Essec\Faculty\Model\Contribution {#2205
  #_index: "academ_contributions"
  #_id: "8471"
  #_source: array:26 [
    "id" => "8471"
    "slug" => "the-risk-of-default-on-public-debts-in-a-monetary-union-the-case-for-a-european-compensation-fund"
    "yearMonth" => "1996-04"
    "year" => "1996"
    "title" => "The Risk of Default on Public Debts in a Monetary Union: The Case for a European Compensation Fund"
    "description" => "SOUVETON, R. et VRANCEANU, R. (1996). <i>The Risk of Default on Public Debts in a Monetary Union: The Case for a European Compensation Fund</i>. ESSEC Business School."
    "authors" => array:2 [
      0 => array:3 [
        "name" => "VRANCEANU Radu"
        "bid" => "B00000524"
        "slug" => "vranceanu-radu"
      ]
      1 => array:1 [
        "name" => "SOUVETON R."
      ]
    ]
    "ouvrage" => ""
    "keywords" => []
    "updatedAt" => "2023-03-09 09:46:54"
    "publicationUrl" => null
    "publicationInfo" => array:3 [
      "pages" => ""
      "volume" => ""
      "number" => ""
    ]
    "type" => array:2 [
      "fr" => "Documents de travail"
      "en" => "Working Papers"
    ]
    "support_type" => array:2 [
      "fr" => "Editeur"
      "en" => "Publisher"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "Plusieurs pays membres de l'Union Européenne envisageant l'adoption d'une monnaie unique, souhaitent néanmoins conserver le contrôle national sur les politiques budgétaires. L'article est consacré à l'étude du rôle joué par le risque de répudiation de la dette publique dans ce contexte spécifique. Nous nous préoccupons essentiellement des relations entre la probabilité de défaut et plusieurs variables macroéconomiques, tels que la production, la dette de l'Etat ou le déficit public. Cette analyse nous conduit à suggérer la création d'un Fonds Européen de Compensation et fournit quelques suggestions quant à son design optimal."
      "en" => "A core group of European Union members  is close to setting up a monetary union, but wish to keep fiscal policies decentralized. In this particular framework, this paper aims at analyzing the role played by the default risk on Treasury bonds. We focus on the interactions between the risk-adjusted interest rate and several main macroeconomic variables like income, public debt and government spending. In particular, our analysis suggests that a "European Compensation Fund" would provide support for countries affected by adverse shocks."
    ]
    "authors_fields" => array:2 [
      "fr" => "Economie"
      "en" => "Economics"
    ]
    "indexedAt" => "2024-04-27T15:21:44.000Z"
    "docTitle" => "The Risk of Default on Public Debts in a Monetary Union: The Case for a European Compensation Fund"
    "docSurtitle" => "Documents de travail"
    "authorNames" => "<a href="/cv/vranceanu-radu">VRANCEANU Radu</a>, SOUVETON R."
    "docDescription" => "<span class="document-property-authors">VRANCEANU Radu, SOUVETON R.</span><br><span class="document-property-authors_fields">Economie</span> | <span class="document-property-year">1996</span>"
    "keywordList" => ""
    "docPreview" => "<b>The Risk of Default on Public Debts in a Monetary Union: The Case for a European Compensation Fund</b><br><span>1996-04 | Documents de travail </span>"
    "docType" => "research"
    "publicationLink" => "<a href="#" target="_blank">The Risk of Default on Public Debts in a Monetary Union: The Case for a European Compensation Fund</a>"
  ]
  +lang: "fr"
  +"_type": "_doc"
  +"_score": 8.576517
  +"parent": null
}