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Constrained efficient borrowing with sovereign default risk

Hatchondo, Juan Carlos; Martinez, Leonardo; Roch, Francisco - 2020

Persistent link: https://www.econbiz.de/10012392477

Bunching at 3 percent : the Maastricht fiscal criterion and government deficits

Caselli, Francesca; Wingender, Philippe - 2018

This paper estimates the effects of the Maastricht treaty's fiscal criterion on EU countries' general government deficits. We combine treatment effects methods with bunching estimation, and find that the 3 percent deficit rule acts as a 'magnet', increasing the number of observations around the...

Persistent link: https://www.econbiz.de/10011905895

Government debt issuance in the euro area : the impact of the financial crisis

DeBroeck, Mark; Guscina, Anastasia - 2011

Persistent link: https://www.econbiz.de/10009488615

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

This changes everything : climate shocks and sovereign bonds

Cevik, Serhan; Jalles, João Tovar - 2020

Climate change is already a systemic risk to the global economy. While there is a large body of literature documenting potential economic consequences, there is scarce research on the link between climate change and sovereign risk. This paper therefore investigates the impact of climate change...

Persistent link: https://www.econbiz.de/10012251897

It is only natural : Europe's low interest rates (trajectory and drivers)

Arena, Marco; Di Bella, Gabriel; Cuevas, Alfredo; … - 2020

Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization...

Persistent link: https://www.econbiz.de/10012252665

Government Debt Issuance in the Euro Area : The Impact of the Financial Crisis

International Monetary Fund - 2011

This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding...

Persistent link: https://www.econbiz.de/10014403688

Does Global Liquidity Matter for Monetary Policy in the Euro Area?

Berger, Helge - 2009

Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …

Persistent link: https://www.econbiz.de/10014404266

Measures of Underlying Inflation in the Euro Area : Assessment and Role for Informing Monetary Policy

Stavrev, Emil - 2006

The paper evaluates the 24-month ahead inflation forecasting performance of various indicators of underlying inflation and structural models. The inflation forecast errors resulting from model misspecification are larger than the errors resulting from forecasting of exogenous variables. Also,...

Persistent link: https://www.econbiz.de/10014404254

Structuring and Restructuring Sovereign Debt : The Role of a Bankruptcy Regime

Bolton, Patrick - 2007

In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is...

Persistent link: https://www.econbiz.de/10014400323

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