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Sovereign Contagion in Europe : Evidence from the CDS Market
Manasse, Paolo - 2013
This paper addresses the following questions. Is there evidence of financial contagion in the Eurozone? To what extent … matter concerning the Euro Zone. Second, differences in vulnerability to contagion within the Eurozone are even more … remarkable: the core Eurozone members become less vulnerable to EUZ contagion, possibly due to a safe-heaven effect, while …
Persistent link: https://www.econbiz.de/10013088213
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Signalling Fiscal Stress in the Euro Area -- A Country-Specific Early Warning System
de Cos, Pablo Hernández - 2014
The sovereign debt crisis in the euro area has increased the interest in early warning indicators, with the aim to indicate the build up of fiscal stress early on and to facilitate crisis prevention by a timely counteraction of fiscal and macroeconomic policies. This paper presents possible...
Persistent link: https://www.econbiz.de/10013049852
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Signalling Fiscal Stress in the Euro Area : A Country-Specific Early Warning System
de Cos, Pablo Hernández - 2014
The sovereign debt crisis in the euro area has raised interest in early warning indicators, aimed at signalling the build-up of fiscal stress in advance and helping prevent crises by means of a timely counteraction of fiscal and macroeconomic policies. This paper presents possible improvements...
Persistent link: https://www.econbiz.de/10013050271
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Collective Action Clauses in the Euro Area : A Law and Economic Analysis of the First Five Years
Grosse Steffen, Christoph - 2019
This paper reviews the first five years of experience with Collective Action Clauses (CACs) for European sovereign debt, focusing on both the legal and the economic dimension. First, we present a chronology of the legislative acts to incorporate CACs in European sovereign debt contracts...
Persistent link: https://www.econbiz.de/10012894592
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State Contingent Debt as Insurance for Euro-Area Sovereigns
Demertzis, Maria - 2019
The euro-area sovereign debt crisis is receding. Europe is on a recovery path, growth is broad-based and unemployment is falling. One after the other, countries hit hardest by the crisis are exiting their adjustment programmes. However, debt remains high in most countries and future debt crises...
Persistent link: https://www.econbiz.de/10012899409
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Fiscal Austerity and State-Dependent Response of Sovereign Spreads
Shi, Liang - 2023
Does fiscal austerity influence sovereign debt spreads in a state-dependent manner? To investigate this, we develop an endogenous sovereign default model that incorporates long-maturity debt, fiscal rules, and investment. We uncover novel insights in the Greek default. First, our model provides...
Persistent link: https://www.econbiz.de/10014353023
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Revisiting the Case for Debt Mutualization in the Euro Area : A Quantitative Exploration
Ando, Sakai; Dell'Ariccia, Giovanni; Gourinchas, … - 2023
This paper explores the feasibility of an idea proposed first by the German Council of Economic Experts in 2011 and revisited by Italian and French authorities in 2021: the one-off mutualization of some European legacy debt through the creation of a European Debt Management Agency (EDMA). The...
Persistent link: https://www.econbiz.de/10014358464
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Explosive target balances
Potrafke, Niklas; Reischmann, Markus Josef - 2013
Spain), and the Target claims of the German Bundesbank increased significantly. If the Eurozone collapses, the German …
Persistent link: https://www.econbiz.de/10009764406
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Austerity, growth and inflation : remarks on the Eurozone's unresolved competitiveness problem
Sinn, Hans-Werner - 2013
While the financial protection measures enacted by the ECB and the community of Eurozone members have calmed financial … markets, they have left the competitiveness problem of the Eurozone's southern countries and France unresolved. The paper …
Persistent link: https://www.econbiz.de/10009691625