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We study the potential role of correlated refinancing abilities among different countries for the disruption of government bond markets in a currency union. Following Morris and Shin (Eur Econ Rev 48(1):133–153, 2004) we use a global games framework and model the simultaneous investment decision into two assets, which are subject to correlated fundamental states, as a coordination problem with correlated...
The ability to predict stock returns from financial ratios is a long-standing but still controversial topic. There is ongoing debate about the empirical evidence as well as about appropriate theoretical explanations. We provide evidence from a simulated economy that local, social interaction among agents is remarkably successful in matching several established empirical facts. We find significant...
We study whether the Stability and Growth Pact (SGP) in EuropeanMonetary Union (EMU) can induce budget deficit cycles. The SGP provides a framework forsanctioning EMU-memberswith excessive deficits. If a government's optimal deficitpolicy is above the deficit threshold which triggers penalties then the deficit will be higherwith the SGP in force than without. The SGP may even induce deficit cycles...
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