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Sustainability of national debt in Europe : why it matters in the EMU and how it is assessed

Heinemann, Friedrich - 1992

Persistent link: https://www.econbiz.de/10013427874

The EMU consolidation game - or: Does 3.0 really mean 3.0?

Heinemann, Friedrich - 1998

Within the economic profession, it is a widely held view that the fiscal criteria of the Maastricht treaty are arbitrary numbers without economic foundation. Much of this criticism seems to overlook an important aspect - the strategic dimension of the criteria. This paper focuses on one...

Persistent link: https://www.econbiz.de/10013428121

EMU and fiscal discipline: the end of the depreciation threat

Heinemann, Friedrich - 1998

Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this paper from a theoretical point of view. After a general...

Persistent link: https://www.econbiz.de/10013428171

Capital mobility within EMU

Stirböck, Claudia; Heinemann, Friedrich - 1999

Capital mobility is helpful to cope with the loss of adjustment instruments in EMU. High capital mobility in the sense of Feldstein and Horioka (FH) can limit the negative consequences of shocks affecting the saving capacity of an economy in the Eurozone. It is the aim of this paper to assess...

Persistent link: https://www.econbiz.de/10013428227

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

Heinemann, Friedrich; Hüfner, Felix - 2002

Persistent link: https://www.econbiz.de/10013428511

Reconciling Insurance with Market Discipline : A Blueprint for a European Fiscal Union

Dolls, Mathias - 2015

This contribution develops a blueprint for a European fiscal union. The proposal addresses the shortcomings of most other reform designs which do not offer a solution for insolvent or non-cooperative euro countries. We suggest a design which combines fiscal insurance with an orderly procedure to...

Persistent link: https://www.econbiz.de/10013018079

Dispelling the Shadow of Fiscal Dominance? Fiscal and Monetary Announcement Effects for Euro Area Sovereign Spreads in the Corona Pandemic

Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021

We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government … bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players – the ECB or the EU … only for the announcement of the ‘Next Generation EU’ program. In contrast, a temporary relaxation of European fiscal rules …

Persistent link: https://www.econbiz.de/10013221648

The Pricing of Sovereign Risk and Contagion During the European Sovereign Debt Crisis

Beirne, John - 2014

The paper analyses the drivers of sovereign risk for 31 advanced and emerging economies during the European sovereign debt crisis. It shows that a deterioration in countries' fundamentals and fundamentals contagion – a sharp rise in the sensitivity of financial markets to fundamentals – are...

Persistent link: https://www.econbiz.de/10013061742

Magnitudes and capital key divergence of the Eurosystem's PSPP/PEPP purchases - update December 2021

Birkholz, Carlo; Heinemann, Friedrich - 2021

The ECB Council has to take a decision on the future of its asset purchase programmes as the monetary crisis support that was appropriate in the early phase of the pandemic needs to be adjusted to new circumstances. The changing environment is characterized by an advanced recovery from the...

Persistent link: https://www.econbiz.de/10013492832

Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the Corona pandemic

Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021

economic consequences of pandemic disruptions. In addition, EU Member States have designed stimulus packages in order to …

Persistent link: https://www.econbiz.de/10013488768