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The European Redemption Fund: A Comparison of Two Proposals

  • Parello, Carmelo Pierpaolo
  • Visco, Vincenzo

This paper proposes a redemption fund for the euro zone countries alternative to that recently proposed by Doluca et al. (2012) – 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. (2012). Also, our 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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File URL: http://mpra.ub.uni-muenchen.de/42232/1/MPRA_paper_42232.pdf
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File URL: http://mpra.ub.uni-muenchen.de/43660/1/MPRA_paper_43660.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42232.

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Date of creation: 24 Oct 2012
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Handle: RePEc:pra:mprapa:42232
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  1. Carmen Reinhart & M. Belen Sbrancia, 2015. "The Liquidation of Government Debt," IMF Working Papers 15/7, International Monetary Fund.
  2. 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.
  3. Hasan Doluca & Malte Hübner & Dominik Rumpf & Benjamin Weigert, 2012. "The European Redemption Pact: Implementation and macroeconomic effects," Intereconomics: Review of European Economic Policy, Springer, vol. 47(4), pages 230-239, July.
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