macroeconomic data from 1980 to 2012 and contrast a panel of 22 OECD countries with 11 EMU member countries and the so called GIIPS … of the EMU. In particular, we find that the relationship between the perceived default risk reflected by long … cluster specific. Our findings suggest that there is a strong connection of institutional aspects of EMU and the relationship …

increase risk premia measured by relative swap spreads. The effect of deficits is significantly lower under EMU. This effect …

increase risk premia measured by relative swap spreads. The effect of deficits is significantly lower under EMU. This effect …

payments as key measures of fiscal soundness and eliminated liquidity premiums in the euro area. With the financial crisis, the …

This paper aims at shedding some light on the mechanisms of pricing the EMU countries’ sovereign bonds in financial … lies in reversed attitude towards banking sector imbalances, as compared to the earlier period. One of the problems …

This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for … the economy. Due to liquidity and endogenous default, the transmission mechanism of shocks is well defined, and their …

the international allocation of economic activity. Private assets’ liquidity properties - their usefulness as collateral … entry, production, aggregate productivity, and total market capitalization. In a closed economy, the liquidity market …, cross-country differences in financial development|as measured by the degree of liquidity of a country’s assets - generate …

and liquidity has increased since the late 1990s, and to a lesser extent because economic growth has slowed. We reach this …