Official sector lending strategies during the euro area crisis
Corsetti, Giancarlo
Erce, Aitor
Uy, Timothy

Data: 2017
Resum: 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.
Resum: The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
Nota: Número d'acord de subvenció EC/H2020/649396
Drets: Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, fins i tot amb finalitats comercials, sempre i quan es reconegui l'autoria de l'obra original. Creative Commons
Llengua: Anglès.
Col·lecció: Barcelona Graduate School of Economics: ADEMU working paper series
Col·lecció: ADEMU Working Paper Series ; 70
Document: workingPaper
Matèria: Crisis management ; Debt sustainability ; Loans maturity ; Mearket access ; Private sector involvement ; Seniority ; Yield curve

Adreça alternativa: https://hdl.handle.net/10230/33364


53 p, 2.9 MB

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Documents de recerca > Working papers

 Registre creat el 2018-10-23, darrera modificació el 2018-11-10



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