https://www.esm.europa.eu/publications/crisis-communication-literature-review-key-takeaways Title: Crisis communication literature review with key takeawaysSummary: This paper is a review of the available literature on crisis communication that is of relevance to the ESM and to public institutions at large. The aim of the project was to produce key principles of crisis communication by...

https://www.esm.europa.eu/publications/handbook-crisis-communication-public-institutions Title: Handbook on crisis communication for public institutionsSummary: This handbook on crisis communication is primarily for public institutions, such as governments or international organisations. The aim of the project was to produce key principles of crisis communication by connecting research...

https://www.esm.europa.eu/publications/concessional-credit-lines-sovereigns-financial-distress Title: Concessional credit lines for sovereigns in financial distressSummary: This paper quantitatively assesses the macroeconomic effects of concessional credit lines for sovereigns in financial distress and shows how accessing credit lines could alleviate sovereign risk and contribute to...

https://www.esm.europa.eu/publications/asset-quality-risk Title: Asset-Quality-at-Risk Summary: The paper introduces a novel approach to predicting future asset quality deterioration in euro area banks: "asset-quality-at-risk" Authors: Alessandra Donini, Giulia Fusi, Mattia Picarelli (all ESM) Abstract: Non-performing loans (NPLs) have been at the core of...

https://www.esm.europa.eu/publications/survey-based-measure-asymmetric-macroeconomic-risk-euro-area Title: A survey-based measure of asymmetric macroeconomic risk in the euro area Summary: This paper derives a measure of perceived economic risks in the euro area from a large set of survey-based indicators and demonstrates its relevance for forecasting and business cycle dynamics. Authors: Sara...

https://www.esm.europa.eu/publications/distributional-implications-euro-area-crisis-evidence-macroeconomic-adjustment-greece Title: The distributional implications of the euro area crisis: Evidence from macroeconomic adjustment in Greece and Portugal Summary: The paper explores the distributional effects of economic crises and the resulting economic adjustments on household income in Greece and Portugal. Authors: Misina...

https://www.esm.europa.eu/publications/pri-public-transparency-report-2024-esm PRI reporting is the largest global reporting project on responsible investment. It was developed with investors, for investors. PRI signatories are required to report publicly on their responsible investment activities each year. In turn, they receive a number of outputs, including a public and...

https://www.esm.europa.eu/publications/broadening-scope-risk-sharing-through-european-backstop-natural-catastrophes Title: Broadening the scope of risk sharing through a European backstop for natural catastrophes Authors: Martin Hahn (International Association of Insurance Supervisors), Bernhard Mayr (ESM) Abstract: An increased frequency and intensity of climate-related natural catastrophes has created...

https://www.esm.europa.eu/publications/option-implied-bond-spread-risk Title: Option-implied bond spread risk Summary: This paper uses bond-option data to gauge market uncertainty and the magnitude of potential yield and spread moves in case of shocks to sovereign debt markets. Authors: Gergely Hudecz, Edmund Moshammer, and Marco Onofri (all ESM) Abstract: Government...

https://www.esm.europa.eu/publications/saving-stability-greeces-recovery-and-resilience-plan-and-its-impact-external-position Title: Saving for stability: Greece’s Recovery and Resilience Plan and its impact on the external position Summary: This paper presents a small open-economy general equilibrium model to track the dynamic effects of the RRP/RRF on savings, investment, and external balances in Greece. Authors: Zamid...

https://www.esm.europa.eu/publications/financial-imbalances-and-macroeconomic-tail-risks-structural-regime-switching Title: Financial imbalances and macroeconomic tail risks: A structural regime-switching investigation Summary: This paper examines how excessive credit growth and asset price overvaluation increase the likelihood of financial crises and deepen associated economic downturns, and assesses the...

https://www.esm.europa.eu/publications/dangerous-liaisons-debt-supply-and-convenience-yield-spillovers-euro-area Title: Dangerous liaisons? Debt supply and convenience yield spillovers in the euro area Summary: This paper documents spillover effects of sovereign debt issuance among euro area countries’ convenience yields, establishing a new source of fiscal spillovers in the euro area Authors: Cristian...

https://www.esm.europa.eu/publications/2023-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social, and governance (ESG) best practices within its operations. This 2023 publication, which is our sixth annual carbon footprint report, is a testament to...

https://www.esm.europa.eu/publications/geoeconomic-fragmentation-implications-euro-area-and-asean3-regions Title: Geoeconomic fragmentation: Implications for the euro area and ASEAN+3 regions Authors: Gergely Hudecz, Alexandre Lauwers, Yasin Mimir, Graciela Schiliuk (ESM); Li Lian Ong, Hongyan Zhao, Diana del Rosario (AMRO) Abstract: Geoeconomic fragmentation is on the rise amidst heightened geopolitical...

https://www.esm.europa.eu/publications/investor-activity-efsfesm-secondary-bond-markets Title: Investor Activity in EFSF/ESM secondary bond markets Download PDF: Working Paper 62 This paper discusses investor and dealer behaviour in the secondary markets of EFSF and ESM bonds between 2014 and 2020. Authors: Martin Hillebrand (XU Exponential University of Applied Sciences), Marko...

https://www.esm.europa.eu/publications/esg-summary-report-2023 Message from the Managing Director It is with great pleasure that I introduce our second edition of the European Stability Mechanism (ESM) summary report on environmental, social, and governance (ESG) activities. Climate change has been ranked one of the top 10 key risks for the next two years by...

https://www.esm.europa.eu/publications/esm-staff-report-comprehensive-review-maximum-lending-volume-adequacy-authorised ESM staff has prepared the final report on the comprehensive review of the ESM’s lending volume, capital adequacy, and financial assistance instruments. It was presented to the ESM Board of Governors during its Annual Meeting on 20 June 2024. The objective of the report is to assess whether the ESM...

https://www.esm.europa.eu/publications/monetary-policy-firm-heterogeneity-and-distribution-investment-rates Title: Monetary policy, firm heterogeneity, and the distribution of investment rates Download PDF: Working Paper 61 This paper studies the role of lumpy investment for the transmission of monetary policy, its impact on aggregate investment, and the heterogeneous effects across young and old firms...

https://www.esm.europa.eu/publications/sovereign-defaults-home-and-abroad Title: Sovereign defaults at home and abroad Download PDF: Working Paper 60 This paper provides a systematic comparison of domestic and external sovereign defaults from 1980 to 2018, covering details of the default events, the different macro-financial, political and geo-economic environments in...

https://www.esm.europa.eu/publications/esg-summary-report-2022 Message from the Chief Financial Officer It is my pleasure to pen introductory remarks for this first edition of the European Stability Mechanism summary report on environmental, social, and governance (ESG) activities. Given the growing interest from investors, policy makers, and the general public...