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The continued debate on even the softened Stability and Growth Pact (SGP) highlights that the question of public debt in the European Monetary Union (EMU) needs further scrutiny. Both political economy models for emerging market sovereign debt and exchange rate regimes, as well as models on...
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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
European Union has reached its limits. Drawing on the lessons of the Eurozone crisis and of Brexit, this chapter argues that …
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In her speech at the 2016 Conservative Party Conference, Theresa May promised to make Britain, once again, 'a sovereign and independent country'. The goal is ambitious. By withdrawing from EU supranational integration, May expects the UK to regain the freedom traditionally enjoyed by nation...
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