Euro Crisis Monitor

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Own Research

• Dinger, Valeriya, Sven Steinkamp & Frank Westermann, "The Tragedy of the Commons and Inflation Bias
  in the Euro Area", CESifo Working Paper #4036 and IEER Working Paper #94, 2012.
• Steinkamp, Sven & Frank Westermann, "On Creditor Seniority and Sovereign Bond Prices in Europe", CESifo Working Paper #3944 and IEER Working Paper #92, 2012.
• Ranciere, Romain, Aaron Tornell & Frank Westermann, "Systemic Crises and Growth", Quarterly Journal of Economics, 123 (1), pp. 359-406, 2008.
• Ranciere, Romain, Aaron Tornell & Frank Westermann,Decomposing the Effects of Financial Liberalization: Crises vs. Growth", Journal of Banking and Finance, 30 (12), pp. 3331-3348, 2006.
• Tornell, Aaron & Frank Westermann, "Boom-Bust Cycles and Financial Liberalization", MIT Press, 2005.
• Tornell, Aaron, Frank Westermann & Lorenza Martinez, "Liberalization, Growth and Financial Crises: Lessons from Mexico and the Developing World ", Brookings Papers on Economic Activity, 34 (2), pp. 1-112, 2003.
• Tornell, Aaron & Frank Westermann, "Boom-Bust Cycles in Middle Income Countries: Facts and Explanation", IMF Staff Papers, 49 (Special Issue), pp. 111-155, 2002.

Other Research

• Cour-Thimann, Philippine "Target Balances and the Crisis in the Euro Area", CESifo Forum Vol. 14, Special Issue, April 2013.
• Lane, Philip R., "Capital Flows in the Euro Area", European Commission, Economic Papers #497, April 2013.
• Auer Raphael Anton, "What Drives Target2 Balances? Evidence From a Panel Analysis," Working Paper for the Cesifo Area Conference on Macro, Money & International Finance, 2013.
• Sinn, Hans-Werner und Timo Wollmershaeuser, "Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis", CESifo Working Paper #4051, December 2012.
• Sinn, Hans-Werner, "Die Target-Falle" („The Target Trap“), Hanser Verlag, 2012.
  
• Sinn, Hans-Werner, "Die Europäische Fiskalunion - Gedanken zur Entwicklung der Eurozone", Perspektiven der Wirtschaftspolitik, 13(3), 2012.
• Tornell, Aaron, "The Dynamic Tragedy-of-the-Commons in the Eurozone, the ECB and Target2 Imbalances", UCLA, mimeo, 2012.
• Sinn, Hans-Werner, "Target Losses in Case of a Euro Break-up", CESifo Working Paper #3968, October 2012.
• Buiter, Willem H. & Ebrahim Rahbari, "Target2 Redux: The simple accountancy and slightly more complex economics of Bundesbank loss exposure through the Eurosystem", CEPR Discussion Paper No. 9211, November 2012.
• De Grauwe, Paul & Yuemei Ji, "What Germany should fear most is its own fear: An analysis of Target2 and current account imbalances", CEPS Working Documents no. 368, 09/12/12.
• Sinn, Hans-Werner & Timo Wollmershaeuser, "Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility", International Tax and Public Finance, 2012.
• Kooths, Stefan & Björn van Roye, "Euro Area: Single Currency – National Money Creation", Kiel Institute for the World Economy Working Paper No. 1787.
• Fahrholz, Christian & Andreas Freytag, "Will TARGET2-Balances be Reduced again after an End of the Crisis?", University Jena. Working Papers on Global Financial Markets no. 30, 05/30/12.
• Fahrholz, Christian, "Das Zahlungsverkehrssystem TARGET2 aus zahlungsbilanztheoretischer Sicht", University Jena, Working Papers on Global Financial Markets No. 28, Mrz. 2012
• Pisani-Ferry, Jean, "Sudden stops in the euro area", Bruegel Policy Contributions, 05/29/12.
• Kohler, Wilhelm, "Resolving Sovereign Debt Crises: Opening or Closing the Tap?", Paper presented at the 40th Economics Conference of the OeNB, May 2012.
• Mayer, Thomas, "Why the Buba is right", DB Research, 04/16/12.
• Homburg, Stefan, "Notes on the TARGET2 dispute", CESifo Forum Special Issue, Jan. 2012.
• Kohler, Wilhelm, "The eurosystem in times of crises: Greece in the role of a reserve currency country", CESifo Forum Special Issue, Jan. 2012.
• The EEAG Report on the European Economy, "The European Balance-of-Payments Problem", CESifo, Munich 2012, Chapter 2, pp. 57–81.
• "The European balance of Payements Crisis", CESifo Forum Special Issue 1/2012.
• Whittaker, John, "Eurosystem debts, Greece, and the role of banknotes", Lancaster University Management School Working Paper, 11/14/11.
• Buiter, Willem H., Ebrahim Rahbari & Juergen Michels, "The implications of intra-euro area imbalances in credit flows", CEPR Policy Insight No. 57, Aug. 2011.
• Buiter, Willem, Ebrahim Rahbari & Jürgen Michels, „TARGETing the wrong villain: a reply", Citi Economics, Global Economics View, 07/05/11.
• Whittaker, John, "Intra-eurosystem debts", Lancaster University, Management School Monetary Research, 03/30/11.
• Homburg, Stefan, "Anmerkungen zum Target2-Streit", Wirtschaftsdienst, 91(8), 2011.
• Sinn, Hans-Werner und Timo Wollmershaeuser, "Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility", NBER Working Paper No. 17626, November 2011.
• Sinn, Hans-Werner und Timo Wollmershaeuser, "Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility", CESifo Working Paper #3500, June 2011.
• Garber, Peter M., "The Mechanics of Intra Euro Capital Flight", Deutsche Bank Global Markets Research, Economics Special Report, 2010.
• Dornbusch, Rudi & Fisher, Stanley: "International Financial Crisis", CESifo Working Paper No. 926 (Transcript of Rudi Dornbusch’s Munich Lecture), 2003.
• Garber, Peter M., "The target mechanism: Will it propagate or stifle a stage III crisis?" Carnegie-Rochester Conference Series on Public Policy, 51(1), 1999.
• Tornell, Aaron & Vasco Andres, "The Tragedy of the Commons and Economic Growth: Why Does Capital Flow From Poor to Rich Countries?", Journal of Political Economy, 1992.
• Bulow, Jeremy & Kenneth Rogoff, "Sovereign Debt Repurchases: No Cure for Overhang", Quarterly Journal of Economics, 1991.
• Bulow, Jeremy & Kenneth Rogoff, "The Buy-Back Boondoggle", Brookings Papers on Economic Activity, 1989.
• Friedman, Milton, "The role of monetary policy", American Economic Review, Vol. 58(1), 1968.