Die Krise der Europäischen Währungsunion ist durch den Konflikt um das Hilfsprogramm für Zypern im März 2013 erneut aufgeflammt. Nach einem gescheiterten Anlauf haben die Finanzminister der Euroländer nunmehr eine ordnungspolitisch vertretbare Lösung gefunden. Ihre Vorgehensweise hat...

Several proposals have been made on how sovereign risk premia in the euro area should be brought down, namely i) permanent pooling of funding through joint bond issuance, ii) temporary liquidity assistance through multilateral funds, iii) debt buybacks using multilateral funds, and iv) debt...

This Policy Brief by Christian Kopf examines the merits of a new proposal from France aimed at resolving the Greek debt crisis in which French commercial banks would swap €85.5 billion in Greek government bonds maturing between 2011 and 2014 into a combination of new long-term Greek bonds with...

The current “rules of the game” of the European Monetary Union, namely a fixed exchange rate, open capital accounts and the prohibition of monetary financing of government debt, have re-introduced sovereign default risk to its member states. Against this backdrop, this paper discusses...

Latin American domestic bond markets have developed rapidly in the past few years. Yield curves have been extended, issuance has shifted towards long-term, fixed-rate bonds, and non-resident participation has increased. Several factors have contributed to this process: Pension reform, increased...