https://www.esm.europa.eu/publications/catalytic-imf-gross-flows-approach Download PDF: Working Paper 9 This paper argues that the strongest channel through which the IMF stabilises a borrowing country’s financial flows is via its effect on the domestic banking system. Author: Aitor Erce | Senior Researcher at the European Stability Mechanism with Daniel Riera-Crichton |...

https://www.esm.europa.eu/publications/us-corporate-tax-rate-cuts-spillovers-irish-economy Download PDF: Working Paper 38 This paper shows that past US corporate income tax rate cuts created small but persistent positive spillovers to the Irish economy. Author: Daragh Clancy (ESM) Abstract: We examine spillovers to the Irish economy from US corporate income tax rate cuts and find they...

https://www.esm.europa.eu/publications/lessons-financial-assistance-greece The independent evaluation report Lessons from Financial Assistance to Greece assesses the financial assistance to Greece in terms of relevance, effectiveness, sustainability, efficiency and cooperation. It primarily focuses on the ESM programme from 2015 to 2018, while taking into account its links...

https://www.esm.europa.eu/publications/benefits-reducing-hold-out-risk-evidence-euro-cac-experiment-2013-2018 Download PDF: Working Paper 33 This paper studies the pricing implications of Collective Action Clauses in euro area sovereign bonds and finds that the yield effects are heterogeneous across economies and over time. Authors: Mattia Osvaldo Picarelli, Aitor Erce, Xu Jiang (all ESM) Abstract: The...

https://www.esm.europa.eu/publications/eu-savings-and-investments-union-bringing-capital-markets-people-and-firms-4-5-june The ESM and the Florence School of Banking and Finance organised a conference dedicated to the EU Savings and Investments Union (SIU). It gathered senior researchers and high-level representatives from the public and private sector to discuss the benefits of capital market integration for the EU...

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/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/wholesale-central-bank-digital-currency-safe-way-debt-capital-market-efficiency Title: Wholesale central bank digital currency – the safe way to debt capital market efficiency Authors: Josselin Hebert (ESM), Edmund Moshammer (ESM), Herbert Barth Abstract: In this paper we analyse the usefulness of digital currencies for wholesale financial transactions in Europe. Currently...

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/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/foreign-reserves-crises-and-growth Download PDF: Foreign Reserves, Crises and Growth Author: Gong Cheng | Economist and policy strategist at the European Stability Mechanism Abstract: This thesis includes three essays on foreign reserves, crises and growth. Chapter 1 proposes a theoretical model to look at foreign reserve...