Produktbild: The Incomplete Currency

The Incomplete Currency The Future of the Euro and Solutions for the Eurozone

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

27.06.2016

Verlag

John Wiley & Sons Inc

Seitenzahl

552

Maße (L/B/H)

25.1/17.4/3.8 cm

Gewicht

1097 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-01909-1

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

27.06.2016

Verlag

John Wiley & Sons Inc

Seitenzahl

552

Maße (L/B/H)

25.1/17.4/3.8 cm

Gewicht

1097 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-01909-1

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: GPSR Kontakt

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  • Produktbild: The Incomplete Currency
  • List of Figures xi

    List of Tables xxiii

    Foreword xxv

    Preface xxxi

    Acknowledgments xxxiii

    About the Author xxxv

    About the Website xxxvii

    CHAPTER 1 The Building Blocks of the Single European Currency 1

    1.1 The Basic Concepts: Financial Flows, Risks and Probability Distribution 1

    1.2 Sovereign Credit Risk, Public Debt and Inflation 12

    1.3 Single Curve of Interest Rate: Euribor, Euro Swap, Eurepo 20

    1.4 The Monetary Policy in the Eurozone and the Mechanisms of Transmission 28

    1.5 Recognition and Management of the Sovereign Credit Risk 35

    CHAPTER 2 The Eurozone Architecture and the Working Paradigms 51

    2.1 Relationships within the European Financial System 51

    2.2 The Transmission Mechanisms between Finance and Real Economy in the Eurozone 69

    CHAPTER 3 The Single Currency Area in the Context of International Crisis 94

    3.1 Before the Crisis: the Adverse Effects of the Single Currency 94

    3.2 The Crisis: Divergence of the Sovereign Debt Curves and the Disintegration of the Single Interest Rate Curve 101

    CHAPTER 4 Dysfunctional Mechanisms of the Eurozone 122

    4.1 The Explosion of Target2 Balances and the Unsustainable Accumulation of the Structural Imbalances 122

    4.2 The Nationalisation of the Public Debt: the Case of Italy 142

    4.3 The Nationalisation of the Public Debt Pushed to the Extreme: the Case of Greece 150

    CHAPTER 5 The Pathological Banks-Governments Relationship 173

    5.1 The Spread Intermediation 173

    5.2 Collateral Discrimination on the Interbank Market 182

    5.3 The Divergence Mechanisms in Action: Synergies and Accelerations 197

    5.4 Case Studies: the Divergence Process in Some Peripheral Countries 206

    CHAPTER 6 Assessing the Risk of a Euro Break-Up 216

    6.1 A Historical Perspective on the Possible Break-up of the Euro 217

    6.2 The Probability of a Euro Break-up 221

    6.3 Costs and Benefits Associated with the Exit from the Euro 231

    CHAPTER 7 Financial Assistance and Fiscal Agreements in the Eurozone 243

    7.1 The Sovereign Bail-out Funds 243

    7.2 The Reforms of the Stability and Growth Pact and the Fiscal Compact 257

    CHAPTER 8 The Extraordinary Interventions of the ECB 267

    8.1 The Securities Market Programme and the Purchases of Covered Bonds 267

    8.2 The Long-term Refinancing Operations of December 2011 and February 2012 (LTROs) 270

    8.3 The Outright Monetary Transactions (OMT) 271

    8.4 The Targeted Long-term Refinancing Operations (TLTROs) 272

    8.5 The Quantitative Easing 272

    CHAPTER 9 The European and National Interventions on the Banking Systems 293

    9.1 The Banking Union 293

    9.2 The Hidden Recapitalisation of the Peripheral Banking Systems 296

    9.3 The State Aids to the Banking Systems of the Core Countries 301

    CHAPTER 10 Mutualisation of the Public Debt and Fiscal Transfers 304

    10.1 The Mutualisation of the Public Debt in the Eurozone 304

    10.2 The "Fiscal Currency" and Other Theories for the Unilateral Solution of Problems for Peripheral Countries 315

    10.3 The Fiscal Transfers: Proposals for Structural Balance of Financial Flows 316

    CHAPTER 11 Proposals of Monetary Policy Interventions to Overcome the Crisis 324

    11.1 Reforming the Statutory Objectives of the ECB: the "Zero-spread Target" 324

    11.2 The Cancellation of Interests on Government Bonds Purchased by the ECB 327

    11.3 The European Public Debt Refinancing Programme (EPDRP) 329

    11.4 A Far More Pervasive Intervention: Partial Debt Monetisation 334

    11.5 The Purchase Programme of Asset-backed Securities Guaranteed by Sovereign States and Supranational Institutions 337

    11.6 A Measure of Direct Support to the Real Economy: The Cancellation of Impaired Debts of the Non-financial Private Sector 344

    11.7 A Proposal for an Authentic Sustainability of the Greek Public Debt 345

    CHAPTER 12 Transparency as a Tool to Prevent Excessive Risk-taking and Contrast the Crisis 348

    12.1 The Need for a Market Logic as the Basis of the Financial Sector's Regulation 348

    12.2 Implications of the Lack of Transparency on Risks at a Macro Level 350

    12.3 Fair Value and Probability Scenarios as a Solution to the Problem of Risk Transparency 351

    ANNEX A 361

    REFERENCES 463

    INDEX 495