We show that stronger fiscal rules in Euro area members reduce sovereign risk premia, in particular in times of market stress. Using a unique data set of rules-based fiscal governance in EU member states, we estimate a model of sovereign spreads that are determined by the probability of default...

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show...

Conventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area Member States variables from the euro area average and show that the income elasticity as well as the interest rate semi-elasticity...

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show...

Wie hoch man die Verluste einschätzt, die im Fall eines Auseinanderbrechens des Euro entstehen werden, hängt hauptsächlich von der Natur der mittlerweile gigantischen Target-Forderungen ab, die die Bundesbank im EZB-Abrechnungssystem akkumuliert hat. De Grauwe und Ji haben versucht, den...

1. Regulatory reasons for the crisis <br>2. Refinancing credit and Target balances <br>2.1 Target balances <br>2.2 Target balances and fiscal rescue credit <br>2.3 The lowering of collateral standards for refinancing credit <br>2.4 Indirect state financing via refinancing credit to commercial banks <br>3. ECB...

Hans-Werner Sinn plädiert für eine Begrenzung der Notfallkredite, die die EZB Griechenland gewährt, und für die Einführung eine Kapitalverkehrskontrolle durch die griechische Regierung.