Paths to Eurobonds / / Ashoka Mody, Stijn Claessens, Shahin Vallée

• Autore: Mody Ashoka
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2012
• Descrizione fisica: 1 online resource (40 p.)
• Soggetto topico: Euro-bond market; International finance; Finance: General; Investments: Bonds; Macroeconomics; Public Finance; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; Financial Markets and the Macroeconomy; Policy Objectives; Policy Designs and Consistency; Policy Coordination; International Monetary Arrangements and Institutions; Financial Aspects of Economic Integration; Debt; Debt Management; Sovereign Debt; Intergovernmental Relations; Federalism; Secession; General Financial Markets: General (includes Measurement and Data); Fiscal Policy; Portfolio Choice; Investment Decisions; Public finance & taxation; Investment & securities; Finance; Bonds; Government asset and liability management; Public debt; Fiscal union; Liquidity; Financial institutions; Public financial management (PFM); Fiscal policy; Asset and liability management; Finance, Public; Debts, Public; Economics
• Soggetto geografico: Germany
• Altri autori: ClaessensStijn ValléeShahin
• Note generali: "July 2012."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: 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 Table ; 1. Monetary Policy and Financial MarketsReferences
• Sommario/riassunto: This 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.
• Titolo autorizzato: Paths to Eurobonds
• ISBN: 1-4755-6744-8; 1-4755-8777-5
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910786483103321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2012/172