https://www.esm.europa.eu/publications/journey-history-sovereign-defaults-domestic-law-public-debt Title: A journey in the history of sovereign defaults on domestic-law public debt Download PDF: Working Paper 51 This paper uses a novel database to provide a unique overview of the last four decades of sovereign debt restructuring of public debt governed by local law. Authors: Aitor Erce (Navarra...

https://www.esm.europa.eu/publications/how-programme-evaluations-can-benefit-quality-life-considerations Title: How programme evaluations can benefit from quality of life considerations Download PDF: Discussion Paper 19 Authors: Olga Francová, Kari Korhonen and Dušan Kovačević Abstract: This study considers to what extent quality of life criteria, as defined in the Organisation for Economic Cooperation...

https://www.esm.europa.eu/publications/investor-demand-syndicated-bond-issuances-stylised-facts Title: Investor demand in syndicated bond issuances: stylised facts Download PDF: Working Paper 50 This paper analyses investor demand dynamics in primary bond markets, looking at different market segments, investor types, pricing impact, and demand overshooting. Authors: Martin Hillebrand (ESM)...

https://www.esm.europa.eu/publications/safeguarding-euro-times-crisis Go to the online ESM book: Safeguarding the euro in times of crisis: The inside story of the ESM Global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the euro area crisis as well as the innovative solutions found to resolve it...

https://www.esm.europa.eu/publications/regional-responses-covid-19-crisis-comparative-study-economic-policy-and-institutional Title: Regional responses to the Covid-19 crisis: a comparative study from economic, policy, and institutional perspectives Download PDF: Discussion Paper 18 Authors: Graciela Schiliuk (ESM), Tullio Buccellato (ESM), Jens Lapointe-Rohde, Georgios Palaiodimos* Habib Attia – Arab Monetary Fund (AMF)...

https://www.esm.europa.eu/publications/eu-fiscal-rules-reform-considerations Title: EU fiscal rules: reform considerations Download PDF: Discussion Paper 17 Authors: Olga Francová, Ermal Hitaj, John Goossen, Robert Kraemer, Andreja Lenarčič, and Georgios Palaiodimos Note: Andreja Lenarčič and Georgios Palaiodimos contributed to this paper when employed at the ESM. Abstract...

https://www.esm.europa.eu/publications/time-varying-skewness-model-growth-risk Download PDF: Working Paper 49 This paper develops a new empirical model to study macro-financial risks and shows that changing financial conditions can signal risks to the path of future economic growth. Author: Martin Iseringhausen (ESM) Abstract: This paper studies macroeconomic risks in a panel...

https://www.esm.europa.eu/publications/esm-annual-report-2020 Go to the online: ESM Annual Report 2020 The annual report contains a description of the ESM's policies, activities, financial statements and economic developments in 2020. Additionally, it contains an external auditor's report and a report of the Board of Auditors.

https://www.esm.europa.eu/publications/fiscal-policy-shocks-and-stock-prices-united-states Download PDF: Working Paper 48 This paper shows that fiscal policies seeking to stimulate long-run economic activity lead to higher stock prices Authors: Haroon Mumtaz (Queen Mary University) and Konstantinos Theodoridis (ESM) Abstract: This paper uses structural vector autoregressive models (SVARs)...

https://www.esm.europa.eu/publications/euro-world Download PDF: Discussion Paper 16 Authors: Gergely Hudecz, Edmund Moshammer, Alexander Raabe, and Gong Cheng Abstract: The question of whether the international monetary and financial system is, or should be, moving toward a more ’multipolar’ character has received much attention in recent years...

https://www.esm.europa.eu/publications/voluntary-debt-restructuring-2017-greek-%E2%82%AC296-billion-bond-exchange-explained Download PDF: Discussion Paper 15 Authors: Jasper Aerts, Gabriela Olariu and Efstathios Sofos Abstract: This paper showcases the Greek 2017 liability management exercise as an example of a successful voluntary debt restructuring by a sovereign with active participation from both public and private...

https://www.esm.europa.eu/publications/state-dependence-labour-market-fluctuations Download PDF: Working Paper 47 This paper shows that labour market variables respond in a significantly different way to the same productivity shocks across different phases of the business cycle. Authors: Carlo Pizzinelli (IMF), Konstantinos Theodoridis (ESM), Francesco Zanetti (University of...

https://www.esm.europa.eu/publications/reform-european-stability-mechanism Download PDF: Discussion Paper 14 Authors: Jasper Aerts and Pedro Bizarro Abstract: This article seeks to explain the main aspects of the reform of the European Stability Mechanism, as agreed in principle by the leaders of the euro area member states. The article focuses particularly on the ESM’s...

https://www.esm.europa.eu/publications/how-puzzling-forward-premium-puzzle-meta-analysis Download PDF: Working Paper 46 The study uses meta-analysis to investigate why different papers report conflicting evidence on the forward premium puzzle and finds that the puzzle is much less prevalent than commonly thought. Authors: Diana Zigraiova (ESM), Tomas Havranek and Jiri Novak (Charles...

https://www.esm.europa.eu/publications/regional-disparities-europe-should-we-be-concerned Download PDF: Discussion Paper 13 Authors: Gergely Hudecz, Edmund Moshammer, and Thomas Wieser Abstract: The economic impact of the coronavirus is likely to differ from region to region, depending on their sectoral specialisation, and may exacerbate regional disparities. This paper provides an...

https://www.esm.europa.eu/publications/2012-private-sector-involvement-greece Download PDF: Discussion Paper 11 Author: Gong Cheng (Bank for International Settlements) Abstract: In March 2012, the euro area agreed a private sector involvement (PSI) to alleviate Greece’s debt burden by restructuring sovereign bonds held by private investors. This background paper provides...

https://www.esm.europa.eu/publications/oecd-contribution-evaluation-esm-financial-assistance-programme-greece Download PDF: Discussion Paper 12 Authors: Manuel Bétin, Tim Bulman, Thomas Chalaux, Boris Cournède, Alain de Serres, Claude Giorno and Yvan Guillemette (all OECD) Abstract: This background study assesses the impact of budgetary and market reforms from the start of the Greek financial assistance...

https://www.esm.europa.eu/publications/crisis-greece-missteps-and-miscalculations Download PDF: Discussion Paper 9 Author: Benny Andersen Abstract: This paper analyses the origins of the Greek economic and financial crisis, covering 1981 to 2012. The work depicts how unsustainable imbalances built up over a prolonged period, often fueled by ample low-cost financing sources. It...

https://www.esm.europa.eu/publications/restoring-growth-and-financial-stability-how-greek-banks-contributed Download PDF: Discussion Paper 10 Author: Srichander Ramaswamy Abstract: The European Stability Mechanism (ESM) is evaluating the Greek financial assistance programmes to learn lessons that could enhance its ability to address possible future crises. This discussion paper provides input for this...

https://www.esm.europa.eu/publications/sovereign-bond-market-spillovers-crisis-time-developments-greece Download PDF: Working Paper 45 This paper demonstrates that events in Greece worsened euro area countries' tail risks during the sovereign debt crisis. Authors: Daragh Clancy, Carmine Gabriele and Diana Zigraiova (all ESM) Abstract: The systemic importance of a country is a crucial component in the...