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The Political Economy of EU Enlargement and the Treaty of Nice

Heinemann, Friedrich - 2003

The paper applies standard public choice reasoning to the negotiations on EU enlargement and the Treaty of Nice. The … present EU countries are respected. Decisive actors in the West are the members of the European Parliament, individuals in … post-entry position of new members. The Intergovernmental Conference is reinterpreted as an opportunity of EU-15 actors to …

Persistent link: https://www.econbiz.de/10014140974

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

Magnitudes and capital key divergence of the Eurosystem's PSPP/PEPP purchases - update December 2020 : study supported by the Brigitte Strube Foundation

Havlik, Annika; Heinemann, Friedrich - 2020

Since March 2020, the Eurosystem has been purchasing government bonds under the Pandemic Emergency Purchase Programme (PEPP). The PEPP was set up as a non-standard policy measure to encounter the economic and financial consequences of the Covid-19 pandemic and is an additional program to the...

Persistent link: https://www.econbiz.de/10013488579

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

Magnitudes and capital key divergence of the Eurosystem's PSPP/PEPP purchases - update June 2022 : study supported by the Brigitte Strube Foundation

Birkholz, Carlo; Heinemann, Friedrich - 2022

The ECB is about to discontinue its net asset purchases. In December 2021, the ECB Council had already decided to end net purchases under the Pandemic Emergency Purchase Programme (PEPP) by the end of March 2022. Given the very high and persistent inflation, recent remarks from ECB board members...

Persistent link: https://www.econbiz.de/10013492981

Inflation of objectives instead of focus on inflation? : evidence on the ECB objective function from a textual analysis : study supported by the Brigitte Strube Foundation

Heinemann, Friedrich; Kemper, Jan - 2022

In this analysis, we investigate ECB communication by analyzing more than 3,800 speeches from 1999 until 2022. The study measures the attention which ECB Council members pay to various implicit and explicit monetary policy objectives. While price stability, according to the Maastricht Treaty, is...

Persistent link: https://www.econbiz.de/10013492997

The Incomplete European Market for Financial Services

Cecchini, Paolo - 2003

age, retail financial markets in the EU are heavily fragmented and the consumers pay a large price for this fragmentation …. This also weakens the growth perspective of EU and its international role. Explanations originate both from natural and …

Persistent link: https://www.econbiz.de/10013518823

The Distributional Impact of in Kind Public Benefits in European Countries

Paulus, Alari - 2009

International comparisons of inequality based on measures of disposable income may not be valid if the size and incidence of publicly-provided in kind benefits differ across the countries considered. The benefits that are financed by taxation in one country may need to be purchased out of...

Persistent link: https://www.econbiz.de/10013153502

Sovereign Risk Premia : The Link between Fiscal Rules and Stability Culture

Heinemann, Friedrich - 2013

There is a growing empirical literature studying whether fiscal rules reduce borrowing costs. Nevertheless, it remains an open question whether these rules are effective genuinely or just because they mirror fiscal preferences of politicians and voters. In our analysis of European bond spreads,...

Persistent link: https://www.econbiz.de/10013085156

A Viable Insolvency Procedure for Sovereigns (VIPS) in the Euro Area

Fuest, Clemens - 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 proce-dure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...

Persistent link: https://www.econbiz.de/10013048549