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
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
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.
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