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Inflation Differentials in the EU : A Common ( Factors ) Approach with Implications for EU8 Euro Adoption Prospects
International Monetary Fund - 2008
This paper explores inflation determinants within the EU and implications for new members'' euro adoption plans. Factor analysis partitions observed inflation in EU25 countries into common-origin and country-specific (idiosyncratic) components. Cross-country differences in common-origin...
Persistent link: https://www.econbiz.de/10014401399
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Debt sustainability analyses for low-income countries : an assessment of projection performance
Mooney, Henry; De Soyres, Constance - 2017
This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism for public and external debt projections, which was most appreciable for LICs with...
Persistent link: https://www.econbiz.de/10011748765
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Public Debt and Growth
Woo, Jaejoon - 2010
This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality...
Persistent link: https://www.econbiz.de/10014402858
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Playing by the rules : reforming fiscal governance in Europe
Eyraud, Luc; Wu, Tao - 2015
The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The issues covered include: (i) the growing complexity of the European framework and ways...
Persistent link: https://www.econbiz.de/10011281984
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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
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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
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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
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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
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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
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The Inflation-Unemployment Trade-Off At Low Inflation
Ricci, Luca Antonio - 2009
relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes …, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of … inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation …
Persistent link: https://www.econbiz.de/10014402571