Paths to Eurobonds [electronic resource] Mody, Ashoka.
- Washington, D.C. : International Monetary Fund, 2012.
- IMF eLibrary
IMF Working Papers; Working Paper No. 12/172.
IMF Working Papers; Working Paper No. 12/172
- Government document
1 online resource (39 p.)
- Local subjects:
Financial Aspects of Economic Integration.
Financial Markets and the Macroeconomy.
Government and the Monetary System.
Interest rate policy.
International Monetary Arrangements and Institutions.
Monetary Standards and Regimes.
Monetary transmission mechanism.
Net present value.
Policy Designs and Consistency.
Europe. -- 1913-71
- 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.
- Description based on print version record.
- Claessens, Stijn.
- Other format:
- Print Version:
- Publisher Number:
- Access Restriction:
- Restricted for use by site license.
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