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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
default, and recently sovereign default threats were eminent for Greece and Spain 2012-13. Moreover, Argentina experienced an …
Persistent link: https://www.econbiz.de/10010498572
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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
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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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Did the introduction of the euro lead to money illusion? : empirical evidence from Germany
Bittschi, Benjamin; Duppel, Saskia - 2015
Using the introduction of the euro as a natural experiment, we provide economy-wide evidence for money illusion based on declared donations from German administrative income tax data. Our results suggest a magnitude of the money illusion effect between 2.4% and 7.6%. Compared to previous studies...
Persistent link: https://www.econbiz.de/10011316505
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European Monetary Union reform preferences of French and German parliamentarians
Blesse, Sebastian; Boyer, Pierre C.; Heinemann, Friedrich; … - 2017 - This version: February 12, 2019
We analyze data from an author‐conducted survey of members of the French and German parliaments on European Monetary Union reform preferences. We consider three potential drivers of preferences: nationality, ideology, and personal characteristics. For European Monetary Union policies like...
Persistent link: https://www.econbiz.de/10011977499
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European Monetary Union reform preferences of French and German parliamentarians
Blesse, Sebastian; Boyer, Pierre C.; Heinemann, Friedrich; … - 2017
Nationale, Sénat and Bundestag) on economic policies and institutions of the Eurozone. We find that French politicians are … at the European or Eurozone level, but are skeptical about the fiscal constraints of the Fiscal Compact. There is …
Persistent link: https://www.econbiz.de/10011754032