Could the European Union mitigate the negative effects of economic, pandemic and
environmental crises using only one tool? The answer is positive, by implementing “green” …

This paper investigates the sources of the current account (CA) imbalances experienced
within the euro area periphery (Greece, Ireland, Portugal and Spain) before the Great …

Many southern European economies experience large capital inflows during periods of
expansion that are followed by abrupt capital flow reversals when a recession hits. This …

We propose a joint theory for interest rate dynamics and bailout decisions. Interest rate
spreads are driven by time-varying fundamentals and expectations of future bailouts. Private …

This book provides a much-needed detailed analysis of the evolution of Europe over the last
decade, as well as a discussion about the path of reform that has been trodden in the …

This paper investigates the sources of current account imbalances accumulated within the
European Monetary Union before the Great Recession. First, it documents that starting in …

This paper explores the impact of sovereign defaults on lending countries and evaluates
government intervention policies in a dynamic infinite-horizon model. When banks in the …

What are the implications of a rise in interest rates by the central bank of a monetary union
for sovereign borrowing decisions and sovereign default risk in a union member? We study …

In this paper, I study financial liberalization between economies that differ in their overall
competitiveness. I first show that if firms compete oligopolistically, then competitiveness …

In this paper, I study the net foreign asset positions of economies with differing aggregate
profit shares. I show that if firms compete oligopolistically, then economies which host a …