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Paths to Eurobonds

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Author Info

  • Ashoka Mody
  • Stijn Claessens
  • Shahin Vallée

Abstract

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing. Many questions remain on whether financial instruments can ever accomplish such goals without bold institutional and political decisions, and, whether, in the absence of such decisions, they can create new distortions. The proposals discussed are also not necessarily competing substitutes; rather, they can be complements to be sequenced along alternative paths that possibly culminate in a fully-fledged Eurobond. The specific path chosen by policymakers should allow for learning and secure the necessary evolution of institutional infrastructures and political safeguards.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/172.

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Length: 39
Date of creation: 01 Jul 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/172

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Keywords: Financial stability; Monetary transmission mechanism; Sovereign debt; bonds; bond; financial markets; eurobonds; moral hazard; financial institutions; sovereign bonds; liquid asset; financial instability; eurobond; bond issuance; safe bond; deposit insurance; reserve currency; liquidity support; derivatives markets; sovereign bond; liquidity crises; government bond; safe bonds; financial market; bond market; common bond; bond restructuring; central bank; brady bond; term bonds; international capital; net present value; public debt; financial regulation; debt management; long-term bonds; national debt; bond rates; debt stock; present value; bond deal; international reserves; debt dynamics; financial instruments; treasury bond; sovereign debtor; interest rate policy; bond financing; debt sustainability; government bonds;

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References

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  1. Carlo Favero & Alessandro Missale, 2011. "Sovereign spreads in the Euro Area. Which prospects for a Eurobond?," Working Papers 424, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  2. Ignazio Angeloni & Agnès Bénassy-Quéré & Benjamin Carton & Christophe Destais & Zsolt Darvas & Jean Pisani-Ferry & André Sapir & Shahin Vallée, . "Global currencies for tomorrow: a European perspective," Blueprints, Bruegel, number 592, June.
  3. Michael D. Bordo & Agnieszka Markiewicz & Lars Jonung, 2011. "A Fiscal Union for the Euro: Some Lessons from History," NBER Working Papers 17380, National Bureau of Economic Research, Inc.
  4. Xavier Sala-i-Martin & Jeffrey Sachs, 1991. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States," NBER Working Papers 3855, National Bureau of Economic Research, Inc.
  5. Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858.
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Citations

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Cited by:
  1. Pisani-Ferry, Jean, 2013. "The known unknowns and unknown unknowns of European Monetary Union," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 6-14.
  2. Gómez-Puig, Marta & Sosvilla-Rivero, Simón, 2013. "Granger-causality in peripheral EMU public debt markets: A dynamic approach," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4627-4649.
  3. Jörg Bibow, 2013. "Lost at Sea: The Euro Needs a Euro Treasury," IMK Studies 35-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  4. Beetsma, Roel & Mavromatis, Konstantinos, 2012. "An Analysis of Eurobonds," CEPR Discussion Papers 9244, C.E.P.R. Discussion Papers.
  5. Niels Gilbert & Jeroen Hessel & Silvie Verkaart, 2013. "Towards a Stable Monetary Union: What Role for Eurobonds?," DNB Working Papers 379, Netherlands Central Bank, Research Department.

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