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and by the same token the stability of the Eurozone. …
Persistent link: https://www.econbiz.de/10010463347
The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...
Persistent link: https://www.econbiz.de/10009793389
self-fulfilling multiple equilibria arise. I analyze the implications of this fragility for the governance of the Eurozone … of social progress in Europe. I suggest a different approach to deal with these problems. -- Eurozone ; multiple …
Persistent link: https://www.econbiz.de/10009127607
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We test the hypothesis that the government bond markets in the Eurozone are more fragile and more susceptible to self … countries in the Eurozone during 2010-11 was disconnected from underlying increases in the debt to GDP ratios and fiscal space … argue that this can drive member countries of the Eurozone into bad equilibria. We also find evidence that after years of …
Persistent link: https://www.econbiz.de/10014167131
This paper tests the hypothesis that government bond markets in the eurozone are more fragile and more susceptible to … the spreads of the PIGS countries (Portugal, Ireland, Greece and Spain) in the eurozone during 2010-11 was disconnected … eurozone into bad equilibria.We also find evidence that after years of neglecting high government debt, investors became …
Persistent link: https://www.econbiz.de/10013104613
We test the hypothesis that the government bond markets in the Eurozone are more fragile and more susceptible to self … countries in the Eurozone during 2010-11 was disconnected from underlying increases in the debt to GDP ratios and fiscal space … argue that this can drive member countries of the Eurozone into bad equilibria. We also find evidence that after years of …
Persistent link: https://www.econbiz.de/10013090949