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Resolving sovereign debt crises: Opening or closing the tap?
Kohler, Wilhelm - 2012
This paper first describes the ingredients the present crisis in the euro zone and then evaluates the key options that … was involved as well. I argue that a more fundamental problem is that the euro zone lacks an adjustment mechanism for …
Persistent link: https://www.econbiz.de/10010309225
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Resolving sovereign debt crises : opening or closing the tap?
Kohler, Wilhelm - 2012
This paper first describes the ingredients the present crisis in the euro zone and then evaluates the key options that … was involved as well. I argue that a more fundamental problem is that the euro zone lacks an adjustment mechanism for …. -- Euro ; Sovereign risk ; Sovereign default ; Government solvency ; Lender of last resort ; External balance ; Balance of …
Persistent link: https://www.econbiz.de/10009547246
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Reprofiling Sovereign Debt
Buchheit, Lee C. - 2014
• The IMF staff's 2013 proposal to reprofile (i.e., stretch out for a short period without haircutting principal or interest) the maturing debt of a country that has lost market access is a sensible policy in cases where the IMF is uncertain whether the country's debt stock is sustainable.•...
Persistent link: https://www.econbiz.de/10013043303
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IMFing with your Economic Rights : The Greek Tragedy of the Eurozone
Brady, James - 2013
While international human rights law promulgates that economic, social and cultural rights (economic rights) be supported just as fervently as civil and political rights, the reality is, they are not. The Greek debt crisis and resulting austerity measures demonstrate how a growing world economy...
Persistent link: https://www.econbiz.de/10014158606
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Quo Vadis, Euroland? European Monetary Union between Crisis and Reform
Hellwig, Martin - 2011
This lecture discusses the 2010 crisis of the European Monetary Union and draws some lessons for reform. Crisis resolution has been difficult because the sovereign debt crisis of countries like Greece and Portugal has come together with real-estate and banking crises in countries like Ireland...
Persistent link: https://www.econbiz.de/10013122769
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Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia
Volz, Ulrich - 2012
The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and … Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional … had the opposite effect, even raising expectations of a break-up of the euro area. Indeed, the crisis has highlighted the …
Persistent link: https://www.econbiz.de/10013110301
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Quo vadis, euroland? European Monetary Union between crisis and reform
Hellwig, Martin - 2011
This lecture discusses the 2010 crisis of the European Monetary Union and draws some lessons for reform. Crisis resolution has been difficult because the sovereign debt crisis of countries like Greece and Portugal has come together with real-estate and banking crises in countries like Ireland...
Persistent link: https://www.econbiz.de/10009153317
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Lessons of the European crisis for regional monetary and financial integration in East Asia
Volz, Ulrich - 2012
The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and … Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional … had the opposite effect, even raising expectations of a breakup of the euro area. Indeed, the crisis has highlighted the …
Persistent link: https://www.econbiz.de/10009492387
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Transmission of Sovereign Risk in the Euro Crisis
Brutti, Filippo - 2013
We assess the role of financial linkages in the transmission of sovereign risk in the Euro Crisis. Building on the …
Persistent link: https://www.econbiz.de/10013091155
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The European Central Bank : Lender of Last Resort in the Government Bond Markets?
De Grauwe, Paul - 2013
The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...
Persistent link: https://www.econbiz.de/10013092424