Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/243469 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Research Papers in Economics No. 2/20
Verlag: 
Universität Trier, Fachbereich IV - Volkswirtschaftslehre, Trier
Zusammenfassung: 
We propose Structured Common Project Financing (SCPF) as an stable, beneficial and political feasible financing tool for special purposes, e.g. Corona-Bonds, Green Deal Financing, Common Forces Budget. SCPF is an ABS-based common financing tool managed by a supranational organization like the ESM or the EIB. Our approach allows to overcome the huge and emotionally influenced political obstacle of joint liability by marginalizing the degree of jointness. SCPF creates significant interest savings compared to individual financing, 0.7% p.a. in the benchmark case. It is stable over time, robust to the emission of subgroup scenarios as e.g. a PIIGS bond and an EU-6 bond, and insensitive to the evolution of the macroeconomic environment (risk-free interest rate).
Schlagwörter: 
Structured Common Project Financing
Joint Liability
FiscalUnion
EMU
Sovereign Debt
ABS
Corona-Bonds
Dokumentart: 
Working Paper

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