With this paper, our objective is to empirically study public debt sustainability by estimating a fiscal reaction function where the primary balance relative to GDP is assumed to be a function of the public debt to GDP ratio of the previous year and of other macroeconomic variables. In...

Der im März 2012 von 25 EU-Mitgliedstaaten unterzeichnete Fiskalvertrag gerät vor dem Hintergrund der europäischen Staatsschuldenkrise immer wieder in die Kritik. Im Kern handelt es sich bei dem Vertragswerk um eine Konkretisierung und Verschärfung des Stabilitäts- und Wachstumspakts, indem...

On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...

We investigate the impact of local and global macroeconomic factors on Eurobonds and local currency issued bonds in Sub-Saharan Africa, at different points on the yield curve. Using a unique proprietary data set collected from local authorities, central banks and independent international...

In the present paper a discussion will be made about the crucial topic of fostering entrepreneurship as the cornerstone of capitalism (by avoiding too hard austerity measures and helping instead entrepreneurship in various ways) so as to make corporations profitable and ultimately create jobs,...

It seems to be a trade-off between shadow economy restriction and macroeconomic repercussions. This view is expressed by (Era Dabla-Norris and Andrew Feltenstein, 2003) and is in agreement with the author of the present paper although approached in a different way. Author believes that present...

This paper examines the costs of recent sovereign defaults using synthetic control methods, a novel econometric technique based on comparative case studies. Evidence on the effects of debt crises is thus presented on a case-by-case basis, uncovering large variations in country-specific...

We analyse the impact of macroeconomic and monetary policy shocks on corporate credit risk as measured by firms' probabilities of default (PDs) for the four largest euro area countries. We estimate the impact of shocks on one-year PDs using local projections (LP). For the period 2014-19, we find...

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level...

Following the latest subprime crisis, central banks introduced several unconventional instruments which had spillover effects on foreign exchange rates. The aim of our paper is to explore whether the use of zero lower bound (ZLB) and unconventional instruments has an impact on the changes in...