during the Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed … bailout was to prevent an exit from the eurozone and possible contagion. Bailouts to avoid sovereign default were …Despite a formal 'no-bailout clause,' we estimate significant net present value transfers from the European Union to …

This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone … shift away from pre-crisis standards of best funding practices competitive auctions of debt instruments with a fixed coupon … conclude that the crisis and related changes in the macroeconomic environment and investor sentiment can account …

While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy …

conditions in the CDS market. But the relative importance of these factors changes over time. While during the 2008/09 crisis … crisis. Our generalised variance decomposition analyisis does not suggest strong direct spillovers from the euro area …

sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by …