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A key objective of fiscal policy is to maintain the sustainability of public finances and avoid crises. Remarkably, there is very limited analysis on fiscal crises. This paper presents a new database of fiscal crises covering different country groups, including low-income developing countries...
Persistent link: https://www.econbiz.de/10012956473
This paper identifies leading indicators of fiscal crises based on a large sample of countries at different stages of development over 1970-2015. Our results are robust to different methodologies and sample periods. Previous literature on early warning sistems (EWS) for fiscal crises is scarce...
Persistent link: https://www.econbiz.de/10012912485
-Put policy options, and (ii) the systemic exploitation ofinequality via novel and toxic forms of securitisation. In effect, the …
Persistent link: https://www.econbiz.de/10009486980
This paper studies the relationship between the size of the banking sector’s refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...
Persistent link: https://www.econbiz.de/10008771777
Persistent link: https://www.econbiz.de/10013131146
This paper studies the relationship between the size of the banking sector's refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...
Persistent link: https://www.econbiz.de/10013132236
This is the graduation speech I gave on receiving an honorary doctorate at the University of Athens Economics and Business School. I talk about my Greek family, about how I got interested in economics, and then how in the 1990s I came to think about default, collateral, and leverage as the...
Persistent link: https://www.econbiz.de/10013117903
With the European sovereign debt crisis still unfolding, European countries with a high public deficit or debt are now more closely scrutinized by investors. This paper examines the profile and dynamics of the public debt of Belgium, and discusses the challenges of achieving public debt...
Persistent link: https://www.econbiz.de/10013120254
This paper explores the economic determinants of market-assessed sovereign risk of members of the European monetary union. The empirical work is innovative in its Merton structural specification of appropriate inputs. It provides a theoretical background for the empirical investigation of...
Persistent link: https://www.econbiz.de/10013101762
Assessing liquidity in fixed-income markets is becoming very important in the cur-rent context of extremely low interest rates which, in general terms, is encouraging the acquisition of riskier and (potentially) less liquid assets. Although there is the perception that bond market liquidity...
Persistent link: https://www.econbiz.de/10012868730