October, 3 2018
From mid-2007 to mid-2013 the European Economic and Monetary Union (EMU) was characterized by financial and ‘real’ crises that had a significant impact on the evolution of European banks. In the post-crisis phase, these banks will be unable to keep their...
September, 4 2018
P. Canofari, G. Di Bartolomeo and M. Messori: Sovereign Debt Crisis, Fiscal Consolidation And Quantitative Easing In A Monetary Union
In a stylized model of the EMU, where centralized and national policy authorities strategically interact, we show that ‘quantitative easing’ (QE) operates as an indirect risk-sharing mechanism that could improve EMU stability and the welfare of (a part of...
June, 14 2018
Marco Committeri and Pietro Tommasino: Managing sovereign debt restructurings in the euro zone. A note on old and current debates
European economic governance is again under the spotlight. Several reform proposals have been put forward in recent years, including new arrangements for the management and resolution of sovereign debt crises. This note purports to: (a) critically review...
May, 11 2018
Lorenzo Bini Smaghi and Michala Marcussen: Strengthening the euro area Architecture A proposal for Purple bonds
The euro area is currently facing a dilemma. While it is widely recognized that its architecture needs to be strengthened, some of the key proposals to achieve this goal encounter political difficulties. Genuine Eurobonds with joint and several liability...
April, 12 2018
Fiscal discipline is commonly evaluated on the basis of the debt-GDP ratio, which exhibits a stockvariable measured relative to a flow variable. This way of monitoring debt solvency is arguably notconsistent with transversality conditions obtained from...
March, 6 2018
Abstract - Global economic governance has evolved dramatically in recent years. Emerging and developing countries have risen in importance. Technological change, faster connections and the rising tide of globalisation in general strengthened economic...
December, 12 2017
Abstract - Corporate governance architecture is central to the dynamics by which successful firms and economies improve their performance over time as well as relative to each other. We exploit an augmented version of the law of proportionate effect...
October, 18 2017
Abstract: While the debate over the relationship between austerity and growth in Europe has been lively and intense, systematic and rigours empirical analysis has remained underdeveloped. With this econometric study of a panel of European...
October, 4 2017
F. Passacantando: Italexit, Debt Cancellation and Parallel Moneys: The fatal attraction for the Argentine solution
This study aims to show the extraordinary complexity of an exit from the euro by Italy through a comparison with Argentina in the nineties when they adopted a currency convertibility with the dollar. After abandoning that regime in 2002 and having...