Keywords: financial crisis, sovereign risks, public deficits and debt, bond markets, banks … and risks, heightened by financial sector weaknesses, ongoing deleveraging and sovereign debt. Policy makers should be …. Banking sectors remain fragile, especially in Europe, where, however, the transparency provided by recent stress tests has …

-in-differences specifications to isolate these three channels and find that the pairwise effect is the primary source of increased financial … accompanied by increased financial integration. This paper examines the channels through which monetary union increased financial … as intermediaries, perhaps through increased scale economies enjoyed by commercial banks themselves or through an …

Monetary and Financial Integration in the EMU: Push or Pull? Mark M. Spiegel Federal Reserve Bank of San Francisco July 15 … the author and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the … of authors and do not represent the views of the Federal Reserve Bank of San Francisco or Federal Reserve Board of …

presented here on sovereign credit ratings and financial crises suggest that sovereign credit ratings systematically fail to … ratings after the crisis and differences between developed and emerging markets, there is evidence that sovereign credit … analysis can be summarized as follows: As to the ability of rating changes to anticipate financial crises, the empirical tests …

Financial Markets, Financial Intermediation, and Bailout Policy DISSERTATION ZUR ERLANGUNG DES GRADES EINES DOKTORS DER … Introduction The 1980s and 1990s have been marked with a series of financial and banking crises all over the world. This turned the …-based one. Instead of considering the role of financial intermedi- aries and financial markets in promoting economic growth, I …

the neo-classical Solow growth model, financial markets are not incorporated. In this model, the ultimate engines of … liberalized financial and capital markets on financial deepening has been well documented in the literature (see for example … members have the obligation to adopt the euro, it can be assumed that, in the longer run, financial markets in the old and new …

................ 37 D. Revisiting the SGP: main proposals .................................... 39 E. Focus on debt level and …............................................................................ 9 II. Revisiting the stability and growth pact: grand design or internal adjustment? Marco Buti, Sylvester C ….W. Eijffinger and Danièle Franco ....... 29 Abstract …

policy and endogenous variables affecting debt ratios. It examines current fragilities in emerging markets and notes that …This paper critically assesses the standard IMF analytical framework for debt sustainability in emerging markets. It … surplus to stabilize public debt ratios. Worsening global financial conditions may create difficulties for budgetary transfers …