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A viable insolvency procedure for sovereigns (VIPS) in the euro area
Fuest, Clemens; Heinemann, Friedrich; Schröder, Christoph - 2014
architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable … blueprints for sovereign insolvency procedures in the euro area and develops a “Viable Insolvency Procedure for Sovereigns” (VIPS … transition towards the new regime. The VIPS proposal comprises two pillars: An insolvency procedure for the long run and a …
Persistent link: https://www.econbiz.de/10010394484
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Escape routes from sovereign default risk in the euro area
Semmler, Willi; Proaño Acosta, Christian - 2015
The recent financial and sovereign debt crises around the world have sparked a growing literature on models and empirical estimates of defaultable debt. Frequently households and firms come under default threat, local governments can default, and recently sovereign default threats were eminent...
Persistent link: https://www.econbiz.de/10010498572
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Financial sector-output dynamics in the euro area : non-linearities reconsidered
Schleer, Frauke; Semmler, Willi - 2014 - This version: January 2014
We analyze the feedback mechanisms between economic downturns and financial stress for several euro area countries. Our study employs newly constructed financial condition indices that incorporate banking variables extensively. We apply a non-linear Vector Smooth Transition Autoregressive...
Persistent link: https://www.econbiz.de/10010238376
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Financial sector-output dynamics in the euro area : non-linearities reconsidered
Schleer, Frauke; Semmler, Willi - 2013
We analyze the feedback mechanisms between economic downturns and financial stress for euro area countries. Our study employs newly constructed financial condition indices that incorporate extensively banking variables. We apply a nonlinear Vector Smooth Transition Autoregressive (VSTAR) model...
Persistent link: https://www.econbiz.de/10009792964
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Financial sector and output dynamics in the Euro area : non-linearities reconsidered ; conference paper
Schleer, Frauke; Semmler, Willi - 2014 - This version: January 2014
We analyze the feedback mechanisms between economic downturns and financial stress for several euro area countries. Our study employs newly constructed financial condition indices that incorporate banking variables extensively. We apply a non-linear Vector Smooth Transition Autoregressive...
Persistent link: https://www.econbiz.de/10010489891
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Lender of last resort versus buyer of last resort : the impact of the European Central Bank actions on the bank-sovereign nexus
Acharya, Viral V.; Pierret, Diane; Steffen, Sascha - 2016 - This version: February 29, 2016
In summer 2011, elevated sovereign risk in Eurozone peripheral countries increased the solvency risk of Eurozone banks … public funds to increase their exposure to risky domestic debt, so that when solvency risk in the Eurozone worsened the run … of private short-term investors from Eurozone banks intensified. (ii) In contrast, ECB’s announcement of being a …
Persistent link: https://www.econbiz.de/10011436391
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Moving in and out of financial distress : evidence for newly founded service sector firms
Kaiser, Ulrich - 2001
The determinants of transitions between different states of financial distress are analyzed using two versions of Markov chain models: a multinomial logit model without random effects and a multinomial logit model capturing such unobservable factors. The empirical analysis is based on a panel...
Persistent link: https://www.econbiz.de/10011445915
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Reconciling insurance with market discipline : a blueprint for a European fiscal union
Dolls, Mathias; Fuest, Clemens; Heinemann, Friedrich; … - 2015
insurance and a sovereign insolvency procedure are no contradiction but, on the contrary, mutually enforcing: An effective … fiscal insurance helps to limit the stability risks involved in the implementation of an insolvency regime for sovereigns …. And vice versa, a well-defined insolvency procedure reduces the danger that a fiscal capacity motivated as an insurance …
Persistent link: https://www.econbiz.de/10011300749
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Market discipline and the use of government bonds as collateral in the EMU
Ullrich, Katrin (contributor) - 2006
The confidence that financial markets are able to discipline the debt behaviour of governments is not very high. Therefore, the Stability and Growth Pact has been implemented as an institutional constraint to substitute for the market mechanism. With the weakening of the Pact, market discipline...
Persistent link: https://www.econbiz.de/10003356981
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How many factors and shocks cause financial stress?
Kappler, Marcus; Schleer, Frauke - 2013
The aim of this paper is to assess the dimension of factors and shocks that drive financial conditions, and in particular financial stress in the euro area. A second aim is to construct summary indices on the conditions and level of stress in financial markets with the aid of a dynamic factor...
Persistent link: https://www.econbiz.de/10010204040