{"id":111676,"date":"2021-05-26T11:52:12","date_gmt":"2021-05-26T09:52:12","guid":{"rendered":"https:\/\/www.ieseg.fr\/?post_type=events&p=111676"},"modified":"2021-05-26T11:52:12","modified_gmt":"2021-05-26T09:52:12","slug":"finance-research-seminar-wang","status":"publish","type":"events","link":"https:\/\/www.ieseg.fr\/en\/events\/finance-research-seminar-wang\/","title":{"rendered":"Finance Research Seminar “Bankruptcy codes & risk sharing of currency unions’ ” by X. WANG – VU Amsterdam"},"content":{"rendered":"

\"\"<\/p>\n

Speakers: Xuan WANG
\n<\/strong>VU Amsterdam<\/p>\n

Date and Location – Thursday June 3rd 2021 from 12:30 to 14:00 on Zoom<\/strong><\/p>\n

ABSTRACT<\/h2>\n

Since the Eurozone Crisis of 2010-12, a critical debate on the viability of a currency union has focused on the role of a \ufb01scal union in adjusting for country heterogeneity. However, a fully-\ufb02edged \ufb01scal union may not be politically feasible. This paper develops a two-country general equilibrium model to examine the bene\ufb01ts of the bankruptcy code of a capital markets union – in the absence of a \ufb01scal union – as an alternative mechanism to improve the \ufb01nancial stability and welfare of a currency union. When the banking sector cannot fully enforce loan repayment, I show that a lenient bankruptcy code in the cross-border capital markets union removes the pecuniary externality of banking insolvency, so it leads to a Pareto improvement within the currency union. Moreover, the absence of \ufb02oating nominal exchange rates removes a mechanism to neutralise domestic credit risks; I show that softening the bankruptcy code can recoup the lost bene\ufb01ts of \ufb02oating nominal exchange rates. The model provides the \ufb01nancial stability and welfare implications of bankruptcy within a capital markets union in the Eurozone.<\/p>\n

Keywords:<\/strong> Equilibrium default, bankruptcy code, \ufb01scal union, capital markets union, \ufb01nancial stability, bank credit and inside money, price-level and exchange rate determinacy, liquidity-intermediary asset pricing<\/em><\/p>\n

More<\/strong> Info<\/a><\/div>\n
Join<\/strong> the webinar<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Speakers: Xuan WANG VU Amsterdam Date and Location – Thursday June 3rd 2021 from 12:30 to 14:00 on Zoom ABSTRACT Since the Eurozone Crisis of 2010-12, a critical debate on […]<\/p>\n","protected":false},"featured_media":0,"template":"","events-category":[200,66,166],"acf":[],"yoast_head":"\nFinance Research Seminar "Bankruptcy codes & risk sharing of currency unions' " by X. 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