resources to augment the private consumption of those investors facing losses. The anticipation of such a "bailout" distorts ex …

We study the interaction between a government's bailout policy and banks' willingness to impose losses on (or \bail in … anticipation of this bailout undermines a bank's private incentive to impose a bail-in. In the resulting equilibrium, bail-ins are …

answer. So, the issue of Eurobonds is revisited, bringing new arguments since the EMU faces an exogenous shock. We sustain …

This paper proposes a methodology to price bonds jointly issued by a group of countries—called Eurobonds in the euro … the level of debt beyond which the risk of default is no longer zero. The pricing of the two types of Eurobonds reflects … four largest euro-area economies over 2008-2020 and deduce counterfactual Eurobond prices. Amid the euro-debt crisis, 5 …

in inflation needed to stabilize the amount of Eurobonds issued in response to a large EA recession. National governments …