It is argued the current eurozone crisis is neither new nor surprising. Fiscal discipline in the eurozone was weak from its creation in 1999, but ongoing economic prosperity limited the damage.
Miroslav Prokopijević
core
The US dollar and the euro – Deus Ex Machina: The dollar may be our currency, but it’s your problem. EUMA Papers, Vol.5, No.9 April 2008 [PDF]
, 2008 [Introduction]. Until the 19th and mid-20th centuries, economic theory explained that the economic status of a country was represented by the strength of its currency.2 This strength is measured by the exchange rate of one currency vis-á-vis another ...
Lorca-Susino, Maria.
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Climate‐Neutrality Transition and Banks' Loan Pricing
Journal of Financial Research, EarlyView.Abstract In this paper, we propose a novel methodology to quantify firms' climate‐change transition risk (CCTR) and its implications for credit markets. We utilize the regulatory framework of the European Green Deal's 2050 carbon neutrality roadmap, focusing on large Eurozone firms and their banking relationships.
Evangelos Salachas +2 more
wiley +1 more source
This time truly is different: The cyclical behaviour of fiscal policy during the Covid-19 crisis. [PDF]
J Macroecon, 2023 Heimberger P.
europepmc +1 more source
Why should we believe the market this time? ECMI Commentary No. 22, 23 February 2009 [PDF]
, 2009 During the decade preceding the eruption of the financial crisis in August 2007, rating agencies and market participants, gripped by euphoria, systematically underestimated the risk inherent in a wide range of financial assets.
De Grauwe, Paul.
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Financial Fragility and the Fiscal Multiplier
Journal of Money, Credit and Banking, EarlyView.Abstract We show that undercapitalized banks with large holdings of government bonds subject to sovereign default risk lead to a new crowding‐out channel: deficit‐financed fiscal stimuli lead to higher bond yields, triggering capital losses for the banks. Banks then cut back loans, which reduces fiscal multipliers.
CHRISTIAAN VAN DER KWAAK +1 more
wiley +1 more source
Tax harmonization in the European Union and the eurozone: a multilateral analysis of tax systems
Financial Theory and Practice, 2016 This exploratory study takes a new look at the tax systems of countries in the Organisation of Economic Co-operation and Development (OECD). We measure a country’s tax system using time-series cross-sectional data on tax collection variables as well as a
Sonja Engeli Pippin, Mehmet Serkan Tosun
doaj +1 more source
The Eurozone Crisis: Institutional Setting, Structural Vulnerability, and Policies [PDF]
The unfolding of the crisis in the Eurozone can be explained by the interaction of institutional features and policy failures, and by their interconnection with real and financial imbalances.
Bruno Dallago, Chiara Guglielmetti
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The Discursive double game of EMU reform: the clash of titans between French White Knight and German Iron Lady. Paper presented at the 9th Biennial Conference European Community Studies Association–Canada (ECSA-C), Ottawa, Ontario, April 27-28, 2012 [PDF]
, 2012 From the Introduction. In the aftermath of the EU’s enlargement towards Central and Eastern Europe, many scholars and observers of European integration were proclaiming that the French-German “engine” of Europe had come to an end.
Crespy, Amandine, Schmidt, Vivien
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Output Gap Uncertainty, Sovereign Risk Premia and the Contingent Importance of the Bond Vigilantes
Metroeconomica, EarlyView.ABSTRACT This paper investigates the implications of output gap uncertainty for the conduct of fiscal policy using a small‐scale macroeconomic model with boundedly rational agents. Specifically, agents use an adaptive updating mechanism to approximate the unobservable potential output that suffers, similarly to the Hodrick and Prescott (1997) filter ...
Christian R. Proaño, Jonas Dix
wiley +1 more source