Official sector lending strategies during the euro area crisis

Mostra el registre complet Registre parcial de l'ítem

• dc.contributor.author Corsetti, Giancarloca
• dc.contributor.author Erce, Aitorca
• dc.contributor.author Uy, Timothyca
• dc.date.accessioned 2017-11-28T09:17:43Z
• dc.date.available 2017-11-28T09:17:43Z
• dc.date.issued 2017-08
• dc.description.abstract In response to the euro area crisis, European policymakers took a gradual, incremental approach to official lending, at first relying on the approach followed by the International Monetary Fund, then developing their own crisis resolution framework. We review this development, marked by a substantial divergence in the terms of official loans offered to the crisis countries by the IMF and the euro area official lenders. Based on a unique dataset, we use event analysis to assess the impact of changing maturity and spreads of official loans on bond yields, liquidity and market access. In light of the euro area experience, we discuss arguments for rebalancing Debt Sustainability Analysis and programme design towards cash-flow management. While the official assistance granted to crisis countries in the euro area may not be replicable elsewhere, key lessons from it that could foster a reconsideration of the modalities by which official lending institutions handle crises.ca
• dc.description.sponsorship The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
• dc.format.mimetype application/pdfca
• dc.identifier.uri http://hdl.handle.net/10230/33364
• dc.language.iso engca
• dc.relation.ispartofseries ADEMU Working Paper Series;70
• dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/649396
• dc.rights This is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed.ca
• dc.rights.accessRights info:eu-repo/semantics/openAccessca
• dc.rights.uri https://creativecommons.org/licenses/by/4.0/ca
• dc.subject.keyword Crisis managementen
• dc.subject.keyword Debt sustainabilityen
• dc.subject.keyword Loans maturityen
• dc.subject.keyword Mearket accessen
• dc.subject.keyword Private sector involvementen
• dc.subject.keyword Seniorityen
• dc.subject.keyword Yield curveen
• dc.title Official sector lending strategies during the euro area crisisca
• dc.type info:eu-repo/semantics/workingPaperca