Correcting for the Eurozone Design Failures: The Role of the ECB

References

• Aizenman, J., and M. Hutchison. 2012. What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk. Paper Presented at the Conference on “The European sovereign debt crisis: background and perspectives”, Organized by the Danmarks Nationalbank/JIMF, Copenhagen. April 13–14.
   Google Scholar
• Arghyrou, M., and A. Kontonikas. 2010. The EMU sovereign-debt crisis: fundamentals, expectations and contagion. Cardiff Economics Working Papers, E2010/9.
   Google Scholar
• Attinasi, M., C. Checherita, C. Nickel. 2009. What explains the surge in euro area sovereign spreads during the financial crisis of 2007–09? ECB Working Paper, No 1131. December.
   Google Scholar
• Baldwin, R., and Teulings, C.. 2014. Secular stagnation. Facts, causes and cures. A new vox ebook. October, http://www.voxeu.org/article/secular-stagnation-facts-causes-and-cures-new-vox-ebook.
   Google Scholar
• Begg, Iain, Annette Bongardt, Kalypso Nicolaïdis, and Francisco Torres. 2015. EMU and Sustainable Integration. Journal of European Integration 37, no. 7: 803–16.
   Web of Science ®Google Scholar
• Beirne, J., and M. Fratzscher. 2012. Pricing and mispricing of sovereign debt in the Euro area during the crisis. Paper Presented at the Conference on “The European sovereign debt crisis: background and perspectives”, Organized by the Danmarks Nationalbank/JIMF. April 13–14.
   Google Scholar
• Blanchard, Olivier, and Daniel Leigh. 2013. Growth forecast errors and fiscal multipliers. IMF Working Paper. January.
   Google Scholar
• Caceres, C., V. Guzzo, and M. Segoviano. 2010. Sovereign spreads: global risk aversion, contagion or fundamentals? IMF Working Paper. May.
   Google Scholar
• De Grauwe, P. 2011. The governance of a fragile Eurozone. CEPS Working Documents, Economic Policy. May, http://www.ceps.eu/book/governance-fragile-eurozone.
   Google Scholar
• De Grauwe, P. 2014. Economic theories that influenced the judges of Karlsruhe. VoxEU, http://www.voxeu.org/article/economic-flaws-german-court-decision.
   Google Scholar
• De Grauwe, P., and Y. Ji. 2013. Panic-driven austerity and its implication for the Eurozone. VoxEU. 21 February, http://www.voxeu.org/article/panic-driven-austerity-eurozone-and-its-implications.
   Google Scholar
• De Grauwe, P., and Y. Ji. 2014. The future of the eurozone. The Manchester School. 82: 15–34.
   Web of Science ®Google Scholar
• De Mello, P., and Padoan, P. 2010. Promoting potential growth: the role of structural reform. Economics Department Working Paper, No. 793. OECD.
   Google Scholar
• Edwards, S. 1984. LDC foreign borrowing and default risk: an empirical investigation 1976–1980. American Economic Review 74, September: 726–734.
   Web of Science ®Google Scholar
• Edwards, S. 1986. The pricing of bonds and bank loans in international markets: an empirical analysis of developing countries’ foreign borrowing. European Economiv Review 30: 565–589.
   Web of Science ®Google Scholar
• Eichengreen, B., R. Hausmann, and U. Panizza. 2005. The pain of original sin. In Other people’s money: debt denomination and financial instability in emerging market economies, eds. B. Eichengreen and R. Hausmann. Chicago, IL: Chicago University Press.10.7208/chicago/9780226194578.001.0001
   Google Scholar
• Eichengreen, B., and A. Mody. 2000. Lending booms, reserves and the sustainability of short-term debt: inferences from the pricing of syndicated bank loans. Journal of Development Economics 63: 5–44.10.1016/S0304-3878(00)00098-5
   Web of Science ®Google Scholar
• European Central Bank. 2015. Progress with structural reforms across the euro area and their possible impacts. Economic Bulletin, no. 2.
   Google Scholar
• Fratzscher, M. 2014. Die Deutschland-Illusion: Warum wir unsere Wirtschaft überschätzen und Europa brauchen. Berlin: Hanser Verlag.
   Google Scholar
• Gerlach, S., G. Schulz, and W. Wolff. 2010. Banking and sovereign risk in the euro area. Frankfurt: mimeo. Deutsche Bundesbank.
   Google Scholar
• Giavazzi, F., and M. Pagano. 1990. Can Fiscal Contractions be Contractionary: Tales of Two Small European Countries. In Annual 1990, Vol. 5, ed. N.B.E.R. Macroeconomics. Cambridge, MA: MIT Press.
   Google Scholar
• Giavazzi, Francesco, and Charles Wyplosz. 2015. EMU: Old Flaws Revisited. Journal of European Integration 37, no. 7: 723–37.
   Web of Science ®Google Scholar
• Gibson, H.G., G. Hall, and G. Tavlas. 2011. The Greek financial crisis: growing imbalances and sovereign spreads. Working Paper. March. Bank of Greece.
   Google Scholar
• Jones, Erik. 2015. Getting the Story Right: How You Should Choose between Different Interpretations of the European Crisis (And Why You Should Care). Journal of European Integration 37, no. 7: 817–31.
   Web of Science ®Google Scholar
• Gros, D. 2011. A simple model of multiple equilibria and default. mimeo. Brussels: CEPS.
   Google Scholar
• Koo, R. 2011. The world in balance sheet recession: causes, cure, and politics. Real-world Economics Review, no. 58. Tokyo: Nomura Research Institute.
   Google Scholar
• Krugman, P. 2012. End this depression now! 272 p. Norton & Company.
   Google Scholar
• Min, H. 1999. Determinants of emerging market bond spread: do economic fundamentals matter? World Bank, http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-1899.
   Google Scholar
• Mosley, L. 2015. 9 (De) fault lines? The EU, national governments, and private capital markets in the postcrisis era. In Crises in Europe in the transatlantic context: economic and political appraisals. CRS Press.
   Google Scholar
• Schularick, M. 2012. Public debt and financial crises in the twentieth century. Paper presented at the ECB conference on sovereign debt. 22–23 June. European Central Bank, Frankfurt.
   Google Scholar
• Summers, L. 2014. Reflections on the new “Secular Stagnation Hypothesis”. VoxEU. October, http://www.voxeu.org/article/larry-summers-secular-stagnation.
   Google Scholar
• Winkler, A. 2014. The Federal German constitutional court decides which theory of finance is correct. Frankfurt: mimeo. European Central Bank.
   Google Scholar
• Wolf, M. 2014. The shifts and the shocks. What we have learned – and have still to learn – from the financial crisis. London: Penguin.
   Google Scholar