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What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of ristk

Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - 2011

, focusing in particular on the five countries in the South-West Eurozone Periphery (Greece, Ireland, Italy, Portugal, and Spain … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …. We find that Eurozone periphery default risk is priced much higher than the matched countries in 2010, even allowing for …

Persistent link: https://www.econbiz.de/10010287785

Did the crisis change it all? Evidence from monetary and fiscal policy

Mitreska, Ana; Vojnovic, Maja Kadievska; Georgievska, Ljupka - 2010

The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...

Persistent link: https://www.econbiz.de/10011785345

The Quest for Economic Stability: A Study on Swedish Stabilization Policies 1873–2019

Andersson, Fredrik N. G. - 2020

There is a never-ending quest for a stable economy with full employment and low inflation. Economists have suggested and policymakers have experimented with different fiscal and monetary policy regimes since at least the beginning of the industrial revolution. In this paper, we study Swedish...

Persistent link: https://www.econbiz.de/10013208879

Quantitative easing and proposals for reform of monetary policy operations

Fullwiler, Scott; Randall Wray, L. - 2010

Beyond its original mission to 'furnish an elastic currency' as lender of last resort and manager of the payments system, the Federal Reserve has always been responsible (along with the Treasury) for regulating and supervising member banks. After World War II, Congress directed the Fed to pursue...

Persistent link: https://www.econbiz.de/10010286568

ECB worries/European woes: The economic consequences of parochial policy

Barbera, Robert J.; Holtham, Gerald - 2012

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...

Persistent link: https://www.econbiz.de/10010318632

What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market mispricing of risk

Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - 2011

We estimate the pricing of sovereign risk for a large number of countries within and outside of Europe, before and after the global financial crisis, based on fiscal space and other economic fundamentals. We measure how accurately the model predicts CDS spreads based on fundamentals, and...

Persistent link: https://www.econbiz.de/10010288119

The dynamics of government bond yields in the Eurozone

Akram, Tanweer; Das, Anupam - 2017

This paper investigates the determinants of nominal yields of government bonds in the eurozone. The pooled mean group … yields of long-term government bonds in a set of 11 eurozone countries. Furthermore, autoregressive distributive lag (ARDL …

Persistent link: https://www.econbiz.de/10011784679

Lessons for Iceland from the Monetary Policy of Sweden

Andersson, Fredrik N. G.; Jonung, Lars - 2018

The purpose of this report is to derive lessons from inflation targeting in Sweden for the choice of the future monetary policy regime of Iceland. Swedish inflation targeting has been a success in terms of reducing inflation and inflation volatility, but real economic volatility is not lower...

Persistent link: https://www.econbiz.de/10013208816

Can this time be different? Policy options in times of rising debt

Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; … - 2020

Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past debt buildups have often ended in widespread...

Persistent link: https://www.econbiz.de/10012388936

An investment initiative for fiscally constrained EU member states: The role of synergetic financial instruments

Zeilbeck, Severin - 2015

The economy of the European Union has not recovered from the impact of the economic and financial crisis. Growth rates remain low and investment activity is weak. This questions current economic policies of the Economic and Monetary Union, known as austerity. In opposition to fiscal contraction...

Persistent link: https://www.econbiz.de/10011381297