Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/145709 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2016: Demographischer Wandel - Session: European Crisis No. C16-V1
Verlag: 
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft, Kiel und Hamburg
Zusammenfassung: 
The European Stability Mechanism (ESM) is the permanent crisis prevention mechanism of the euro area. It was established in 2012 under considerable time pressure in an environment dominated by the financial crisis in the euro area. We analyze the costs of the current (suboptimal) design of the EMS and evaluate an alternative asset-backed securities (ABS) structure under different scenarios. Our simulation results indicate that switching to an ABS structure could lower EMS refunding costs by up to 2% with respect to our benchmark scenario. Moreover, the advantages of an ABS structure are found to be strongest in the mostly likely type of future crisis, namely, medium-sized requests for financial support from EMS members under economic stress accompanied by the unwillingness or inability of other EMS countries to provide new capital to the EMS.
JEL: 
F34
F55
G15
Dokumentart: 
Conference Paper

Datei(en):
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