Nachfrageeffekte eines Abbaus des strukturellen Primärdefizits tendenziell in solchen Ländern milde ausfielen bzw. ausblieben, die Euro … nominal growth and the low interest rate environment, rather than strict austerity. The development in other euro member … Germany. We find empirically that negative consolidation effects are rather mild in those EU-member states that were euro area …

This paper is an event study focusing on the global effects of the euro debt crisis in 2010-2013. After identifying 18 … advanced and 13 emerging countries. The main effect of euro debt crisis events is a rise in global risk aversion accompanied by …

This paper studies the determinants of the euro exchange rate during the European sovereign debt crisis, allowing a … role for macroeconomic fundamentals, policy actions and the public debate by policy makers. It finds that the euro exchange … communication by policy makers at times of crisis should be cautious about triggering undesirable financial market reactions …

introduction of the euro. Using data for bond yield spreads relative to an appropriate benchmark, for the period 1991-2005, we find … deficits. This is consistent with the notion of market-imposed fiscal discipline. We find that German states and, among them … the introduction of the euro and are more likely to be interpreted as liquidity premiums. We also estimate empirical …

potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis … risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial …“. While several reforms related to the institutional architecture of the euro area, such as major parts of the banking union …

at the macroeconomic level in the four large euro area countries and in the euro area as a whole since the crisis …