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Die Zinslast des Bundes in der Schuldenkrise: Wie lukrativ ist der 'sichere Hafen'?
Boysen-Hogrefe, Jens - 2012
In the aftermath of the Great Recession and during the debt crisis in the euro area yields on German federal bonds have been exceptionally low. This analysis tries to calculate the profits that the federal government makes due to the low yields. The interest payments that are due to emissions of...
Persistent link: https://www.econbiz.de/10010287008
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Fiscal spillovers in the Euro area
Caporale, Guglielmo Maria; Girardi, Alessandro - 2011
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...
Persistent link: https://www.econbiz.de/10010280818
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Resolving sovereign debt crises: Opening or closing the tap?
Kohler, Wilhelm - 2012
This paper first describes the ingredients the present crisis in the euro zone and then evaluates the key options that policy makers face in resolving the crisis and avoiding similar crises in the future. I argue that the crisis should not be seen as caused by government profligacy alone. In...
Persistent link: https://www.econbiz.de/10010309225
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The sustainability of public finances and fiscal policy coordination in the EMU
von Hagen, Jürgen - 2010
The financial crisis of 2007-2009 led to a renewed increase in government deficits and debts in many EU countries, causing a full-fledged fiscal crisis in Greece and severe fiscal pressures in other euro-area countries. This has prompted a series of proposals for improving the fiscal framework...
Persistent link: https://www.econbiz.de/10011430851
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Target balances and the German financial account in light of the European balance-of-payments crisis
Sinn, Hans-Werner; Wollmershäuser, Timo - 2012
look at the components of this reversal of capital flows for the case of Germany. Its main finding is that most of the … Germany is small by comparison, with purchases of German government bonds increasing substantially, in particular by Spanish … and Irish investors. Some foreign capital even left Germany. In net terms, over the years 2008, 2009 and 2011 foreigners …
Persistent link: https://www.econbiz.de/10010291492
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On creditor seniority and sovereign bond prices in Europe
Steinkamp, Sven; Westermann, Frank - 2012
The recent increase of interest rate spreads in Europe and their apparent detachment from underlying fundamental variables has generated a debate on multiple equilibria in the sovereign bond market (see De Grauwe and Ji (2012)). We critically evaluate this hypothesis, by pointing towards an...
Persistent link: https://www.econbiz.de/10010288465
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An application of index numbers theory to interest rates
Huerga, Javier; Steklacova, Lucia - 2008
This paper uses index number theory to disentangle changes in aggregate retail interest rates due to changes in individual component rates (“interest rate effect”) from those caused by changes in the weights of each component (“weight effect”), on the basis of the “difference” index...
Persistent link: https://www.econbiz.de/10011604985
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Macroeconomic determinants of MIR interest rate margin in the Euro area
Anastasiou, Dimitrios - In: Journal of Central Banking Theory and Practice 10 (2021) 1, pp. 39-53
This study aims to examine the determinants of the MIR interest rate in the Euro area for the period 2003Q1-2015Q3. By employing Fixed and Random Effects as econometric methodologies, I examine whether the MIR rate is affected by the following macroeconomic factors: unemployment rate, inflation...
Persistent link: https://www.econbiz.de/10014558537
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Die Deutsche Wiedervereinigung und die europäische Schuldenkrise im Lichte der Theorie optimaler Währungsräume
Schnabl, Gunther; Zemanek, Holger - 2011
Der Beitrag analysiert die inner-europäischen Leistungsbilanzungleichgewichte auf der Grundlage der Theorie der optimalen Währungsräume. Wir zeigen, dass die deutsche Wiedervereinigung nicht nur zur EWS-Krise 1992/93 führte, sondern auch der Ursprung der derzeitigen europäischen...
Persistent link: https://www.econbiz.de/10010305581
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Der Euro als Triebfeder des deutschen Exports?
Zeddies, Götz - 2011
Griechenlands aus dem Euroraum laut. Insbesondere in Deutschland wird befürchtet, dass ein Austritt einzelner Länder oder gar ein … Deutschland aufgrund seiner hohen Exportorientierung und jahrelanger Lohnzurückhaltung mehr als alle anderen EWU … raised claiming a withdrawal of Greece from the currency union. Especially in Germany, a withdrawal of individual members …
Persistent link: https://www.econbiz.de/10010311669