The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is … the euro are assessed and found lacking. A “Euro Treasury” scheme operating on a strict rule and specifically designed not … to be a transfer union is proposed here as a condition sine qua non for healing the euro's potentially fatal birth …

In 2007, countries in the euro periphery were enjoying stable growth, low deficits and low spreads. Then the financial … crisis erupted and pushed them into deep recession, raising their deficits and debt levels. By 2010, they were facing severe … debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was …

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial … crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010,they were facing severe … debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was …

's capitalists to support opening up the economy to FDI. This attitude switch is more likely to occur the greater the debt overhang …

liability imbalances of emerging markets that frequently contributed to financial crises. The aim of the paper is to contribute … the economy. We show that if (i) a significant share of the debt is denominated in foreign currency - creating a currency … tilts the debt profile towards short term debt, thereby increasing the volatility of output. Taking the model implications …

External imbalances played a pivotal role in the run-up to the global financial crisis, being an important underlying … cause of the ensuing turmoil. While current account (flow) imbalances have narrowed in the aftermath of the crisis, net … international investment position (stock) imbalances still persist. In this paper, we explore the implications of countries’ net …

In this paper we empirically explore the relationship between debt and output in a panel of 72 countries over the … predicted by a standard small open economy model by Aguiar and Gopinath (2007), where debt and output endogenously respond to … total factor productivity (TFP) shocks. First, developing countries' debt falls after a positive output shock, while the …