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A mechanism to regulate sovereign debt restructuring in the Euro area
Andritzky, Jochen; Christofzik, Désirée I.; Feld, Lars P. - 2016
debt burden is high, followed by deeper debt restructuring if post-crises debt proves unsustainable. The mechanism is … easily implemented by amending ESM guidelines and compelling countries to issue debt with Creditor Participation Clauses … (CPCs). As debt is rolled over, the mechanism gradually phases in, leaving countries time to reduce debt. Given that private …
Persistent link: https://www.econbiz.de/10011521803
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A mechanism to regulate sovereign debt restructuring in the euro area
Andritzky, Jochen; Christofzik, Désirée I.; Feld, Lars P. - 2018
the debt burden is high, followed by deeper debt restructuring if postcrisis debt proves unsustainable. The mechanism can … be easily implemented by amending ESM guidelines and compelling countries to issue debt with Creditor Participation … Clauses (CPCs). As debt is rolled over, the mechanism gradually phases in, leaving countries time to reduce debt. Given that …
Persistent link: https://www.econbiz.de/10011787444
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A Mechanism to Regulate Sovereign Debt Restructuring in the Euro Area
Andritzky, Jochen R. - 2016
debt burden is high, followed by deeper debt restructuring if post-crises debt proves unsustainable. The mechanism is … easily implemented by amending ESM guidelines and compelling countries to issue debt with Creditor Participation Clauses … (CPCs). As debt is rolled over, the mechanism gradually phases in, leaving countries time to reduce debt. Given that private …
Persistent link: https://www.econbiz.de/10012982263
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A Mechanism to Regulate Sovereign Debt Restructuring in the EURO Area
Andritzky, Jochen R. - 2016
debt burden is high, followed by deeper debt restructuring if post-crises debt proves unsustainable. The mechanism is … easily implemented by amending ESM guidelines and compelling countries to issue debt with Creditor Participation Clauses … (CPCs). As debt is rolled over, the mechanism gradually phases in, leaving countries time to reduce debt. Given that private …
Persistent link: https://www.econbiz.de/10012985878
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Sovereign bond market reactions to fiscal rules and no-bailout clauses : the Swiss experience
Feld, Lars P.; Kalb, Alexander; Moessinger, Marc-Daniel; … - 2013
We investigate the political determinants of risk premiums which sub-national governments in Switzerland have to pay for their sovereign bond emissions. For this purpose we analyse financial market data from 288 tradable cantonal bonds in the period from 1981 to 2007. Our main focus is on two...
Persistent link: https://www.econbiz.de/10009746353
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Does the Swiss debt brake induce sound federal finances? : a synthetic control analysis
Pfeil, Christian F.; Feld, Lars P. - 2016
The Swiss debt brake is widely appreciated as one of the most rationally designed fiscal rules in the world and was … effectiveness of the Swiss debt brake by employing the Synthetic Control Method. We find that the introduction of this fiscal rule …
Persistent link: https://www.econbiz.de/10011521945
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Effects of fiscal rules : 85 years' experience in Switzerland
Burret, Heiko T.; Feld, Lars P. - 2016
The paper investigates the fiscal effects of Swiss cantonal debt brakes by taking explicitly into account the rules … variable targeted by the rules. Second, cantonal debt brakes are rather not associated with substantial evasive measures. Third …
Persistent link: https://www.econbiz.de/10011523766
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Does the Swiss debt brake induce sound federal finances? : a synthetic control analysis
Pfeil, Christian F.; Feld, Lars P. - 2018
The Swiss debt brake is widely appreciated as one of the most rationally designed fiscal rules in the world and was … effectiveness of the Swiss debt brake by employing the Synthetic Control Method. We find that the introduction of this fiscal rule …
Persistent link: https://www.econbiz.de/10011878540
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On the effectiveness of debt brakes : the Swiss experience
Feld, Lars P.; Kirchgässner, Gebhard - 2004
Persistent link: https://www.econbiz.de/10002782234
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Does the Swiss debt brake induce sound federal finances? : a synthetic control analysis
Pfeil, Christian F.; Feld, Lars P. - In: Public finance review : PFR 52 (2024) 1, pp. 3-41
Persistent link: https://www.econbiz.de/10014435130