Eurobonds: repackaging sovereign risk

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi
dc.contributor.advisor Murto, Pauli Hellemaa, Sara 2017-07-04T08:43:42Z 2017-07-04T08:43:42Z 2017
dc.description.abstract This thesis describes the eurobonds discussion based on the existing literature. The topic is relevant, since the eurobonds discussion revived strongly during the euro crisis. Moreover, the European Systemic Risk Board launched a new proposal on the new eurobonds, European Safe Bonds (ESBies) in the fall 2016 which makes this topic even timelier. The current eurobonds proposal is based on the approach introduced by Markus Brunnermeier et al. (2011) and its aim to break the diabolic loop between banks and states by creating a safe asset. The problem of this, and in other eurobonds proposals, is however limiting moral hazard. The main objectives of this thesis were to describe the reasons and origins for the current discussion and to understand the basic elements of the eurobonds in the light of moral hazard. The aim is to give a more technical approach to the theme and start the discussion about the problematic issues. As the research and proposals on Eurobonds don’t cover all the critical elements, e.g. the future of the EMU or the political consequences of the Eurobonds, a need for further studies and research still exists. en
dc.format.extent 33
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.title Eurobonds: repackaging sovereign risk en
dc.type G1 Kandidaatintyö fi Kauppakorkeakoulu fi School of Business en
dc.contributor.department Taloustieteen laitos fi
dc.subject.keyword eurobonds en
dc.subject.keyword euro area en
dc.subject.keyword euro crisis en
dc.subject.keyword sovereign risk en
dc.subject.keyword nexus between sovereign and bank credit risk en
dc.subject.keyword moral hazard en
dc.subject.keyword ESBies en
dc.subject.keyword safe asset en
dc.identifier.urn URN:NBN:fi:aalto-201707046268
dc.type.ontasot Bachelor's thesis en
dc.type.ontasot Kandidaatintyö fi
dc.programme Taloustiede fi

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