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National Repository of Grey Literature 2 records found  Search took 0.01 seconds. 
Understanding rating movements in euro area countries
 Brůha, Jan ; Karber, Moritz ; Pierluigi, Beatrice ; Setzer, Ralph
This paper investigates the link between sovereign ratings and macroeconomic fundamentals for a group of euro area countries that recorded rating downgrades during the euro area sovereign debt crisis. We apply an elaborated econometric estimation technique, based on a Bayesian ordered probit model, to understand how the decisions of rating agencies can be explained by economic developments. The estimated model reproduces historical ratings by using a small number of economic and institutional variables which seem to effectively summarize the large number of criteria used by Moody’s, Standard and Poor’s and Fitch in their assignment of sovereign ratings. Our results suggest that the size of the downgrades observed since the start of the sovereign crisis has been broadly in line with the deterioration of economic fundamentals for most countries.
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Germany, France and Euro Crisis. Will Germany and France find a common solution? Convergences und divergences in the German-French crisis management
 Audiová, Kristýna ; Mlsna, Petr (advisor) ; Novotný, Lukáš (referee)
This diploma thesis deals with the topic German-French cooperation on crisis management in the eurozone. Germany and France, represented by chancellor Merkel and president Sarkozy, cooperated together very closely during the crisis and contributed significantly to the further deepening of European economic and monetary union. The aim of this thesis is to analyze and compare the features of the German and French European policy and the German and French ideas about the functioning of economic and monetary union. Secondly, to examine the progress of the German- French cooperation on finding crisis solutions. And finally to define convergence and divergence in the crisis management of both countries. Due to different ideas about economic policy - the German ordoliberalism and French concept called Gouvernance économique - both countries were forced to make mutual concessions. The most important compromises within the anti-crisis measures are the bailouts to indebted countries, European rescue funds or tightening budgetary discipline of European countries by using the fiscal pact. Nevertheless, there are still areas in which both countries disagree, primarily the Eurobonds and other measures to support economic growth. The last part is devoted to the question of German models implementation into the EU and the...
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