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Overborrowing and balance of payments imbalances in a monetary union

Sy, Mouhamadou Mounirou - 2015

Persistent link: https://www.econbiz.de/10011540537

In search of the Euro area fiscal stance

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

This paper investigates the role of fiscal policies over the aggregate EMU business cycle. Previous studies, based on the assumption of non-separability between public and private consumption, obtain a large public consumption multiplier, a small fraction of non-Ricardian households and,...

Persistent link: https://www.econbiz.de/10011529025

The (unintended?) consequences of the largest liquidity injection ever

Crosignani, Matteo; Faria-e-Castro, Miguel; Fonseca, Luís - 2016

We study the design of lender of last resort interventions and show that the provision of long-term liquidity incentivizes purchases of high-yield short-term securities by banks. Using a unique security-level data set, we find that the European Central Bank's three-year Long-Term Refinancing...

Persistent link: https://www.econbiz.de/10011975661

Collateral scarcity premia in euro area repo markets

Ferrari, Massimo; Guagliano, Claudia; Mazzacurati, Julien - 2017

premia. Yet, it requires transparency and monitoring due to the financial stability risks associated. Finally, we find that …

Persistent link: https://www.econbiz.de/10011978326

Evaluating macroprudential policies

Buch, Claudia M.; Vogel, Edgar; Weigert, Benjamin - 2018

instruments to these indicators through ex-ante evaluation studies, and analyzing the effects of these policies through ex …-post evaluation studies. We argue that the infrastructure for this policy process can be further improved by providing data for policy … evaluation, establishing or strengthening legal mandates for policy evaluation, establishing mechanisms for international …

Persistent link: https://www.econbiz.de/10011978687

What drives sovereign debt portfolios of banks in a crisis context?

Lamas, Matías; Mencía, Javier - 2019

We study determinants of sovereign portfolios of Spanish banks over a long time-span, starting in 2008. Our findings challenge the view that banks engaged in moral hazard strategies to exploit the regulatory treatment of sovereign exposures. In particular, we show that being a weakly capitalized...

Persistent link: https://www.econbiz.de/10011978836

The euro at 20 : successes, problems, progress and threats

Whelan, Karl - 2019

The euro has had a difficult second decade but the project has still had some important successes. The common currency is popular among the euro area's citizens, intra-European exchange rate instability has been removed and the ECB has successfully achieved its primary goal of price stability....

Persistent link: https://www.econbiz.de/10012016134

The Euro Monetary Fund : a proposal for sovereign-debt redemption

Seixas, Luís Manuel - 2015

Persistent link: https://www.econbiz.de/10011549951

Unconventional monetary policy in the euro zone

Driffill, John - 2015

Persistent link: https://www.econbiz.de/10011549958

The monetary transmission mechanism in the Euro Area : has it changed with the EMU? : a VAR approach, with fiscal policy and financial stress considerations

Afonso, António; Silva, António Jorge - 2014

Persistent link: https://www.econbiz.de/10011554780