European Economics: Political Economy & Public Economics eJournal最新文献_第8页

The Effect of the Great Recession on Interpersonal and Political Trust in Europe 大衰退对欧洲人际信任和政治信任的影响

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-04-10 DOI: 10.2139/ssrn.3400342

Peter Koczanski

引用次数: 0

Restructuring Italian (or Other Euro Area) Debt: Do Euro CACs Constrain or Expand the Options? 重组意大利(或其他欧元区)债务:欧元区CACs是限制还是扩大了选择?

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-04-02 DOI: 10.2139/ssrn.3364982

Mark C. Weidemaier

{"title":"Restructuring Italian (or Other Euro Area) Debt: Do Euro CACs Constrain or Expand the Options?","authors":"Mark C. Weidemaier","doi":"10.2139/ssrn.3364982","DOIUrl":"https://doi.org/10.2139/ssrn.3364982","url":null,"abstract":"This paper examines the intersection between two fundamental attributes of Euro Area sovereign debt. The first is that sovereigns tend to issue bonds governed by their own law, which makes a debt restructuring comparatively easy. The second is the standardized collective action clause (CAC) mandated for most sovereign bonds by the treaty establishing the European Stability Mechanism. These Euro CACs let a bondholder supermajority approve a debt restructuring in a vote that binds dissenters. How Euro CACs interact with local law advantage is one of the central legal uncertainties affecting debt restructuring in the Euro Area. History teaches that borrower governments can easily restructure local-law debt. But this intuition co-exists with a widespread sense that Euro CACs make it harder for governments to exploit the benefits of local law. \u0000 \u0000Using a hypothetical Italian debt restructuring as an example, this paper explains why Euro CACs do not, in fact, materially constrain a sovereign’s ability to change its local law to facilitate restructuring. Put simply: From a restructurer’s perspective, Euro CACs are the safe option, not the only one. A restructuring conducted via the CAC will leave no holdouts and will survive almost any legal challenge. But a sovereign that has issued local-law debt remains free to alter its law to facilitate restructuring, although it will encounter various legal constraints in doing so. These constraints, however, are not absolute; there is room for the prudent exercise of local law advantage. The paper closes by discussing implications for current reform efforts in the Euro Area, including efforts to revise the Euro CAC template.","PeriodicalId":132443,"journal":{"name":"European Economics: Political Economy & Public Economics eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114900855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Cohesion Policy Meets Heterogeneous Firms 凝聚力政策面对异质性企业

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-03-16 DOI: 10.2139/ssrn.3488374

Loredana Fattorini, Mahdi Ghodsi, Armando Rungi

引用次数: 14

Eurozone Creation and Possible Exits: Political, Institutional, Monetary and Economic Issues - An Analysis of the Key Stress Points of the Single Currency and Their Interactions 欧元区的创建和可能的退出:政治、制度、货币和经济问题——单一货币的主要压力点及其相互作用分析

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-02-13 DOI: 10.2139/ssrn.3267211

R. Masera

{"title":"Eurozone Creation and Possible Exits: Political, Institutional, Monetary and Economic Issues - An Analysis of the Key Stress Points of the Single Currency and Their Interactions","authors":"R. Masera","doi":"10.2139/ssrn.3267211","DOIUrl":"https://doi.org/10.2139/ssrn.3267211","url":null,"abstract":"This paper argues that EMU has been and continues to be a politically driven process. In this perspective, it examines the issues and the implications of potential Euroexit and Euro break up: it underlines that these processes would have a prominent political dimension, as was the case for the creation of the euro. A complex-system network approach is adopted to examine the principal vulnerabilities of the single currency without a state. The euro is at the center of an economic and monetary union with unique political, institutional and policy features. The Eurosystem – which comprises the European Central Bank and National Central Banks - is a construction with no parallel in time and space. The heart of the interactive dynamic web in the Eurosystem is a complicated payments and settlements system: Target Balances. Beyond their accounting functions, the Balances have macroeconomic, macroprudential, balance of payments, banking and monetary – geographical and area-wide – implications. These characteristics were not explored and understood until a few years ago. The risk features continue to be downplayed. This paper tries to bring the analytical and policy understanding one step forward. It shows that - beyond the relevant and complicated assessment of changing underlying factors, also on a country basis - a long-term relationship exists between monetary base creation in the Euro area and the Target System. It argues that the workings of the System in its present form blunt the inherent adjustment mechanism of a currency union. Five key areas of stress of the euro are identified and potential systemic fault lines are examined, with novel insights on transmission mechanisms of contagions and risk spillovers. The findings help outline remedial comprehensive actions of political economy to improve the resilience of the Eurozone.","PeriodicalId":132443,"journal":{"name":"European Economics: Political Economy & Public Economics eJournal","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128043324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Improving Subnational Government Development Finance in Emerging and Developing Economies: Toward a Strategic Approach 完善新兴和发展中经济体地方政府开发性融资:战略路径

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-02-11 DOI: 10.2139/ssrn.3358007

P. Smoke

引用次数: 11

Income-Tax Transparency and Its Effect Towards Redistribution Evidence From a Natural Experiment in Norway 所得税透明度及其对再分配的影响——来自挪威一个自然实验的证据

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-02-09 DOI: 10.2139/ssrn.3331448

Rina Jio

引用次数: 0

Exposure of Firms to European Integration and the Role of National Policy Positions 企业对欧洲一体化的暴露和国家政策立场的作用

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-02-06 DOI: 10.2139/ssrn.3291510

Timo Plaga

引用次数: 0

Immigration and Preferences for Redistribution in Europe 欧洲移民与再分配偏好

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-02-01 DOI: 10.3386/W25562

A. Alesina, Elie Murard, Hillel Rapoport

引用次数: 67

Taxation as a Means of Migration Control: The Case of Hungary 税收作为控制移民的一种手段:以匈牙利为例

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-02-01 DOI: 10.54648/taxi2019026

A. Pirlot

引用次数: 0

Soda Tax Incidence and Design Under Monopoly 垄断条件下苏打税的征收与设计

European Economics: Political Economy & Public Economics eJournal Pub Date : 2019-02-01 DOI: 10.2139/ssrn.3343856

H. Cremer, C. Goulão, Jean-Marie Lozachmeur

引用次数: 5