wp12172 Paths to Eurobonds多个方案的比较.pdfVIP

WP/12/172 Paths to Eurobonds Stijn Claessens, Ashoka Mody, and Shahin Vallée © 2012 International Monetary Fund WP/12/172 IMF Working Paper Research Department Paths to Eurobonds Prepared by Stijn Claessens, Ashoka Mody, and Shahin Vallée1 July 2012 This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. Abstract This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing. Many questions remain on whether financial instruments can ever accomplish such goals without bold institutional and political decisions, and, whether, in the absence of such decisions, they can create new distortions. The proposals discussed are also not necessarily competing substitutes; rather, they can be complements to be sequenced along alternative paths that possibly culminate in a fully-fledged Eurobond. The specific path chosen by policymakers should allow for learning and secure the necessary evolution of institutional infrastructures and political safeguards. JEL Classification Numbers: A01; A02; E42; E44; E61; F33; F36; H63; H77; N24 Keywords: Eurobonds; eurozone; fiscal risk-sharing; European Monetary