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Baskaran, Thushyanthan - 2014

, and reduce deficits after they receive a bailout from the state government. The state government appears to be both able … and willing to enforce austerity after granting a bailout. …

Persistent link: https://www.econbiz.de/10010378900

Decentralization and Fiscal Discipline in Subnational Governments : The Bailout Problem in Uruguay

Filgueira, Fernando - 2011

to vertical fiscal imbalances and economic conditions in the SN jurisdictions. Yet, the analysis of recent bailout …

Persistent link: https://www.econbiz.de/10013126767

Sub-national credit risk and sovereign bailouts : who pays the premium?

Jenkner, Eva; Lu, Zhongjin - 2014

Persistent link: https://www.econbiz.de/10010389567

Moral hazard and bail-out in fiscal federations : evidence for the German Länder 7 Kirsten H. Heppke-Falk; Guntram B. Wolff

Heppke-Falk, Kirsten H. (contributor); … - 2007

(Länder) to a bail-out, the interest payments-to-revenue ratio. While risk premia measured in the German sub-national bond … receiving a bail-out payment. Quantitatively, the effects are, however, quite small. Our findings are robust to a variety of … markets’ bail-out expectations. In sum, our results indicate significant investor moral hazard in the sub-national German bond …

Persistent link: https://www.econbiz.de/10003453453

Sub-national optimal budget allocation and borrowing under soft budget constraint

Crivelli, Ernesto (contributor) - 2006

Local governments have borrowed largely from the banking system to finance their deficits instead of responding to the rigors of bond markets. This paper analizes how sub-national governments optimally reallocate the provision of public goods and decide on borrowing, in a model where the banking...

Persistent link: https://www.econbiz.de/10003421170

Fiscal Equalisation and the Soft Budget Constraint

Plachta, Robert - 2008

This paper assesses the interactions of horizontal fiscal equalisation schemes with debt policy by sovereign regional governments. Local public goods are either financed by debt or taxation. A horizontal equalisation scheme elevates regional public revenue disparities under horizontal and...

Persistent link: https://www.econbiz.de/10012722478

Exits and bailouts in a monetary union

Kobielarz, Michał - 2021 - This version: May 5, 2021

Persistent link: https://www.econbiz.de/10012602746

Bailout dynamics in a monetary union

Kobielarz, Michał - 2023 - This version: February 24, 2023

Persistent link: https://www.econbiz.de/10014258959

Sovereign debt, bail-outs and contagion in a monetary union

Eijffinger, Sylvester C. W.; Kobielarz, Michal L.; … - 2015

Persistent link: https://www.econbiz.de/10011350159

Sovereign Debt, Bail-Outs and Contagion in a Monetary Union

Eijffinger, Sylvester C. W. - 2015

after 2008. We present a theory, which can account for the behavior of sovereign bond spreads in Southern Europe between … 1998 and 2012. Our key theoretical argument is related to the bail-out guarantee provided by a monetary union, which …

Persistent link: https://www.econbiz.de/10013027003