Rules and risk in the Euro area

被引：42

作者：

Iara, Anna ^{[1
]}

Wolff, Guntram B. ^{[2
]}

机构：

[1] Commiss European Communities, Directorate Gen Taxat & Customs Union, B-1049 Brussels, Belgium

[2] Bruegel, B-1210 Brussels, Belgium

来源：

EUROPEAN JOURNAL OF POLITICAL ECONOMY | 2014年 / 34卷

关键词：

Fiscal governance; Numerical Fiscal rules; Sovereign spreads; Sovereign risk; Euro area; FISCAL INSTITUTIONS; YIELD SPREADS; SOVEREIGN; US; DEFICITS; MARKETS; PREMIA; DEBT; DISCIPLINE; EMU;

D O I：

10.1016/j.ejpoleco.2014.02.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We show that stronger fiscal rules in Euro area members reduce sovereign risk premia, in particular in times of market stress. Using a unique data set of rules-based fiscal governance in EU member states, we estimate a model of sovereign spreads that are determined by the probability of default in interaction with the level of risk aversion. The legal base of the rules and their enforcement mechanisms are the most important dimensions of rules-based fiscal governance. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：222 / 236

页数：15

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