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| Author | : Sakai Ando |
| Publisher | : International Monetary Fund |
| Total Pages | : 27 |
| Release | : 2023-03-17 |
| Genre | : |
| ISBN | : |
Revisiting the Case for Debt Mutualization in the Euro Area: A Quantitative Exploration
| Author | : Sakai Ando |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2023 |
| Genre | : |
| ISBN | : |
This paper explores the feasibility of an idea proposed first by the German Council of Economic Experts in 2011 and revisited by Italian and French authorities in 2021: the one-off mutualization of some European legacy debt through the creation of a European Debt Management Agency (EDMA). The paper does not argue in favor or against these proposals or make a proposal of its own. Rather it outlines a conceptual framework that can be used to quantify the contours of mutualization proposals and draws lessons from the debt assumption in the United States in 1790. The framework suggests that by capitalizing the convenience yield on European-wide safe assets, the EDMA could issue up to 15 percent of euro area GDP, helping to put national debts on a sounder trajectory. The analysis suggests that, without mutualization, some euro area countries are likely to experience decreasing debt-to-GDP ratios over the forecast period. This is not the case for Belgium, Finland, France, Italy, and Spain, where further fiscal consolidation would be needed. For these countries, we consider the effects of a debt mutualization equivalent to 26 percent of their GDP. For Italy, this operation alone is enough to ensure a decreasing debt-to-GDP path. For the others, the news is more mixed: while the additional fiscal consolidation is smaller, 1.3 to 2.3 percent of GDP are still required to reduce debt with 95 percent probability.
| Author | : Mr.Helge Berger |
| Publisher | : International Monetary Fund |
| Total Pages | : 63 |
| Release | : 2018-02-20 |
| Genre | : Business & Economics |
| ISBN | : 1484340426 |
The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.
| Author | : Mrs.Vanessa Le Lesle |
| Publisher | : International Monetary Fund |
| Total Pages | : 40 |
| Release | : 2012-12-20 |
| Genre | : Business & Economics |
| ISBN | : 1475522037 |
The crisis in Europe has underscored the vulnerability of European bank funding models compared to international peers. This paper studies the drivers behind this fragility and examines the future of bank funding, primarily wholesale, in Europe. We argue that cyclical and structural factors have altered the structure, cost, and composition of funding for European banks. The paper discusses the consequences of shifting funding patterns and investor preferences and presents possible policy options and bank actions to enhance European bank funding models’ robustness.
| Author | : Claudia Sanchez Bajo |
| Publisher | : Springer |
| Total Pages | : 284 |
| Release | : 2011-08-30 |
| Genre | : Business & Economics |
| ISBN | : 023030852X |
The financial crisis is destroying wealth but is also a remarkable opportunity to uncover the ways by which debt can be used to regulate the economic system. This book uses four case studies of cooperatives to give an in-depth analysis on how they have braved the crisis and continued to generate wealth.
| Author | : Ms.Catherine McAuliffe |
| Publisher | : International Monetary Fund |
| Total Pages | : 55 |
| Release | : 2012-11-14 |
| Genre | : Business & Economics |
| ISBN | : 1475539428 |
The East African Community (EAC) has been among the fastest growing regions in sub-Saharan Africa in the past decade or so. Nonetheless, the recent growth path will not be enough to achieve middle-income status and substantial poverty reduction by the end of the decade—the ambition of most countries in the region. This paper builds on methodologies established in the growth literature to identify a group of countries that achieved growth accelerations and sustained growth to use as benchmarks to evaluate the prospects, and potential constraints, for EAC countries to translate their recent growth upturn into sustained high growth. We find that EAC countries compare favorably to the group of sustained growth countries—macroeconomic and government stability, favorable business climate, and strong institutions—but important differences remain. EAC countries have a smaller share of exports, lower degree of financial deepening, lower levels of domestic savings, higher reliance on donor aid, and limited physical infrastructure and human capital. Policy choices to address some of these shortcomings could make a difference in whether the EAC follows the path of sustained growth or follows other countries where growth upturns later fizzled out.
| Author | : Maria João Rodrigues |
| Publisher | : Do Sustainability |
| Total Pages | : 275 |
| Release | : 2021-07 |
| Genre | : Political Science |
| ISBN | : 1913019330 |
The world is facing many great challenges: from pandemics to climate change, and from increasing inequality to the issues surrounding digitalization. In a new and rapidly changing global landscape, Europe must look for solutions to these difficulties to follow up on its impressive decades-long process of integration. Europe has the capacity to chart a progressive course in the world. Our European Future offers solutions to rethink our socioeconomic model in the glare of the environmental and digital transformations; to redefine Europe’s role in the world to contribute to renewed multilateralism; to strengthen investment in public goods; and finally, to re-invent our democratic contract. The book brings together the insights of renowned experts from across Europe, and it should prove a handy guide for any progressive thinker, policymaker or activist, and for any citizen who would like to take part in the necessary democratic debate about our future. This book, edited by Maria João Rodrigues with the collaboration of François Balate, is a first contribution from the Foundation for European Progressives Studies to the Conference on the Future of Europe and beyond.
| Author | : Stuart I. Greenbaum |
| Publisher | : Academic Press |
| Total Pages | : 490 |
| Release | : 2019-05-14 |
| Genre | : Business & Economics |
| ISBN | : 0124059341 |
Contemporary Financial Intermediation, 4th Edition by Greenbaum, Thakor, and Boot continues to offer a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that puts information and economic reasoning at the core. Instead of primarily naming and describing markets, regulations, and institutions as is common, Contemporary Financial Intermediation explores the subtlety, plasticity and fragility of financial institutions and credit markets. In this new edition every chapter has been updated and pedagogical supplements have been enhanced. For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve they do, why we suffer recurring financial crises occur and how we typically react to them. Our textbook demands more in terms of quantitative skills and analysis, but its ability to teach about the forces shaping the financial world is unmatched. Updates and expands a legacy title in a valuable field Holds a prominent position in a growing portfolio of finance textbooks Teaches tactics on how to recognize and forecast fluctuations in financial markets
| Author | : P. Saunier |
| Publisher | : Springer |
| Total Pages | : 242 |
| Release | : 2008-07-21 |
| Genre | : History |
| ISBN | : 0230613810 |
This collection uses the transnational activities of municipal urban governments to historicize the origins and development of the global city, focusing on how urban problems were addressed with concepts that emerged from the "world in between" nations and cities.
| Author | : Nestor M. Davidson |
| Publisher | : Cambridge University Press |
| Total Pages | : 952 |
| Release | : 2018-11-22 |
| Genre | : Law |
| ISBN | : 1108266207 |
This Handbook grapples conceptually and practically with what the sharing economy - which includes entities ranging from large for-profit firms like Airbnb, Uber, Lyft, Taskrabbit, and Upwork to smaller, non-profit collaborative initiatives - means for law, and how law, in turn, is shaping critical aspects of the sharing economy. Featuring a diverse set of contributors from many academic disciplines and countries, the book compiles the most important, up-to-date research on the regulation of the sharing economy. The first part surveys the nature of the sharing economy, explores the central challenge of balancing innovation and regulatory concerns, and examines the institutions confronting these regulatory challenges, and the second part turns to a series of specific regulatory domains, including labor and employment law, consumer protection, tax, and civil rights. This groundbreaking work should be read by anyone interested in the dynamic relationship between law and the sharing economy.
