Kataryniuk, Iván; Mora Bajén, Víctor María; Pérez … - 2021
políticas económicas». ; Sovereign spreads within the European Monetary Union (EMU) arise because markets price-in heterogeneous … country fundamentals, but also re-denomination risks, given the incomplete nature of EMU. This creates a permanent risk of … the institutional framework of the euro area (“EMU deepening”). To test our hypothesis we build a comprehensive narrative …