Sudden Stops in the Euro Area

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Subfields: Finance

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Capital Flows in the Euro Area (2013, background): “…adjustment would surely have been larger in the absence of cross-border ESCB liquidity flows (as reflected in Target 2 balances) and official EU/IMF funding to Greece, Ireland and Portugal (Cecchetti et al 2012, Lane and Milesi-Ferretti 2012, Merler and Pisani-Ferry 2012, Auer 2013, Whelan 2013).”
Tracking Global Demand for Advanced Economy Sovereign Debt (2012, background): “Several studies have shown that euro area banks are at more risk of instability due to their higher exposures to own government debt and other euro-area-specific sovereign-bank interdependencies (Acharya, Drechsler, and Schnabl, 2011; De Grauwe, 2011; Merler and Pisani-Ferry, 2012b).”
Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone (2017, background): “The reason can be understood from the work of Midrigan and Philippon (2010), where the debt constraint (3) is derived from a standard collateral constraint: Bj,t ≤ ηQj,tHj,t, where Qj,t and Hj,t are the price and quantity of housing, and η is a parameter (which can be time varying if needed but this”