Anderson, D., Hunt, B. and Snudden, S., (2013), “Fiscal Consolidation in the Euro Area: How Much Can Structural Reforms Ease the Pain?”, International Monetary Fund, Working Paper No.13/211, Οκτώβριος. The IMF’s Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path. The …Read More

Vuillemey, G. and Peltonen, T., (2013), “Disentagling the Bond-CDS Nexus: A stress test model of the CDS market”, European Central Bank, Working Paper No.1599, Οκτώβριος. This paper presents a stress test model for the CDS market, with a focus on the interplay between banks’ bond and CDS holdings. The model enables the analysis of credit risk transfer mechanisms, includes features of market and liquidity risk, and allows for contagious propagation …Read More

Degryse, C., Jepsen, M. and Pochet, P., (2013), “The Euro crisis and its impact on national and European social policies”, European Trade Union Institute, Working Paper 2013.05, Οκτώβριος. This critical working paper looks at the series of political choices, circumstances and windows of opportunity that have enabled one particular vision of the model of EU monetary union to gain acceptance. In the context of this model, political union is not …Read More

De Grauwe, P. and Ji, Y., (2013), “The Legacy of Austerity in the Eurozone”, Centre for European Policy Studies, 04 Οκτωβρίου. The recent slight improvement in the GDP growth rates in the eurozone has led European policy-makers to proclaim victory and assert that the austerity programmes imposed within the eurozone are paying off. But is this really the case? In this Commentary Paul De Grauwe and Yuemei Ji argue that …Read More

Ali Abas, S.M., Akitoby, B., Andritzky, J.R., Berger, H., Komatsuzaki, T. and Tyson, J., (2013), “Dealing with High Debt in an Era of Low Growth”, IMF Staff Discussion Note, SDN/13/07, Σεπτέμβριος. Τask has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the burden of adjustment onto fiscal consolidation. The SDN will investigate the main drivers behind successful past …Read More

Allard, C., Brooks, P.K., Bluedorn, J.C., Bornhorst, F., Ohnsorge, F. and Christopherson Puh, K.M., (2013), “Toward A Fiscal Union for the Euro Area”, IMF Staff Discussion Note, SDN/13/09, Σεπτέμβριος. The crisis has exposed a critical gap in EMU: the capacity for country-level shocks, whether exogenous or home-grown, to spread across the euro area, calling into question the viability of the common currency. This paper explores the role that deeper fiscal …Read More

Furceri, D. and Zdzienicka, A., (2013), “The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?”, IMF Working Papers Series, WP/13/198, Σεπτέμβριος. The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 euro area countries over the period 1979-2010, …Read More