Franklin

Paths to Eurobonds [electronic resource] Mody, Ashoka.

Author/Creator:
Mody, Ashoka.
Publication:
Washington, D.C. : International Monetary Fund, 2012.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 12/172.
IMF Working Papers; Working Paper No. 12/172
Format/Description:
Government document
Book
1 online resource (39 p.)
Local subjects:
Bond.
Bond deal.
Bond financing.
Bond issuance.
Bond market.
Bond rates.
Bond restructuring.
Bonds.
Brady bond.
Central bank.
Common bond.
Debt.
Debt dynamics.
Debt Management.
Debt stock.
Debt sustainability.
Deposit insurance.
Derivatives markets.
Eurobond.
Eurobonds.
Financial Aspects of Economic Integration.
Financial instability.
Financial institutions.
Financial instruments.
Financial market.
Financial markets.
Financial Markets and the Macroeconomy.
Financial regulation.
Financial stability.
Government and the Monetary System.
Government bond.
Government bonds.
Interest rate policy.
Intergovernmental Relations.
International capital.
International Monetary Arrangements and Institutions.
International reserves.
Liquid asset.
Liquidity crises.
Liquidity support.
Long-term bonds.
Monetary Standards and Regimes.
Monetary transmission mechanism.
Moral hazard.
National debt.
Net present value.
Policy Coordination.
Policy Designs and Consistency.
Policy Objectives.
Present value.
Public debt.
Reserve currency.
Safe bond.
Safe bonds.
Sovereign bond.
Sovereign bonds.
Sovereign debt.
Sovereign debtor.
Term bonds.
Treasury bond.
Europe. -- 1913-71
Germany.
Spain.
Summary:
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.
Notes:
Description based on print version record.
Contributor:
Claessens, Stijn.
Mody, Ashoka.
Vallée, Shahin.
Other format:
Print Version:
ISBN:
1475505205:
9781475505207
ISSN:
1018-5941
Publisher Number:
10.5089/9781475505207.001
Access Restriction:
Restricted for use by site license.
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