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How Europe should harness market forces to deal with sovereign credit risk - Zurich Open Repository and Archive


Hoffmann, Mathias (2010). How Europe should harness market forces to deal with sovereign credit risk. Vox:online.

Abstract

If a European Monetary Fund does happen, how would it work? This column proposes a European Sovereign Insurance Scheme to sell bond insurance on EMU members' sovereign debt. In good times the insurance fees would allow the EMF to build up a capital cushion. In bad times, the EMF could use these funds to facilitate an orderly unwinding of the default – while imposing tough conditions.

Abstract

If a European Monetary Fund does happen, how would it work? This column proposes a European Sovereign Insurance Scheme to sell bond insurance on EMU members' sovereign debt. In good times the insurance fees would allow the EMF to build up a capital cushion. In bad times, the EMF could use these funds to facilitate an orderly unwinding of the default – while imposing tough conditions.

Additional indexing

Item Type:Journal Article, not refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:2010
Deposited On:24 Feb 2011 12:34
Last Modified:26 Jan 2017 08:48
Publisher:Centre for Economic Policy Research
Free access at:Official URL. An embargo period may apply.
Official URL:http://www.voxeu.org/index.php?q=node/4784

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