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Die Deutsche Wiedervereinigung und die europäische Schuldenkrise im Lichte der Theorie optimaler Währungsräume
Schnabl, Gunther; Zemanek, Holger - 2011
Der Beitrag analysiert die inner-europäischen Leistungsbilanzungleichgewichte auf der Grundlage der Theorie der optimalen Währungsräume. Wir zeigen, dass die deutsche Wiedervereinigung nicht nur zur EWS-Krise 1992/93 führte, sondern auch der Ursprung der derzeitigen europäischen...
Persistent link: https://www.econbiz.de/10010305581
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The elusive costs of sovereign defaults
Levy-Yeyati, Eduardo; Panizza, Ugo - 2006
Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses. However, most of the evidence supporting this conventional wisdom, based on annual observations, suffers from serious measurement and identification problems. To address...
Persistent link: https://www.econbiz.de/10010278292
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Austerity
Dellas, Harris; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10011430112
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Transmission of Sovereign Risk in the Euro Crisis
Brutti, Filippo; Sauré, Philip - 2012
We assess the role of financial linkages for the transmission of sovereign risk in the Euro Crisis. Building on the narrative approach by Romer and Romer (1989), we use financial news to identify structural shocks in a VAR model of daily sovereign CDS for eleven European countries. To estimate...
Persistent link: https://www.econbiz.de/10011430097
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Finance-dominated capitalism, re-distribution and the financial and economic crises: A European perspective
Hein, Eckhard - 2012
In this paper the euro crisis is viewed as the most recent episode of the crisis of financedominated capitalism. Therefore, two major features of finance-dominated capitalism, the increasing inequality of income distribution and the rising imbalances of current accounts, are analysed for a set...
Persistent link: https://www.econbiz.de/10010309812
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The fiscal-monetary nexus in Germany
Ehnts, Dirk H. - 2020
the Eurozone, Germany's national central bank is not allowed to buy sovereign securities on its own account. The German … the Eurozone and that it makes sense to consolidate central bank and government(s) even when a government is not issuing a …
Persistent link: https://www.econbiz.de/10012203542
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Japanese growth and stagnation: A Keynesian perspective
Nakatani, Takeshi; Skott, Peter - 2006
This paper uses a modi.ed Harrodian model to understand both the long period of rapid Japanese growth and the recent period of stagnation. The model has multiple steady-growth solutions when the labour supply is highly elastic, and government intervention, we argue, took the Japanese economy...
Persistent link: https://www.econbiz.de/10010287845
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The German 'debt brake': A shining example for European fiscal policy?
Truger, Achim; Will, Henner - 2012
Many observers consider the German 'debt brake' beyond criticism. In the current crisis, many European countries have difficulties refinancing their budgets, while the German treasury's funding conditions are most favourable. The 'fiscal compact's' call for the introduction of German-style 'debt...
Persistent link: https://www.econbiz.de/10010310935
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What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of ristk
Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - 2011
, focusing in particular on the five countries in the South-West Eurozone Periphery (Greece, Ireland, Italy, Portugal, and Spain … expectations of market volatility jumped during the crisis, the weakly concavity of creditors' payoff probably accounts for the … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …
Persistent link: https://www.econbiz.de/10010287785
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The Greek public debt problem
Nikiforos, Michalis; Papadimitriou, Dimitri B.; Zezza, … - 2016
structural imbalances of the eurozone is of vital importance. …
Persistent link: https://www.econbiz.de/10011784657