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Since the onset of the sovereign debt crisis, the crisis-stricken countries in Europe have been pushed to take drastic …
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This paper proposes a methodology to price bonds jointly issued by a group of countries—called Eurobonds in the euro-area context. We consider two types of bonds: the first is backed by several and joint (SJG) guarantees, the second features several but not joint (SNJG) guarantees. A crucial...
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Staatsausgaben forcieren. (ii) Für die südeuropäischen Staaten greift die bloße Forderung nach einer Reduktion der Staatsverschuldung ohne Berücksichtigung der negativen Beschäftigungseffekte zu kurz.. - The art of controlled public finances in times of high public debt. Legitimation of...
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This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 emerging market economies during 2000-18. We construct a novel dataset using a global news database to identify the precise announcement date of fiscal consolidation actions. Our...
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