In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to...

2007-2008-ban felborult a nemzetközi pénzpiacok hosszú ideig tartó viszonylagos nyugalma. A görög, az ír és a portugál példa mellett a magyar, a román és a lett eset is a fiskális fenntarthatóság és átláthatóság hiányának súlyos veszélyeire figyelmeztet. A politikai...

The monetary and fiscal policy interactions have gained a new research interest after the 2008 crisis due to the global increase of fiscal debt. This paper constructs a macroeconomic model of joint fiscal and monetary policy for an emerging open economy taking into account its structural...

The current fiscal imbalances and fragilities in the Southern and Eastern Mediterranean countries (SEMC) are the result of decades of instability, but have become more visible since 2008, when a combination of adverse economic and political shocks (the global and European financial crises, Arab...

In the paper some prominent features of a modern financial system are studied using the model of leverage dynamics. Asset securitization is considered as a major factor increasing aggregate debt and hence system’s uncertainty and instability. A simple macrofinancial model includes a logistic...

How does the option to default on debt payments affect the conduct of public policy? To answer this question, this paper studies optimal monetary and fiscal policy without commitment in a model with nominal debt and endogenous sovereign default. When the government can default on its debt,...

The TARGET2-system impedes economic recovery within the EMU. Hard budget constraints are a key to kick-start structural reforms in some EMU-member countries. However, the TARGET2-system is not only aggravating real misalignments but also softening budget constraints. The authors argue that the...

Most current Eurobond proposals imply substantial cross-subsidisation since some countries partially pay the risk premia for others, thus creating moral hazard and disincentives for fiscal discipline. We suggest, instead, to use standard technologies of financial intermediation like pooling and...

The credit crises are the consequences of demonetization process failure of MONEY-LIABILITY. To initiate a treatment of this process more "overshadowed" by the financial-banking system, it is required a comprehensive analysis of GLOBAL DEBT; GLOBAL GDP and the ratio between them called...