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The benefits of fiscal consolidation in uncharted waters
Rother, Philipp; Schuknecht, Ludger; Stark, Jürgen - 2010
This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous...
Persistent link: https://www.econbiz.de/10011606273
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Euro zone crisis and EU governance: Tackling a flawed design and inadequate policy arrangements
Daianu, Daniel - 2012
This paper focuses on roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough reform of the governance structure of the Union in conjunction with radical changes in the regulation and supervision of financial markets. Financial intermediation has gone...
Persistent link: https://www.econbiz.de/10011430884
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The Sovereign Default Problem in the Eurozone - Why Limited Liability Resulted in Excessive Debt Accumulation and How Insurance Can Counteract
Arnold, Nadjeschda Katharina - 2016
Eurozone in two parts. Part I explains why limited liability may have resulted in excessive debt accumulation: A commitment …
Persistent link: https://www.econbiz.de/10011698356
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Fiscal and monetary policy determinants of the Eurozone crisis and its resolution
Dabrowski, Marek - 2012
quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also …
Persistent link: https://www.econbiz.de/10011430901
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The Eurozone's arrested adolescence: Sketching a way out of the crisis
Erixon, Fredrik - 2012
The Eurozone crisis has been reinforced and prolonged by leaders' inability to agree on robust and credible crisis … responses. Individual governments are experiencing sovereign deficit and debt crises, but not the Eurozone at large. Its fiscal … position is manageable. The Eurozone is rather going through a crisis of the sovereign - or a crisis of government. Too many of …
Persistent link: https://www.econbiz.de/10011790255
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The euro area's tightrope walk: Debt and competitiveness in Italy and Spain
Darvas, Zsolt - 2013
Competitiveness adjustment in struggling southern euro-area members requires persistently lower inflation than in major trading partners, but low inflation worsens public debt sustainability. When average euro-area inflation undershoots the two percent target, the conflict between intra-euro...
Persistent link: https://www.econbiz.de/10010464513
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Fiscal policy options in light of recent IMF research
Allen, Mark Le Gros - 2011
The financial crisis and recession have left a legacy of unusually large fiscal deficits and growing sovereign debt levels in most advanced economies. The paper uses recent research from the IMF to throw light on two questions: how much fiscal space is available to advanced countries before they...
Persistent link: https://www.econbiz.de/10011430862
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AIECE General Report: AIECE Spring General Meeting, Madrid, 26-27 April 2012
Frick, Andres; Hartwig, Jochen; Lassmann, Andrea; … - 2012
Persistent link: https://www.econbiz.de/10011386844
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The Collateral Policy of Central Banks - An Analysis Focusing on the Eurosystem
Weber, Christopher - 2016
This dissertation was written by Christopher Weber during his time as a research assistant at the Center for Economic Studies (CES) at the Ludwig-Maximilians-Universität (LMU) Munich. It was handed in at the department of Economics at the LMU Munich in July 2016. The goal of the thesis is to...
Persistent link: https://www.econbiz.de/10011698362
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Who's afraid of sovereign bonds?
Merler, Silvia; Pisani-Ferry, Jean - 2012
observations raise a question about the effectiveness of ECB provision of liquidity to banks as a means to alleviate the sovereign …
Persistent link: https://www.econbiz.de/10010293573