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This paper analyses bond yields of euro area sovereign bonds and finds that the distance between core and periphery has narrowed since the EFSF/ESM was established. 

Author: Martin Hillebrand | European Stability Mechanism
with Peter Schwendner, Martin Schuele, Thomas Ott | Zurich University of Applied Sciences

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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 | Bates College

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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

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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

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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

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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 Stability Mechanism

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Author: Rudolf Alvise Lennkh and Florian Walch

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Author:
Ralf Jansen | General Counsel of the European Stability Mechanism
Rolf Strauch |  Economics, Policy Strategy and Banking, Member of the Management Board

Author: Rolf Strauch |  Economics, Policy Strategy and Banking, Member of the Management Boarf

Abstract: