Am 22. Januar 2015 hat der EZB-Rat ein erweitertes Programm zum Ankauf von Vermögenswerten, das sogenannte »Quantitative Easing«, beschlossen. Thomas Jost, Hochschule Aschaffenburg, und Franz Seitz, Ostbayerische Technische Hochschule Weiden, kommentieren diese Entscheidung und ihre Konsequenzen.

This paper tries to demonstrate that the endogeneity of money in the Argentinean currency board, known as Convertibility, was compatible with the heterodox endogenous money approach. The Argentinean Convertibility was interpreted by the conventional view as a pure case of the...

This paper considers the economic and political drivers of sovereign default, focusing on countries rich enough to render sovereign default a ‘won’t pay’ rather than a ‘can’t pay’ phenomenon. Unlike many private contracts, sovereign debt contracts rely almost exclusively on...

The authors revisit the debt overhang question. They first use nonparametric techniques to isolate a panel of countries on the downward sloping section of a debt Laffer Curve. In particular, overhang countries are ones where a threshold level of debt is reached in sample, beyond which (initial)...

Cet article examine le point de vue selon lequel les deficits ou l'endettement public ont une forte influence sur la formation des taux d'interet. Inspire des representations en terme d'equilibre du marche des capitaux, lieu theorique ou s'arbitreraient epargne et investissement, son emprise sur...

In 2002 Bulgaria performed some operations with its government external debt. These operations were unique in its history in terms of their size. In spring, two types of global bonds were issued - for EUR 535.5 million and for USD 513 million. During the fall of the same year there followed...

Cet article etudie l’histoire des reparations allemandes et de la dette exterieure dans la periode de l’entre-deux-guerres, en s’appuyant sur la theorie de la dette souveraine. Alors que les debats contemporains se sont axes sur la capacite de l’Allemagne a payer et les consequences...

This paper attempts to describe and compare developments in the components of Finland's net international investment position (NIIP). The data consist of sectoral flows and valuation items over the period 1985-1998, which is, for analytical purposes, broken down into two subperiods: before and...

Not only corporate but also sovereign debtors, in particular developing countries, may get into financial difficulties. Contrary to corporate issuers, they decide themselves if they continue to fulfill their debt obligations or convert their debt. I analyze the value of a default-risky sovereign...

I analyze how lack of commitment affects the maturity structure of sovereign debt. Ex post, the government trades off the gains from default induced redistribution against the cost of defaulting. Ex ante, the government issues debt of various maturities to raise an exogenous revenue requirement....