ECB Policy and Eurozone Fragility: Was De Grauwe Right?

Ana-Maria Fuertes, Elena Kalotychou and Orkun Saka

CEPS Papers from Centre for European Policy Studies

Abstract: The authors test Paul De Grauwe’s eurozone fragility hypothesis using a time window around the announcement of the Outright Monetary Transactions (OMT) programme. The findings reveal significant contagion from Spain to other eurozone countries, but solely during the pre-announcement period. The authors conclude that in this case the OMT programme has succeeded in mitigating the self-fulfilling dynamics within the eurozone.

Pages: 35 pages
Date: 2014-06
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: ECB policy and Eurozone fragility: Was De Grauwe right? (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eps:cepswp:9414

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