Working Papers

From European Stability Mechanism
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30: Fiscal multipliers and foreign holdings of public debt

Fernando Broner, Daragh Clancy, Alberto Martin and Aitor Erce

29: Pricing and hedging GDP-linked bonds in incomplete markets

Andrea Consiglio and Stavros Zenios

28: External debt composition and domestic credit cycles

Stefan Avdjiev, Stephan Binder and Ricardo Sousa

27: Sovereign Ratings: An Analysis of the Degree, Changes and Source of Moodys Judgement

Rudolf Alvise Lennkh and Edmund Moshammer

26: Does exchange rate depreciation have contractionary effects on firm-level investment?

Jose Maria Serena Garralda and Ricardo Sousa

25: Analysing Cross-Currency Basis Spreads

Jaroslav Baran and Jiří Witzany

24: Debt Stocks Meet Gross Financing Needs: A Flow Perspective into Sustainability

Carmine Gabriele, Aitor Erce, Marialena Athanasopoulou and Juan Rojas

23: A Comprehensive Scorecard for Assessing Sovereign Vulnerabilities

Rudolf Alvise Lennkh, Edmund Moshammer and Vilém Valenta

22: Linking Bank Crises and Sovereign Defaults: Evidence from Emerging Markets

Irina Balteanu and Aitor Erce

21: The Macroeconomic Effects of Official Debt Restructuring: Evidence from the Paris Club

Gong Cheng, Javier Díaz-Cassou and Aitor Erce

20: From Debt Collection to Relief Provision: 60 Years of Official Debt Restructurings through the Paris Club

Gong Cheng, Javier Díaz-Cassou and Aitor Erce

19: A Highly Efficient Regression Estimator for Skewed and/or Heavy-tailed Distributed Errors

Lorenzo Ricci, Vincenzo Verardi and Catherine Vermandele

18: The Role of Fiscal Transfers in Smoothing Regional Shocks: Evidence from Existing Federations

Tigran Poghosyan, Abdelhak Senhadji and Carlo Cottarelli

17: International Risk Sharing in the EMU

Alessandro Ferrari and Anna Rogantini Picco

16: Bailouts, Moral Hazard and Banks’ Home Bias for Sovereign Debt

Gaetano Gaballo and Ariel Zetlin-Jones

15: Firm Performance and (Foreign) Debt Financing before and during the Crisis: Evidence from Firm-Level Data

Mateja Gabrijelčič, Uros Herman and Andreja Lenarčič

14: Euro Area Sovereign Ratings: An Analysis of Fundamental Criteria and Subjective Judgement

Rudolf Alvise Lennkh and Antonello D'Agostino

13: The Global Financial Safety Net through the Prism of G20 Summits

Gong Cheng

12: Financial Contagion: A New Perspective (and a New Test)

Matteo Cominetta

11: Capital Adequacy Regulations in Hungary: Did It Really Matter?

Dóra Siklós

10: Countercyclical capital rules for small open economies

Daragh Clancy and Rossana Merola

9: Catalytic IMF? A gross flows approach

Aitor Erce and Daniel Riera-Crichton

8: European Government Bond Dynamics and Stability Policies: Taming Contagion Risks

Peter Schwendner, Martin Schuele, Thomas Ott and Martin Hillebrand

7: Combining time-variation and mixed-frequencies: an analysis of government spending multipliers in Italy

Antonello D’Agostino and Jacopo Cimadomo

6: Collateral Damage? Micro-Simulation of Transaction Cost Shocks on the Value of Central Bank Collateral

Rudolf Alvise Lennkh and Florian Walch

5: What Happened to Profitability? Shocks, Challenges and Perspectives for Euro Area Banks

Gong Cheng and Dirk Mevis