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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

Exchange rate regimes and fiscal discipline in OECD countries

Heinemann, Friedrich - 1999

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to …

Persistent link: https://www.econbiz.de/10011442384

An unemployment insurance scheme for the euro area? : a comparison of different alternatives using micro data

Dolls, Mathias; Fuest, Clemens; Neumann, Dirk; Peichl, … - 2014

We analyze different alternatives how a common unemployment insurance system for the euro area (EA) could be designed and assess their effectiveness to act as an insurance device in the presence of asymmetric macroeconomic shocks. Running counterfactual simulations based on micro data for the...

Persistent link: https://www.econbiz.de/10010425498

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

Readdressing the trade effect of the euro : allowing for currency misalignment

Hogrefe, Jan; Jung, Benjamin; Kohler, Wilhelm - 2010

Persistent link: https://www.econbiz.de/10008933713

Is the view from the Eurotower purely European? : national divergence and ECB interest rate policy

Heinemann, Friedrich; Hüfner, Felix - 2002

The official view on ECB monetary policy claims that monetary decisions are based solely on average data for the euro zone and that diverging regional developments are disregarded. However, experience from other two tier central banks and theoretical considerations suggest that this official...

Persistent link: https://www.econbiz.de/10011447829

A viable insolvency procedure for sovereigns (VIPS) in the euro area

Fuest, Clemens; Heinemann, Friedrich; Schröder, Christoph - 2014

A mechanism to restructure the debt of an insolvent euro country is a missing element in the emerging institutional architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...

Persistent link: https://www.econbiz.de/10010394484

Does it pay to watch central bankers' lips? : The information content of ECB wording

Heinemann, Friedrich (contributor); … - 2005

In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB’s communication channels we focus on the monthly press conferences. Based on a counting of certain signal words we construct a wording indicator...

Persistent link: https://www.econbiz.de/10003181015

Decision-making of the ECB : reform and voting power

Ullrich, Katrin (contributor) - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002368208

Fiscal integration in the eurozone : economic effects of two key scenarios

Dolls, Mathias; Fuest, Clemens; Neumann, Dirk; Peichl, … - 2013

stabilizing effects of two scenarios of fiscal integration in the Eurozone, namely the introduction of i) a joint tax and transfer …

Persistent link: https://www.econbiz.de/10010211947