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7 publications found, searching for 'Mario Tonveronachi '
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Working Paper No. 947
February 06, 2020
Ages of Financial Instability
AbstractStarting from the mid-nineteenth century, this paper analyzes two periods of financial instability connected with financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more recent experience starting from the 1970s. The period in between is divided into two subperiods. The first goes up to World War II and sees […]
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One-Pager No. 56
June 19, 2018
An Alternative to Sovereign Bond-Backed Securities for the Euro Area
AbstractThe European Commission's proposal for the regulation of sovereign bond-backed securities (SBBSs) follows the release of a high-level taskforce report, sponsored by the European Systemic Risk Board, on the feasibility of an SBBS framework. The proposal and the SBBS scheme, Mario Tonveronachi argues, would fail to yield the intended results while undermining financial stability. Tonveronachi articulates […]
Download One-Pager No. 56 PDF (107.37 KB) -
Public Policy Brief No. 145
June 08, 2018
European Sovereign Bond-Backed Securities
AbstractIn response to a proposal put forward by the European Commission for the regulation of sovereign bond-backed securities (SBBSs), Mario Tonveronachi provides his analysis of the SBBS scheme and attendant regulatory proposal, and elaborates on an alternative approach to addressing the problems that have motivated this high-level consideration of an SBBS framework. As this policy […]
Download Public Policy Brief No. 145, 2018 PDF (236.81 KB) -
One-Pager No. 51
December 11, 2015
Completing the Single Financial Market and New Fiscal Rules for the Euro Area
AbstractUntil market participants across the euro area face a single risk-free yield curve rather than a diverse collection of quasi-risk-free sovereign rates, financial market integration will not be complete. Unfortunately, the institution that would normally provide the requisite benchmark asset—a federal treasury issuing risk-free debt—does not exist in the euro area, and there are daunting […]
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Public Policy Brief No. 140
November 18, 2015
The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules
AbstractMario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a single benchmark yield curve based on debt certificates (DCs) issued by the European Central Bank (ECB). In this policy brief, Tonveronachi discusses potential changes to […]
Download Public Policy Brief No. 140, 2015 PDF (381.64 KB) -
Public Policy Brief No. 137
September 15, 2014
The ECB and the Single European Financial Market
AbstractThe flaws of the Maastrict Treaty are a frequent object of commentary but, as yet, Europe remains unable—or, perhaps more accurately, unwilling—to address these flaws. The European project will remain unfinished and the ability of the European Central Bank to implement effective monetary policies will continue to be hobbled. As Mario Tonveronachi observes in this […]
Download Public Policy Brief No. 137, 2014 PDF (244.67 KB) -
Public Policy Brief No. 137
September 15, 2014
Η ΕΚΤ και η ενιαία ευρωπαϊκή χρηματοπιστωτική αγορά
AbstractΟι ατέλειες της Συνθήκης του Maastrict είναι συχνά αντικείμενο σχολιασμού, ωστόσο, όμως, η Ευρώπη παραμένει ανίκανη ή μάλλον απρόθυμη να αντιμετωπίσει αυτές τις αδυναμίες. Το ευρωπαϊκό σχέδιο θα παραμείνει ημιτελές και η ικανότητα της Ευρωπαϊκής Κεντρικής Τράπεζας να εφαρμόζει αποτελεσματικές νομισματικές πολιτικές θα συνεχίσει να αντιμετωπίζει προβλήματα. Όπως παρατηρεί σε αυτό το κείμενο πολιτικής ο […]
Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 137 PDF (645.09 KB)