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Le futur de l'emprunt souverain dans un paysage bancaire européen en évolution : moteurs, liens et rétroactions

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  • Hans J. Blommestein

Abstract

The changing landscape for European banks influences the future of sovereign borrowing and vice versa. The fates of banks and sovereigns are intertwined, including by toxic feed-back loops between them. The study suggests considering four policy principles or guidelines to weaken the toxic feed-back links between failing financial institutions and sovereigns. The implied efforts to reduce the impact of these adverse feed-back loops are therefore additional drivers of the changing landscape for banks and sovereigns in Europe. Sovereigns also need to address the challenges associated with the reduced role and (capital) commitment of primary dealer banks in both primary and secondary markets for government debt. Classification JEL: E44, E58, E62, F34, G01, G21, G28, H63.

Suggested Citation

  • Hans J. Blommestein, 2013. "Le futur de l'emprunt souverain dans un paysage bancaire européen en évolution : moteurs, liens et rétroactions," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 63-82.
    • Handle: RePEc:cai:refaef:ecofi_111_0063
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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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