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Modelling monetary and fiscal governance in the wake of the sovereign debt crisis in Europe

Herzog, Bodo - In: Economies : open access journal 4 (2016) 2, pp. 1-11

supranational monetary union. Finally, I develop policy recommendations for the ongoing debate in the Eurozone. …

Persistent link: https://www.econbiz.de/10011499402

Europe needs more than a Capital Markets Union : focus on the integration of euro area sovereign debt markets

Breitenfellner, Andreas; Schuberth, Helene - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 9-20

With a view to establishing a Capital Markets Union (CMU), efforts to integrate (private) capital markets and private risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial potential threat to sovereign bond market stability in the...

Persistent link: https://www.econbiz.de/10012051172

Regime-dependent sovereign risk pricing during the euro crisis

Delatte, Anne-Laure; Fouquau, Julien; Portes, Richard - 2016

Previous work has documented a greater sensitivity of long-term government bond yields to fundamentals in Euro area stress countries during the euro crisis, but we know little about the driver(s) of regime-switches. Our estimates based on a panel smooth threshold regression model quantify and...

Persistent link: https://www.econbiz.de/10011974869

Addressing the safety trilemma : a safe sovereign asset for the eurozone

Riet, Ad van - 2017

for the eurozone. The triple euro area crisis showed the costly consequences of ignoring the "safety trilemma". Keeping a …

Persistent link: https://www.econbiz.de/10011975765

Euro area sovereign debt : restructuring options

Arnold, Theresa; Gulati, Mitu; Panizza, Ugo - 2019

Countries with large debts stocks are vulnerable to the vagaries of the markets. Confidence crises can arise out of nowhere, constricting access to the markets. Hence, the question arises as to whether these countries should put in place mechanisms that will help them better prepare for the...

Persistent link: https://www.econbiz.de/10012122035

Sovereign contagion in Europe : evidence from the CDS market

Manasse, Paolo; Zavalloni, Luca - 2013

This paper addresses the following questions. Is there evidence of financial contagion in the Eurozone? To what extent … matter concerning the Euro Zone. Second, differences in vulnerability to contagion within the Eurozone are even more … remarkable: the core Eurozone members become less vulnerable to EUZ contagion, possibly due to a safe-heaven effect, while …

Persistent link: https://www.econbiz.de/10011731038

Regional integration and the euro crisis : problems and solutions

Pessoa, Argentino - 2013

Along time the European Union (EU) has been pointed as the most succeeded example of regional integration. Now, this example has been cruelly shaken by the EZ (Euro Zone) crisis, originating increasing doubts about the integration process. It is evident that the proposed solutions for attacking...

Persistent link: https://www.econbiz.de/10011515832

How important was contagion through banks during the European sovereign crisis?

Gonçalves, Andrei S. - 2017

We use days with tail sovereign CDS spread changes of peripheral countries to identify the effects of shocks to the cost of borrowing of these countries on stock returns of banks from other countries. We find that tail sovereign GIIPS CDS changes have an asymmetric impact in that bank stocks...

Persistent link: https://www.econbiz.de/10011963385

The power of opinion : more evidence of a GIPS-markup in sovereign ratings during the euro crisis

Nauhaus, Steffen - 2015

the Eurozone crisis in 2009, irrespective of economic and institutional fundamentals. A subsequent analysis of the markup …

Persistent link: https://www.econbiz.de/10011317827

A viable insolvency procedure for sovereigns (VIPS) in the euro area

Fuest, Clemens; Heinemann, Friedrich; Schröder, Christoph - 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 procedure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...

Persistent link: https://www.econbiz.de/10010394484

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