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International liquidity shocks and the European sovereign debt crisis : was euro area unconventional monetary policy successful?

Everett, Mary M. - 2015

Using novel data on individual euro area banks' balance sheets this paper shows that exposure to stressed European sovereigns manifested in a liquidity shock to their international funding through two channels: (i) a contraction in cross-border funding, and (ii) a contraction in US wholesale...

Persistent link: https://www.econbiz.de/10011374059

Completing the monetary union of Europe as mid-term solution of the Euro crisis

Fischer, Justina A. V.; Pastore, Francesco - 2015

This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....

Persistent link: https://www.econbiz.de/10011308548

Staatsanleihen neu ausgestalten : für eine stabilitätsorientierte Währungsunion

Wendorff, Karsten; Mahle, Alexander - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 95 (2015) 9, pp. 604-608

Die Schuldenkrise in der EWU hat immer wieder Forderungen nach einer stärkeren Gemeinschaftshaftung hervorgebracht, was …

Persistent link: https://www.econbiz.de/10011333348

Debt stabilization and debt mutualization in a monetary union with endogenous risk premia

Engwerda, Jacob Christiaan; Aarle, Bas van; Weeren, … - 2015

In this paper we analyse debt stabilization in a monetary union that features endogenous risk premia. In particular, we analyse debt stabilization in two diametrically opposed regimes. In the first regime, the "national fiscal discipline regime", financial markets impose sovereign risk premia...

Persistent link: https://www.econbiz.de/10011350136

Systemic risk in the European Union : a network approach to banks' sovereign debt exposures

Westphal, Annika - In: International Journal of Financial Studies : open … 3 (2015) 3, pp. 244-279

This paper draws on network theory to investigate European banks' sovereign debt exposures. Banks' holdings of sovereign debt build a network of financial linkages with European countries that exhibits a long-tail distribution of node degrees. A highly connected network core of 15 banks is...

Persistent link: https://www.econbiz.de/10011312216

The European debt crisis and fiscal reaction functions in Europe 2000 - 2012

Baldi, Guido; Stæhr, Karsten - 2013

After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the...

Persistent link: https://www.econbiz.de/10009745191

Finanzielle Repression – ein Instrument zur Bewältigung der Krisenfolgen?

In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 11, pp. 731-750

Niedrige oder sogar negative Realzinsen bestimmen seit Beginn der Krise die Kapitalmärkte in der Eurozone. Davon …

Persistent link: https://www.econbiz.de/10010200378

When good intentions pave the road to hell : monetization fears and Europe's narrowing options

Terzi, Andrea - 2014

With the creation of the Economic and Monetary Union and the euro, the national government debt of eurozone member … monetization" rule, the one embraced by the eurozone was special, as it also prevented monetization on the secondary market for … debt. This made all eurozone public debt defaultable - at least until the European Central Bank (ECB) announced the …

Persistent link: https://www.econbiz.de/10010367343

The lack of a European public sphere in the debate on the European sovereign debt crisis

Otto, Kim; Köhler, Andreas - 2016

The present article examines the coverage of the European actors in the Greek national debt crisis in the German daily newspapers “Die Welt”, “Bild”, “Frankfurter Allgemeine Zeitung”, “Süddeutsche Zeitung” and “Die Tageszeitung”, as well as on the online platform “Spiegel...

Persistent link: https://www.econbiz.de/10011441215

A European public sphere in coverage of the Greek sovereign debt crisis in the news programmes of ARD and ZDF

Otto, Kim; Köhler, Andreas - 2016

The present study examines news reporting during the Greek national debt crisis in the German television news programmes "Tagesschau" and "heute" and in the special broadcasts "Brennpunkt" on ARD and "ZDF spezial" on ZDF. The aim is to capture the extent to which the national German media are...

Persistent link: https://www.econbiz.de/10011521380