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Strategic Interactions and Contagion Effects under Monetary Unions

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  • Paolo Canofari
  • Giovanni Di Bartolomeo
  • Giovanni Piersanti

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  • Paolo Canofari & Giovanni Di Bartolomeo & Giovanni Piersanti, 2015. "Strategic Interactions and Contagion Effects under Monetary Unions," The World Economy, Wiley Blackwell, vol. 38(10), pages 1618-1629, October.
    • Handle: RePEc:bla:worlde:v:38:y:2015:i:10:p:1618-1629
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    1. Bertrand Candelon & Mr. Amadou N Sy & Mr. Rabah Arezki, 2011. "Sovereign Rating News and Financial Markets Spillovers: Evidence from the European Debt Crisis," IMF Working Papers 2011/068, International Monetary Fund.
    2. Obstfeld, Maurice, 1996. "Models of currency crises with self-fulfilling features," European Economic Review, Elsevier, vol. 40(3-5), pages 1037-1047, April.
    3. von Hagen, Jürgen & Schuknecht, Ludger & Wolswijk, Guido, 2011. "Government bond risk premiums in the EU revisited: The impact of the financial crisis," European Journal of Political Economy, Elsevier, vol. 27(1), pages 36-43, March.
    4. Masson, Paul, 1999. "Contagion:: macroeconomic models with multiple equilibria," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 587-602, August.
    5. Paul De Grauwe, 2014. "The Governance of a Fragile Eurozone," World Scientific Book Chapters, in: Exchange Rates and Global Financial Policies, chapter 12, pages 297-320, World Scientific Publishing Co. Pte. Ltd..
    6. Obstfeld, Maurice, 1997. "Destabilizing effects of exchange-rate escape clauses," Journal of International Economics, Elsevier, vol. 43(1-2), pages 61-77, August.
    7. Paolo Canofari & Giancarlo Marini & Giovanni Piersanti, 2015. "Expectations and systemic risk in EMU government bond spreads," Quantitative Finance, Taylor & Francis Journals, vol. 15(4), pages 711-724, April.
    8. Favero, Carlo A., 2013. "Modelling and forecasting government bond spreads in the euro area: A GVAR model," Journal of Econometrics, Elsevier, vol. 177(2), pages 343-356.
    9. Paolo Canofari & Giovanni Bartolomeo & Giovanni Piersanti, 2014. "Theory and Practice of Contagion in Monetary Unions: Domino Effects in EMU Mediterranean Countries," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(3), pages 259-267, August.
    10. Arghyrou, Michael G. & Kontonikas, Alexandros, 2012. "The EMU sovereign-debt crisis: Fundamentals, expectations and contagion," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(4), pages 658-677.
    11. Buiter,Willem H. & Corsetti,Giancarlo & Pesenti,Paolo A., 2001. "Financial Markets and European Monetary Cooperation," Cambridge Books, Cambridge University Press, number 9780521794404, September.
    12. Piersanti, Giovanni, 2012. "The Macroeconomic Theory of Exchange Rate Crises," OUP Catalogue, Oxford University Press, number 9780199653126.
    13. Wolfram Berger & Helmut Wagner, 2005. "Interdependent Expectations and the Spread of Currency Crises," IMF Staff Papers, Palgrave Macmillan, vol. 52(1), pages 41-54, April.
    14. De Grauwe, Paul, 2012. "In Search of Symmetry in the Eurozone," CEPS Papers 6901, Centre for European Policy Studies.
    15. De Grauwe, Paul & Ji, Yuemei, 2013. "Self-fulfilling crises in the Eurozone: An empirical test," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 15-36.
    16. Dmitri Blueschke & Reinhard Neck, 2011. "“Core” and “Periphery” in a Monetary Union: A Macroeconomic Policy Game," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 17(3), pages 334-346, August.
    17. Michael G. Arghyrou & John D. Tsoukalas, 2011. "The Greek Debt Crisis: Likely Causes, Mechanics and Outcomes," The World Economy, Wiley Blackwell, vol. 34(2), pages 173-191, February.
    18. Jeanne, Olivier, 1997. "Are currency crises self-fulfilling?: A test," Journal of International Economics, Elsevier, vol. 43(3-4), pages 263-286, November.
    19. Gibson, Heather D. & Hall, Stephen G. & Tavlas, George S., 2012. "The Greek financial crisis: Growing imbalances and sovereign spreads," Journal of International Money and Finance, Elsevier, vol. 31(3), pages 498-516.
    20. repec:kap:iaecre:v:17:y:2011:i:3:p:334-346 is not listed on IDEAS
    21. Borgy, V. & Laubach, T. & Mésonnier, J-S. & Renne, J-P., 2011. "Fiscal Sustainability, Default Risk and Euro Area Sovereign Bond Spreads Markets," Working papers 350, Banque de France.
    22. Metiu, Norbert, 2012. "Sovereign risk contagion in the Eurozone," Economics Letters, Elsevier, vol. 117(1), pages 35-38.
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    Cited by:

    1. Paolo Canofari & Alessandra Marcelletti & Marcello Messori, 2020. "Redenomination Risk and Bank Runs in a Monetary Union with and Without Deposit Insurance Schemes," Open Economies Review, Springer, vol. 31(2), pages 237-256, April.
    2. Paolo Canofari, 2018. "Inflation Aversion and Exit Probabilities in the Monetary Unions," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 24(1), pages 17-24, February.
    3. D. Blueschke & R. Neck & A. Wittmann, 2020. "How relieving is public debt relief? Monetary and fiscal policies in a monetary union during a debt crisis," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 28(2), pages 539-559, June.
    4. Paolo Canofari & Giovanni Bartolomeo & Giovanni Piersanti, 2014. "Theory and Practice of Contagion in Monetary Unions: Domino Effects in EMU Mediterranean Countries," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(3), pages 259-267, August.
    5. Canofari, Paolo & Di Bartolomeo, Giovanni, 2017. "Regime switches under policy uncertainty in monetary unions," European Journal of Political Economy, Elsevier, vol. 47(C), pages 124-132.
    6. Canofari, Paolo & Messori, Marcello, 2016. "Exit Risks and Contagion in the Euro Area," LEAP Working Papers 2015/11, Luiss Institute for European Analysis and Policy.
    7. Chortareas, Georgios & Mavrodimitrakis, Christos, 2016. "Can monetary policy fully stabilize pure demand shocks in a monetary union with a fiscal leader?," Economic Modelling, Elsevier, vol. 54(C), pages 463-468.
    8. Canofari Paolo & Di Bartolomeo Giovanni & Piersanti Giovanni, 2013. "Theory and practice of contagion in monetary unions. Domino effects in EU Mediterranean countries: The case of Greece, Italy and Spain," wp.comunite 0098, Department of Communication, University of Teramo.
    9. Canofari, Paolo & Messori, Marcello, 2018. "Is the survival of the euro area at risk? An economic analysis of exit and contagion possibilities," Economic Modelling, Elsevier, vol. 69(C), pages 58-66.
    10. Hughes Hallett, Andrew & Mavrodimitrakis, Christos, 2019. "Cooperation vs. leadership in a core-periphery monetary union: Inter-country vs. inter-institutional policy coordination," Journal of Macroeconomics, Elsevier, vol. 59(C), pages 103-122.

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