https://www.esm.europa.eu/publications/countercyclical-capital-rules-small-open-economies Download PDF: Working Paper 10 This paper demonstrates that economies without flexible interest or exchange rates can benefit from countercyclical capital regulation. Author: Daragh Clancy | Senior Economist at the European Stability Mechanism with Rossana Merola | International Labour Organisation...

https://www.esm.europa.eu/publications/capital-adequacy-regulations-hungary-did-it-really-matter Download PDF: Working Paper 11 This paper calculates the effect of tighter regulatory capital requirements on the real economy during a credit upswing. Author: Dóra Siklós | Banking sector expert at the European Stability Mechanism Abstract: The main purpose of this paper is twofold. First, it aims...

https://www.esm.europa.eu/publications/financial-contagion-new-perspective-and-new-test Download PDF: Working Paper 12 This paper analyses the mechanism of financial shocks propagation and how extraordinary jumps in financial market uncertainty alter it substantially. Author: Matteo Cominetta | European Stability Mechanism Abstract: Contagion has mostly been interpreted and tested as a...

https://www.esm.europa.eu/publications/global-financial-safety-net-through-prism-g20-summits Download PDF: Working Paper 13 This paper looks at how the G20 delivered on its promises: financial firewalls expanded in size but the commitment to strengthen and reform International Financial Institutions was put on hold. Author: Gong Cheng | Economist and policy strategist at the European...

https://www.esm.europa.eu/publications/collateral-damage-micro-simulation-transaction-cost-shocks-value-central-bank-collateral-ecb Download PDF: Collateral Damage? Micro-Simulation of Transaction Cost Shocks on the Value of Central Bank Collateral - ECB Working Paper Series Author: Rudolf Alvise Lennkh and Florian Walch Abstract: Transaction cost shocks in financial markets are known to affect asset prices. This paper analyses...

https://www.esm.europa.eu/publications/der-esm-und-die-geldpolitik-wie-passt-das-zusammen Download PDF: Der ESM und die Geldpolitik - wie passt das zusammen? Author: Ralf Jansen | General Counsel of the European Stability Mechanism Rolf Strauch | Economics, Policy Strategy and Banking, Member of the Management Board Published online: October 2014 Source: Zeitschrift für das gesamte...

https://www.esm.europa.eu/publications/europes-response-euro-crisis Read publication: Europe's Response to the Euro Crisis Author: Rolf Strauch | Economics, Policy Strategy and Banking, Member of the Management Boarf Abstract: La Revue bancaire et financière analyse les aspects économiques des matières bancaires et financières. Elle est parfaitement complémentaire...

https://www.esm.europa.eu/publications/whats-what-europe-european-financial-stability-facility-efsf-and-european-stability Download PDF: What's what in Europe: The European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) Author: Ralf Jansen | General Counsel of the European Stability Mechanism Published online: April 2011 Source: European Banking & Financial Law Journal EUREDIA | Volume...

https://www.esm.europa.eu/publications/banking-seniority-imf-and-sovereigns-creditors Download PDF: Banking on Seniority: The IMF and the Sovereign's Creditors - Globalization and Monetary Policy Institute Working Paper Author: Aitor Erce | Senior Researcher at the European Stability Mechanism Abstract: The programs designed by the International Monetary Fund during the Global...

https://www.esm.europa.eu/publications/sovereign-debt-restructurings-and-imf-implications-future-official-interventions Download PDF: Sovereign Debt Restructurings and the IMF: Implications for Future Official Interventions Author: Aitor Erce | Senior Researcher at the European Stability Mechanism Abstract: This paper studies the role played by the IMF during sovereign debt restructurings and extracts lessons for...

https://www.esm.europa.eu/publications/sovereign-debt-crises-could-international-court-minimize-them Download PDF: Sovereign Debt Crises: Could an International Court Minimize Them? Author: Aitor Erce | Senior Researcher at the European Stability Mechanism Abstract: This paper discusses the merits of the statutory approach to sovereign debt crises. It presents a model of sovereign debt roll-overs...

https://www.esm.europa.eu/publications/sovereign-debt-markets-turbulent-times-creditor-discrimination-and-crowding-out Download PDF: Sovereign Debt Markets in Turbulent Times; Creditor Discrimination and Crowding-Out - IMF Working Papers Author: Aitor Erce | Senior Researcher at the European Stability Mechanism with Fernando Broner, Alberto Martin, Jaume Ventura Abstract: In 2007, countries in the Euro periphery...

https://www.esm.europa.eu/publications/international-reserves-and-gross-capital-flows-dynamics-during-financial-stress Download PDF: International Reserves and Gross Capital Flows Dynamics - Documentos de Discusion Author: Aitor Erce | Senior Researcher at the European Stability Mechanism with Enrique Alberola, José Maria Serena Abstract This paper explores the role of international reserves as a stabilizer of...

https://www.esm.europa.eu/publications/banking-crises-and-sovereign-defaults-emerging-markets-exploring-links Download PDF: Banking Crises and Sovereign Defaults in Emerging Markets: Exploring the Links Author: Aitor Erce | Senior Researcher at the European Stability Mechanism with Irina Balteanu Abstract: This paper provides a set of stylised facts on the mechanisms through which banking and sovereign...

https://www.esm.europa.eu/publications/banking-seniority-imf-and-sovereigns-creditors-0 Download PDF: Banking on Seniority: The IMF and the Sovereign's Creditors Author: Aitor Erce | Senior Researcher at the European Stability Mechanism Abstract The programs designed by the International Monetary Fund (IMF) during the Global Financial Crisis have shown more awareness of the importance...

https://www.esm.europa.eu/publications/cross%E2%80%90border-banking-externalities-and-sovereign-distress-does-euro-need-common-banking Read publication: Cross‐Border Banking, Externalities And Sovereign Distress: Does The Euro Need A Common Banking Authority? Author: Aitor Erce | Senior Researcher at the European Stability Mechanism Abstract: This paper analyses the role of linkages between cross‐border banks and sovereigns in the...

https://www.esm.europa.eu/publications/sovereign-debt-markets-turbulent-times-creditor-discrimination-and-crowding-out-effects Downlaod PDF: Sovereign debt markets in turbulent times: Creditor discrimination and crowding-out effects Author: Aitor Erce | Senior Researcher at the European Stability Mechanism with Fernando Broner, Alberto Martin, Jaume Ventura Abstract: In 2007, countries in the euro zone periphery were...

https://www.esm.europa.eu/publications/international-reserves-and-gross-capital-flows-dynamics-during-financial-stress-0 Download PDF: International Reserves and Gross Capital Flows Dynamics Author: Aitor Erce | Senior Researcher at the European Stability Mechanism with Enrique Alberolaa and José Maria Serenac Abstract: This paper explores the role of international reserves as a stabilizer of international capital...

https://www.esm.europa.eu/publications/financial-shocks-and-macroeconomy-heterogeneity-and-non-linearities Download PDF: Financial shocks and the macroeconomy: heterogeneity and non-linearities Author: Antonello D’Agostino | Senior Economist in the Economics and Policy Strategy department with several Authors Abstract: Reliable and timely information about current economic conditions is crucial for...

https://www.esm.europa.eu/publications/survey-based-nowcasting-us-growth-real-time-forecast-comparison-over-more-40-years Download PDF: Survey-based nowcasting of US growth: a real-time forecast comparison over more than 40 years Author: Antonello D’Agostino | Senior Economist in the Economics and Policy Strategy department with Bernd Schnatz Abstract: Reliable and timely information about current economic conditions...