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A simple and flexible alternative to Stability and Growth Pact deficit ceilings. Is it at hand?

7 March, 2012
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Muscatelli, Vito & Piergiovanna, Natale, (2012), ‘A simple and flexible alternative to Stability and Growth Pact deficit ceilings. Is it at hand?’, European Journal of Political Economy,Volume 28, Issue 1, p.p. 14–26. We model a monetary union where fiscal discretion generates excessive debt accumulation in steady state and inefficiently delayed debt adjustment following shocks. By setting a debt target and raising the political cost of deviating from the optimal pace …Read More

Library » EU » Economy » Scientific Articles

Sovereign Debt Restructurings 1950-2010; Literature Survey, Data, and Stylized Facts,

6 March, 2012
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IMF, (2012), Sovereign Debt Restructurings 1950-2010; Literature Survey, Data, and Stylized Facts, IMF Working Papers, Monetary and Capital Markets Department, Washington. This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt …Read More

Library » EU » Greece » Economy » Scientific Articles

Capturing the ECB

6 February, 2012
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Stiglitz, Joseph, (2012), ‘Capturing the ECB’, www.project-syndicate.org, 6 February. Nothing illustrates better the political crosscurrents, special interests, and shortsighted economics now at play in Europe than the debate over the restructuring of Greece’s sovereign debt. Germany insists on a deep restructuring – at least a 50% “haircut” for bondholders – whereas the European Central Bank insists that any debt restructuring must be voluntary.

Library » EU » Economy » Opinion Articles

Delphic Oracle on Europe

13 May, 2011
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Tsoukalis, Loukas, Emmanouilidis, Janis, (ed) (2011), Delphic Oracle on Europe, London, Oxford University Press. The Delphic Oracle on Europe brings together leading thinkers and policy-makers from different academic disciplines and policy-oriented backgrounds from all over Europe. The chapters reflect on ways forward for the European Union in a time of global crisis and profound change. Contributors debate the institutional and political consequences of the Lisbon Treaty, the reform of economic …Read More

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