Drawing on an analysis of austerity reforms in Greece and Portugal during the sovereign debt crisis from 2009 onwards … depends on their ability to control state budgets to reward clients. In Greece, where parties relied extensively on these …

macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area …Against the backdrop of the Greek three-act tragedy, we present a theoretical framework for studying Greece's recent … debt and currency crisis. The model is built on two essential blocks: first, erratic macroeconomic policymaking in Greece …

This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of … French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011 …-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and …

We scrutinize the role of capital flows in competitiveness in a set of seven euroarea member countries (Estonia, Greece … focus is on Greece. The paper extends the seminal Balassa-Samuelson model to include international capital markets, placing … 2013 show evidence of the Balassa-Samuelson effect if Greece is excluded from the panel. For Greece, this in turn provides …

We scrutinize the role of capital flows for competitiveness in seven euro-area countries in the context of real … convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include … productivity increases in Greece …

The eurozone, composed of 17 countries which have adopted the euro as their currency, has been struggling with an …, both too big to bail out, along with Greece, Ireland and Portugal. Major contributing factors are the sizes of net ….With potential loss of access to bond markets, inability to devalue and failure of the European Central Bank (ECB) to intervene …

The eurozone debt crisis has now reached a turning point. This Policy Brief argues for a more organised intervention by … the European Central Bank (ECB) to stop contagion through the creation of a quantitative easing programme, coupled with a … political agreement among member states for a more federalist budget for the eurozone.The paper examines the roots of this …

facilitate an assessment of the effectiveness of monetary policy. There is clear evidence that the European Central Bank's money …

facilitate an assessment of the effectiveness of monetary policy. There is clear evidence that the European Central Bank's money …

provide euro area citizens with access to central bank money in an increasingly digitalised world. While a digital euro could … could have for bank intermediation in the euro area. Based on assumptions about the degree of substitution between different … digital euro might shape up. The paper then analyses the mechanisms through which commercial banks and the central bank could …