The importance of monetary and fiscal policy in reducing uncertainty during the Eurozone Crisis has been a controversial topic, hampered in part by the lack of data and thus empirical evidence. First, we add a database to this discussion that comprises daily official data on every policy action...

This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China’s overseas bailouts between 2000 and 2021 and provide new insights into China’s growing role in the global financial...

The Eurozone is stuck in an inefficient equilibrium with high public debt and no policy discipline. The no-bailout rule is not credible. This article proposes a radical two-stage solution for the restructuring of excessive public debt and to eliminate the incentives for undue public borrowing in...