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We examine the impact of eurozone membership on sovereign creditworthiness over the period 1996-2017. We find that: (a …) the ratings boost was significantly higher in the pre-crisis period (with countries in the periphery of the eurozone being … joining the eurozone, and lowered borrowing costs (as measured by CDS spreads) in line with the ratings boost …
Persistent link: https://www.econbiz.de/10013244814
In this paper, we examine the impact of eurozone membership on sovereign creditworthiness over the period 1996-2017 and … the underlying channels through which the impact operates. We find that: (a) eurozone membership improved sovereign credit … ratings, on average by over one notch; (b) the ratings boost was significantly higher in the pre-crisis period (with eurozone …
Persistent link: https://www.econbiz.de/10014263269
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There is no clear-cut evidence on how the adoption of the European fi scal standards influences discretionary fi scal policies within the Member States. This study investigates that phenomenon on the example of the 2004 enlargement. The results show that the e ffects of the adoption of EU fiscal...
Persistent link: https://www.econbiz.de/10013061975
the pre and post crisis period, country entry point into the EU and the timing of entry into the Eurozone. The rating of …
Persistent link: https://www.econbiz.de/10013035589
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References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally...
Persistent link: https://www.econbiz.de/10014403003