Limited joint liability in structured Eurobonds: Pricing the political costs

Christian Bauer and Marc-Patrick Adolph

Journal of International Money and Finance, 2021, vol. 113, issue C

Abstract: We introduce an analytical tool to study the effects of a limited joint liability component for several variants of Eurobonds. Our approach allows to optimize the degree of jointness and therefore could overcome the huge and emotionally influenced political obstacle of joint liability.

Keywords: Structured Eurobonds; Joint Liability; Fiscal Union; EMU; Sovereign Debt; ABS (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:113:y:2021:i:c:s0261560620302990

DOI: 10.1016/j.jimonfin.2020.102343

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