Arbeitspapier
The US 19th and 20th century experiences: Lessons for the Eurozone crisis
The evolution of institutions in the US and other unions provides clear lessons. There are large gains from buffering currency unions with a union-wide deposit insurance, and partial debt mutualisation. The credibility of a union deposit insurance scheme requires transparent funding and supervision, with a reliable backstopping mechanism. Establishing the credibility of such a scheme benefits from partial debt mutualisation and the formation of a dedicated union-level tax collection needed to serve these liabilities. Limited debt mutualisation does not preclude the existence of a vibrant independent debt market for the union's states, restricted by each state's tax revenue.
- Language
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Englisch
- Bibliographic citation
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Series: Working Paper ; No. 705
- Classification
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Wirtschaft
- Event
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Geistige Schöpfung
- (who)
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Aizenman, Joshua
- Event
-
Veröffentlichung
- (who)
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University of California, Economics Department
- (where)
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Santa Cruz, CA
- (when)
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2012
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Aizenman, Joshua
- University of California, Economics Department
Time of origin
- 2012
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