collective action clauses (CACs). This paper uses the introduction in 2013 of mandatory two-limb CACs in euro area sovereign … bonds issued under domestic law to evaluate the price impact of these provisions. In the euro area, bonds with CACs trade at … has been large (between five and ten basis points). These findings support the argument that the introduction of euro CACs …

is described using a stochastic regime-switching model; second, the euro area governments’ responses to uncertain … macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area … understand key drivers of the long-winded negotiations between the Syiza government and the euro area governments. …

This paper examines whether the Big Three credit rating agencies actually played as active a role in the Euro Crisis as … the Eurozone crisis in 2009, irrespective of economic and institutional fundamentals. A subsequent analysis of the markup …’s effect on yield spreads shows that this markup had significant effects on financial markets, leading to risk premiums for …

example has been cruelly shaken by the EZ (Euro Zone) crisis, originating increasing doubts about the integration process. It … periphery countries, but surely they will drive Euro Area as a whole to stagnation and lost decades of economic growth, if not …

the Euro has replaced the national currencies. This situation has caused concern from the very beginning. Unless achieving … harmonization on application of monetary and fiscal policies, there might be problems on economic activities. Euro which has emerged … down for monetary union by the countries that are included in the euro area in the European Unions enlargement process …

This paper examines whether the Big Three credit rating agencies actually played as active a role in the Euro Crisis as … the Eurozone crisis in 2009, irrespective of economic and institutional fundamentals. A subsequent analysis of the markup …'s effect on yield spreads shows that this markup had significant effects on financial markets, leading to risk premiums for …

Previous work has documented a greater sensitivity of long-term government bond yields to fundamentals in Euro area … stress countries during the euro crisis, but we know little about the driver(s) of regimeswitches. Our estimates based on a … swap index: the higher the bank credit risk, the higher the extra premium on fundamentals; 3) after ECB President Draghi …

consolidate the euro as one of the world's two principal reserve currencies. The risk that fiscally weak area countries might take …This paper analyzes the causes of the sovereign debt crisis in the eurozone and examines the policy alternatives … confronting euro area governments. It suggests that pooling fiscal risks, creating an EU Treasury and issuing jointly-backed euro …

along two main risk backbones that define the Eurozone risk morphology: large and persistent competitive gaps, which …Ten years into the global financial crisis, the euro area is struggling to get back on a path of stability and growth … contrast center and periphery, and systematic risk segregation, which hinders effective progress towards a fiscal union. The …