March, 15 2016
One of the main problems facing the European Monetary Union is the macroeconomic imbalances between ‘core’ and ‘peripheral’ member states. Though they predated the union’s creation, these problems were highlighted between 1999 and the advent of the...
February, 19 2016
We develop a macroeconomic model with an agent-based household sector and a stock-flow consistent structure, in order to analyse the impact of rising income inequality on the likelihood of a debt crisis for different institutional settings. In particular...
February, 4 2016
How can the quantitative easing (QE) programme launched in March 2015 by the ECB be successful in the Eurozone (EZ)? What will be its impact on the member countries? And how will it relate to countries' fiscal policies? To address these questions, we use...
November, 16 2015
P. Schlosser: ‘Tightening the knot’ - strengthening fiscal surveillance in EMU during the euro crisis
One of the key regularities which appeared to hold so far in European integration is that the closer a policy issue lies to the core of state sovereignty, the least likely it is for integration to occur in that domain (Boerzel, 2005; Lindberg and...
October, 16 2015
The crisis in the Euro area has caused several business closures, especially in the EMU periphery. In this paper we use an original firm-level dataset on Italy to study the determinants of firm exit during the crisis, having a particular focus on the role...
October, 6 2015
The financial crisis of 2008-09 and the ensuing sovereign debt and banking crises within the eurozone exposed the presence of massive moral hazard within banking systems, that led to over-borrowing and excessive risk-taking by many large banks.
July, 13 2015
The aim of this paper is to assess the role of competitiveness and financial integration on trade flows for countries belonging to the European Monetary Union (EMU). We argue that these two factors contributed both to the dynamics of trade...
June, 8 2015
As the sovereign debt crisis burst in 2010, the European Union lacked both the instruments and the expertise to manage the situation. It thus resorted to the International monetary fund. Fund arrangements with euro area countries would not have been...