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Paths to eurobonds /

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal disciplin...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Claessens, Stijn (Autor), Mody, Ashoka (Autor), Vallée, Shahin (Autor)
Autor Corporativo: International Monetary Fund. Research Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2012.
Colección:IMF working paper ; WP/12/172.
Temas:
Acceso en línea:Texto completo

MARC

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100 1 |a Claessens, Stijn,  |e author. 
245 1 0 |a Paths to eurobonds /  |c prepared by Stijn Claessens, Ashoka Mody, and Shahin Vallée. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c ©2012. 
300 |a 1 online resource (39 pages) 
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490 1 |a IMF working paper ;  |v WP/12/172 
500 |a Title from PDF title page (IMF Web site, viewed Jul. 11, 2012). 
520 |a This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing. Many questions remain on whether financial instruments can ever accomplish such goals without bold institutional and political decisions, and, whether, in the absence of such decisions, they can create new distortions. The proposals discussed are also not necessarily competing substitutes; rather, they can be complements to be sequenced along alternative paths that possibly culminate in a fully-fledged Eurobond. The specific path chosen by policymakers should allow for learning and secure the necessary evolution of institutional infrastructures and political safeguards. 
504 |a Includes bibliographical references. 
500 |a "Research Department." 
500 |a "July 2012." 
505 0 |a Cover; Contents; I. Introduction; II. Objectives and Motivations; III. Summary of the Proposals Reviewed; IV. Assessment of the Proposals; A. Countries' Incentives; B. Creditors; C. Coverage and Phase-in; D. Legal and Institutional Challenges; V. Possible Paths; VI. Conclusions; Table; 1. Objectives of Common Debt Issuance; 2. Country Incentives; 3. Creditors; 4. Coverage, Phase-in and Transition; Figure; 1. From Eurobills and Project Bonds to Eurobonds; 2. From Redemption Fund to Eurobonds; Annex; 1. Details on Proposals; 2. Monetary Policy, Financial Markets Functioning; Annex Table. 
546 |a English. 
590 |a eBooks on EBSCOhost  |b EBSCO eBook Subscription Academic Collection - Worldwide 
590 |a ProQuest Ebook Central  |b Ebook Central Academic Complete 
650 0 |a Euro-bond market. 
650 6 |a Marché des euro-obligations. 
650 7 |a BUSINESS & ECONOMICS  |x Finance.  |2 bisacsh 
650 7 |a Euro-bond market  |2 fast 
700 1 |a Mody, Ashoka,  |e author. 
700 1 |a Vallée, Shahin,  |e author. 
710 2 |a International Monetary Fund.  |b Research Department. 
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830 0 |a IMF working paper ;  |v WP/12/172. 
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