The European Redemption Fund: A Comparison of Two Proposals
This paper proposes a redemption fund for the euro zone countries alternative to that recently proposed by Doluca et al. (2012a) - The European Redemption Pact: an Illustrative Guide, GCEE Working Paper No. 2, February - and in coherence with a previous proposal of one of the author. In doing so, we envisage a country-specific amortization scheme in which the sovereign debts exceeding the 60%-ceiling of GDP is redeemed in 30 years. The paper shows that our redemption scheme is cheaper and less constraining than that proposed by Doluca et al. (2012a). Also, the paper shows that fiscal «brakes» - such as those required by the Fiscal Compact - are not necessary for the complete redemption of the Fund.
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- Carmen M. Reinhart & M. Belen Sbrancia1, 2015.
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- Carmen M. & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," Working Paper Series WP11-10, Peterson Institute for International Economics.
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- Carmen Reinhart & M. Belen Sbrancia, 2015. "The Liquidation of Government Debt," IMF Working Papers 15/7, International Monetary Fund.
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- Doluca, Hasan & Hübner, Malte & Rumpf, Dominik & Weigert, Benjamin, 2012.
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02/2012, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
- Hasan Doluca & Malte Hübner & Dominik Rumpf & Benjamin Weigert, 2013. "The European Redemption Pact. An illustrative guide," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 341-367.
- Hasan Doluca & Malte Hübner & Dominik Rumpf & Benjamin Weigert, 2012. "The European Redemption Pact: Implementation and macroeconomic effects," Intereconomics- Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 47(4), pages 230-239, July.
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