UID:
almafu_9958116930102883
Umfang:
1 online resource (60 p.)
ISBN:
9781475513004
,
1475513003
,
9781475598940
,
1475598947
,
9781299461864
,
1299461867
,
9781475541212
,
147554121X
Serie:
IMF Staff Country Reports
Inhalt:
This 2012 Article IV Consultation—Selected Issues Paper on Euro Area Policies argues that the creation of a common eurozone financial stability architecture is an immediate priority to restore the viability of the Economic and Monetary Union. The paper presents a narrative of the various stages of the banking and sovereign crisis since the Summer of 2011. It also characterizes the downward spirals at play in periphery euro area countries and describes the process of financial de-integration within the euro area.
Anmerkung:
Description based upon print version of record.
,
Cover; Contents; I. The Eurozone Crisis and the Sovereign-Bank Nexus: The Case for a Eurozone Banking Union; A. Introduction; B. The Eurozone Crisis (July 2011-June 2012); Figure 1. Banking and Sovereign Stress; C. Downward Spirals at the National Level; D. Financial Fragmentation of the EMU; E. Main Elements of a Eurozone Banking Union; F. Conclusions; Boxes; 1. Sources of Banking Stress July 2011-June 2012; 2. Event Study: Bankia and Spanish Sovereign Borrowing Costs; II. Fiscal Integration in the Euro Area; A. The Case for Fiscal Integration in the Euro Area; Figures
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1. Labor Mobility in the Euro Area Is Low2. Private Capital Flows Have Reversed; 3. Had Countries Complied with Medium Term Objectives (MTO); B. What Makes Currency Areas Viable?; 4. Euro Area Banks Are as Large as Their U.S. Counterparts, but Lack a Common Financial Sector Backstop; 5. Elements of Fiscal Integration; Box 1. Risk Sharing and Redistribution; 6. Dimensions of Fiscal Integration; C. What Are the Options for the Euro Area?; D. Conclusions; E. References; Table 1. Proposals for Common Euro Area Sovereign Debt: Main Features
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III. Fiscal Consolidation under the SGP: Some Illustrative SimulationsA. Introduction; Figures; 1. Recent EU Fiscal Governance Reforms; B. A Characterization of SGP Regimes; Tables; 1. EU Fiscal Rules from Maastricht to the Fiscal Compact; 2. EDP Deadlines; 2. Translating SGP Regulations into a Fiscal Shock; C. The Output Effects from Fiscal Consolidation under the SGP; 3. Assumptions Underlying SGP Simulations; 3. Output Effects from SPG Rules: Myopia and Growth-friendly Consolidation; 4. Comparing Output Losses across Scenarios
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D. Policy Perspectives: How Can the Output Loss from Additional Fiscal Consolidation Be Mitigated?E. References; IV. Possible Subordination Effects of Eurosystem Bond Purchases; A. Introduction; Figures; 1. SPM Interventions; B. Empirical Evidence on ECB Subordination Risk; C. Theoretical Approaches to Quantifying Subordination Risks; 2. Event Study Analysis of ECB Subordination on Bond Yields and CDS Spreads; 3. Two Cases for Original Price; 4. Bond Prices and SMP Determinants; 5. Role of SMP Purchases in a CDS Model; D. Conclusions; E. References
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Annex. Valuation of Sovereign Bonds with ECB Senior Creditor Status
,
English
Weitere Ausg.:
ISBN 9781475505788
Weitere Ausg.:
ISBN 1475505787
Sprache:
Englisch
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