This paper critically reviews the theoretical basis for the provision of the global financial safety net (GFSN) and provides a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank swap lines and regional financing arrangements) for...

We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information about member states' potential output and, therefore, output gap and (ii) bail-out among member states. In our framework, bail-out lowers the scope for signalling (discrimination) by member states...

This paper looks at the recent debt crisis in Greece and argues that the crisis exemplifies a sequence of systematic mistakes made by International Financial Institutions, mistakes whose consequences had been clearly anticipated at the time of the first bail-out and could have been avoided. I...

We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states' output gap. In the presence of asymmetric...

This paper provides a historical background to contemporary debates on the international monetary system: their genesis, similarities, and differences of problems it has faced at different times. It looks sequentially at the design of the Bretton Woods system; the tensions it faced since the...

Die Finanz- und Eurokrise sind das gegenwärtig wichtigste wirtschaftliche und wirtschaftspolitische Thema, welches auch wirtschaftswissenschaftlich noch stärker untersucht und diskutiert werden sollte. Etliche Akteure haben zu diesen Krisen beigetragen, darunter auch...

Since the global financial crisis, the Global Financial Safety Net (GFSN), traditionally consisting mainly of countries' own foreign exchange reserves with the International Monetary Fund (IMF) acting as a backstop, has expanded significantly with the continued accumulation of reserves, the...

At the 25th anniversary of the Maastricht Treaty, this paper reviews the merits of introducing a safe sovereign asset for the eurozone. The triple euro area crisis showed the costly consequences of ignoring the "safety trilemma". Keeping a national safe sovereign asset (the German bund) as the...

Ein harter Brexit ist für das Vereinigte Königreich sehr viel teurer als für die EU. Mit einer »Hard-but-Smart«-Strategie dagegen würde das UK unilateral auf alle neuen Barrieren, also völlig auf Importzölle, verzichten. Damit ist der prozentuelle Wohlfahrtsverlust des UK und jener auf...

Nicole Storp und Tobias Kordsmeyer, Universität Göttingen, beschäftigen sich mit der dynamischen Entwicklung von Target-Salden der Deutschen Bundesbank. Im Zeitraum vom 1. Januar 1999 bis 31. Dezember 2018 stellen die Autoren drei starke Anstiege in den Target-Forderungen der Deutschen...