cross-border securities market in Europe. Together with other components of the European Commission''s Financial Services...

Persistent link: https://www.econbiz.de/10014401248