| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12228 |
| DP12228 Official Sector Lending Strategies during the Euro Area Crisis | |
| Giancarlo Corsetti; Aitor Erce; Timothy Uy | |
| 发表日期 | 2017-08-19 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | In response to the euro area crisis, European policymakers took a gradual, incremental approach to official lending, at first relying on the approach followed by the International Monetary Fund, then developing their own crisis resolution framework. We review this development, marked by a substantial divergence in the terms of official loans offered to the crisis countries by the IMF and the euro area official lenders. Based on a unique dataset, we use event analysis to assess the impact of changing maturity and spreads of official loans on bond yields, liquidity and market access. In light of the euro area experience, we discuss arguments for rebalancing Debt Sustainability Analysis and programme design in favour of cash-flow management. While the official assistance granted to crisis countries in the euro area may not be replicable elsewhere, key lessons from it could foster a reconsideration of the modalities by which official lending institutions handle crises. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Crisis management Debt sustainability Loans maturity Market access Private sector involvement Seniority Yield curve |
| URL | https://cepr.org/publications/dp12228 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541039 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Aitor Erce,Timothy Uy. DP12228 Official Sector Lending Strategies during the Euro Area Crisis. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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