06495oam 22015854 450 991078648310332120230801225334.01-4755-6744-81-4755-8777-5(CKB)2670000000278879(EBL)1606828(SSID)ssj0000943237(PQKBManifestationID)11985088(PQKBTitleCode)TC0000943237(PQKBWorkID)10977689(PQKB)10607360(MiAaPQ)EBC1606828(Au-PeEL)EBL1606828(CaPaEBR)ebr10627100(OCoLC)798864182(IMF)WPIEE2012172(IMF)WPIEA2012172(EXLCZ)99267000000027887920020129d2012 uf 0engur|n|---|||||txtccrPaths to Eurobonds /Ashoka Mody, Stijn Claessens, Shahin ValléeWashington, D.C. :International Monetary Fund,2012.1 online resource (40 p.)IMF Working PapersIMF working paper ;WP/12/172"July 2012."1-4755-3529-5 1-4755-0520-5 Includes bibliographical references.Cover; Contents; I. Introduction; II. Objectives and Motivations; Table; 1. Objectives of Common Debt Issuance; III. Summary of the Proposals Reviewed; IV. Assessment of the Proposals; A. Countries' Incentives; 2. Country Incentives; B. Creditors; 3. Creditors; C. Coverage and Phase-in; 4. Coverage, Phase-in and Transition; D. Legal and Institutional Challenges; V. Possible Paths; Figure; 1. From Eurobills and Project Bonds to Eurobonds; 2. From Redemption Fund to Eurobonds; VI. Conclusions; Annex; 1. Details on Proposals; 2. Monetary Policy, Financial Markets Functioning; Annex Table1. Monetary Policy and Financial MarketsReferencesThis paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing. Many questions remain on whether financial instruments can ever accomplish such goals without bold institutional and political decisions, and, whether, in the absence of such decisions, they can create new distortions. The proposals discussed are also not necessarily competing substitutes; rather, they can be complements to be sequenced along alternative paths that possibly culminate in a fully-fledged Eurobond. The specific path chosen by policymakers should allow for learning and secure the necessary evolution of institutional infrastructures and political safeguards.IMF Working Papers; Working Paper ;No. 2012/172Euro-bond marketInternational financeFinance: GeneralimfInvestments: BondsimfMacroeconomicsimfPublic FinanceimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfFinancial Markets and the MacroeconomyimfPolicy ObjectivesimfPolicy Designs and ConsistencyimfPolicy CoordinationimfInternational Monetary Arrangements and InstitutionsimfFinancial Aspects of Economic IntegrationimfDebtimfDebt ManagementimfSovereign DebtimfIntergovernmental RelationsimfFederalismimfSecessionimfGeneral Financial Markets: General (includes Measurement and Data)imfFiscal PolicyimfPortfolio ChoiceimfInvestment DecisionsimfPublic finance & taxationimfInvestment & securitiesimfFinanceimfBondsimfGovernment asset and liability managementimfPublic debtimfFiscal unionimfLiquidityimfFinancial institutionsimfPublic financial management (PFM)imfFiscal policyimfAsset and liability managementimfFinance, PublicimfDebts, PublicimfEconomicsimfGermanyimfEuro-bond market.International finance.Finance: GeneralInvestments: BondsMacroeconomicsPublic FinanceMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsFinancial Markets and the MacroeconomyPolicy ObjectivesPolicy Designs and ConsistencyPolicy CoordinationInternational Monetary Arrangements and InstitutionsFinancial Aspects of Economic IntegrationDebtDebt ManagementSovereign DebtIntergovernmental RelationsFederalismSecessionGeneral Financial Markets: General (includes Measurement and Data)Fiscal PolicyPortfolio ChoiceInvestment DecisionsPublic finance & taxationInvestment & securitiesFinanceBondsGovernment asset and liability managementPublic debtFiscal unionLiquidityFinancial institutionsPublic financial management (PFM)Fiscal policyAsset and liability managementFinance, PublicDebts, PublicEconomicsMody Ashoka888386Claessens Stijn282431Vallée Shahin1578643DcWaIMFBOOK9910786483103321Paths to Eurobonds3858218UNINA