Managing Government Default Risk in Federal States
Federal governments typically apply fiscal rules to impose fiscal discipline on lower levels of government. Analogously, by trading in government debt...
The Vulnerability of Banks to Government default risk in the EMU
This paper examines the vulnerability of banks in EMU countries to shocks to default risk premiums on public debt. This vulnerability depends on (1)...
The Third Leg of the Stool: Financial Stability as a Prerequisite for EMU
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The Asian Crisis: Experiences and Lessons for Home and Host Supervisor
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Life Without the Stability Pact
There is now a real chance that the Euro member states will not abide by the strict rules of the Stability Pact. Economic and political pressures are...
Financial Crises: Plus ça change, plus c'est la même chose
During recent decades most financial crises were caused by excessive public sector expansion. The current Asian crisis, however, had its roots in...
Pension Fund Reform and European Financial Markets
Pension reform is widely seen as essential in order to defuse the difficulties EU governments would otherwise face in respect of their social security...
The Retreat of Inflation and The Making of Monetary Policy: Where Do We Stand?
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