Government debt denomination policies before and after the EMU advent

Georges Hübner and Robert Joliet ()

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Abstract: Through a cost-minimizing approach, this paper derives joint indicators to assess the efficiency of the mix of sovereign debt currencies between the countries belonging to the European Monetary Union (EMU). This theoretical insight enables us to explain why and how the introduction of the euro and the adoption of a common monetary policy may have led to significant changes in debt structure among EMU members, notably in favor of further euro-denominated debt. The interplay of intrinsic and strategic variables yields stylized facts that are consistent with country-specific empirical evidence. Following the sovereign debt crisis, we further emphasize the value-added of a coordinated debt issuance policy among EMU countries.

Date: 2013
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Published in Open Economies Review, 2013, 24 (2), pp.283-309. ⟨10.1007/s11079-011-9238-9⟩

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Journal Article: Government Debt Denomination Policies Before and After the EMU Advent (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00787175

DOI: 10.1007/s11079-011-9238-9

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