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Elisa Faraglia

Elisa Faraglia

Title of research: Union Debt Management

Union Debt Management - The advent of the EURO and the recent European debt crisis have sparked a huge economic literature that studies how idiosyncratic and aggregate shocks can be managed in a currency union once the individual countries give up their monetary policy independence. In this project we want to analyse how debt management could help each country to smooth different types of fiscal shocks. The aim of the project is twofold. The first is empirical: using a data set of debt portfolios of five Euro Area governments, we want run a battery of panel VARs identifying separately idiosyncratic and aggregate spending shocks to study whether government portfolios have been effective to absorb idiosyncratic and aggregate shocks. The second aim is theoretical. We study the role of government debt maturity in a two country currency union model without fiscal transfers, aiming to identify conditions and bond characteristics under which debt management can complete the markets.

Project Update - August 2019

Project Update - April 2019

Project Update - August 2018


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CERF Fellow Dr. Bang Dang Nguyen - paper will be presented at the AFA Annual Meeting 2020 in San Diego

Sep 26, 2019

Political Connections and Firm Value: Evidence from Close Gubernatorial Elections, joint with Q.A. Do (SciencesPo Paris) and Yen-Teik Lee (Curtin University), is accepted and will be presented at the AFA Annual Meeting 2020 in San Diego.

CERF Scholar Shiqi Chen presented her paper at Leeds University Business School

Jun 28, 2019

Shiqi Chen presented her paper entitled “Financial Policies and Internal Governance with Heterogeneous Risk Preferences” (joint with Bart Lambrecht) in the Accounting and Finance seminar at Leeds University Business School, the Finance seminar at Essex Business School, CERF Lunch Seminar at Cambridge Judge Business School, and at the 2019 Annual Real Options Conference in London.

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