06540oam 22016094 450 991081140490332120200520144314.01-4755-6744-81-4755-8777-5(CKB)2670000000278879(EBL)1606828(SSID)ssj0000943237(PQKBManifestationID)11985088(PQKBTitleCode)TC0000943237(PQKBWorkID)10977689(PQKB)10607360(Au-PeEL)EBL1606828(CaPaEBR)ebr10627100(OCoLC)798864182(IMF)WPIEE2012172(IMF)WPIEA2012172(MiAaPQ)EBC1606828(EXLCZ)99267000000027887920020129d2012 uf 0engur|n|---|||||txtccrPaths to Eurobonds /Ashoka Mody, Stijn Claessens, Shahin Vallée1st ed.Washington, 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 financeAsset and liability managementimfBondsimfDebt ManagementimfDebtimfDebts, PublicimfEconomicsimfFederalismimfFinanceimfFinance, PublicimfFinance: GeneralimfFinancial Aspects of Economic IntegrationimfFinancial institutionsimfFinancial Markets and the MacroeconomyimfFiscal PolicyimfFiscal policyimfFiscal unionimfGeneral Financial Markets: General (includes Measurement and Data)imfGovernment and the Monetary SystemimfGovernment asset and liability managementimfIntergovernmental RelationsimfInternational Monetary Arrangements and InstitutionsimfInvestment & securitiesimfInvestment DecisionsimfInvestments: BondsimfLiquidityimfMacroeconomicsimfMonetary SystemsimfPayment SystemsimfPolicy CoordinationimfPolicy Designs and ConsistencyimfPolicy ObjectivesimfPortfolio ChoiceimfPublic debtimfPublic finance & taxationimfPublic FinanceimfPublic financial management (PFM)imfRegimesimfSecessionimfSovereign DebtimfStandardsimfGermanyimfEuro-bond market.International finance.Asset and liability managementBondsDebt ManagementDebtDebts, PublicEconomicsFederalismFinanceFinance, PublicFinance: GeneralFinancial Aspects of Economic IntegrationFinancial institutionsFinancial Markets and the MacroeconomyFiscal PolicyFiscal policyFiscal unionGeneral Financial Markets: General (includes Measurement and Data)Government and the Monetary SystemGovernment asset and liability managementIntergovernmental RelationsInternational Monetary Arrangements and InstitutionsInvestment & securitiesInvestment DecisionsInvestments: BondsLiquidityMacroeconomicsMonetary SystemsPayment SystemsPolicy CoordinationPolicy Designs and ConsistencyPolicy ObjectivesPortfolio ChoicePublic debtPublic finance & taxationPublic FinancePublic financial management (PFM)RegimesSecessionSovereign DebtStandards332.1/52Mody Ashoka888386Claessens Stijn282431Vallée Shahin1622006DcWaIMFBOOK9910811404903321Paths to Eurobonds3955621UNINA