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We assess the time varying features of fiscal sustainability in the euro area via revisiting the empirical relationship … between the primary budget surplus and the debt-to-GDP ratio. Focusing on a sample of 11 Euro-area countries between 1999Q1 …
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Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries … succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance …
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playing-field in a market economy. Three other indicators reflect the standard u0093Musgravianu0094 tasks for government …
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capital market participants. Secondly, we estimate the impact of these fiscal events on the interest rate swap spreads, which …
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