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来源类型 | Working Paper |
规范类型 | 工作论文 |
Rules and risk in the euro area | |
Anna Iara; Guntram B. Wolff | |
发表日期 | 2011-10-03 |
出版年 | 2011 |
语种 | 英语 |
概述 | In this working paper, with a unique data set summarising the quality of rules-based fiscal governance in European Union member states, the authors show that stronger fiscal rules in euro-area members reduce sovereign risk premia, in particular in times of market stress. |
摘要 | Anna Iara and Guntram Wolff develop a model of sovereign spreads that are determined by the probability of default in interaction with the level of risk aversion. Estimation of the model confirms the central predictions. The legal basis for the rules, and mechanisms for enforcing them, are the most important dimensions of rulesbased fiscal governance. |
主题 | European Macroeconomics & Governance |
URL | https://bruegel.org/2011/10/rules-and-risk-in-the-euro-area/ |
来源智库 | Bruegel (Belgium) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/429327 |
推荐引用方式 GB/T 7714 | Anna Iara,Guntram B. Wolff. Rules and risk in the euro area. 2011. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
wp_2011_10_rules_ris(82KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | ![]() 浏览 | ||
wp_2011_10_rules_ris(445KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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