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SUERF Policy Notes

In September 2015, SUERF launched the SUERF Policy Notes series with focus on current financial, monetary or economic issues, designed for policy makers and financial practitioners, authored by renowned experts.
 


Date publishedSUERFIssueTitleAuthor(s)
May 2023Policy BriefNo 595Don’t blame the government!? An assessment of debt forecast errors with a view to the Economic Governance ReviewAlena Bachleitner, Doris Prammer
May 2023Policy BriefNo 592Debt-for-nature swaps: a two-fold solution for environmental and debt sustainability in developing countries?Quentin Paul, Romain Svartzman, Pierre-François Weber
May 2023Policy BriefNo 591What to expect after “effortless” debt reduction in the euro area?Matthias Reith
May 2023Policy BriefNo 582Critical metals for the low-carbon transition: macro-financial issuesStéphane Dees, Simon Dikau, Hugh Miller, Romain Svartzman
May 2023Policy BriefNo 580Can machine learning help forecasting fiscal crises in emerging and developing countries?Raffaele De Marchi, Alessandro Moro
May 2023Policy BriefNo 579Do unrealised bank losses affect loan pricing?Matjaž Volk
May 2023Policy NoteNo 310Monetary and fiscal policies as anchors of trust and stabilityAgustín Carstens
Apr 2023Policy NoteNo 308Supply mattersAndrew Bailey
Mar 2023Policy BriefNo 539When policies get in the way of profit shifting to tax havensJoana Garcia
Mar 2023Policy BriefNo 538How does offshoring shape labour market imperfections? A comparative analysis of Belgian and Dutch firmsSabien Dobbelaere, Catherine Fuss, Mark Vancauteren
Feb 2023Policy BriefNo 532A New EU Economic Governance and Fiscal Framework: what role for the national independent fiscal institutions (IFIs)?Daniel Daianu
Feb 2023Policy BriefNo 529The effects of monetary policy across fiscal regimesRoben Kloosterman, Dennis Bonam, Koen van der Veer
Feb 2023Policy BriefNo 517Stock Return Predictability: Comparing Macro- and Micro-ApproachesArthur Stalla-Bourdillon
Feb 2023Policy NoteNo 297Risk reduction vs risk sharing: A sticking point in the ongoing review of the EU fiscal framework?Martin Larch, Matthias Busse, Mateja Gabrijelcic, Laszlo Jankovics, Janis Malzubris
Jan 2023Policy BriefNo 509EU fiscal rules 2.0, more carrot than stick plus greenwashing?Matthias Reith, Gunter Deuber
Jan 2023Policy NoteNo 296Finding the right mix: monetary-fiscal interaction at times of high inflationIsabel Schnabel
Jan 2023Policy BriefNo 499Invest One -- Get Two Extra: Public Investment Crowds In Private InvestmentOlegs Matvejevs, Olegs Tkacev
Dec 2022Policy BriefNo 489The impact of portfolio-based green monetary policy Raphael Abiry, Marien Ferdinandusse, Alexander Ludwig, Carolin Nerlich
Dec 2022Policy BriefNo 486How do borrowers adjust in a household foreign currency debt crisis?Győző Gyöngyösi, Judit Rariga, Emil Verner
Dec 2022Policy BriefNo 484Monetary and macroprudential policy effectiveness and spilloversLuc Laeven, Angela Maddaloni, Caterina Mendicino
Dec 2022Policy BriefNo 481Should central banks be involved in historical research?Ivo Maes
Nov 2022Policy BriefNo 476Finance in Africa 2022: Navigating the financial landscape in turbulent timesColin Bermingham, Barbara Marchitto, Debora Revoltella
Nov 2022Policy BriefNo 473The Impact of Natural Disasters on Banks’ Impairment Flow – Evidence from GermanyIliriana Shala, Benno Schumacher
Nov 2022Policy BriefNo 458Immigrants and the distribution of income and wealth in the euro areaMaarten Dossche, Aleksandra Kolndrekaj, Maximilian Propst, Javier Ramos Perez, Jiri Slacalek
Oct 2022Policy BriefNo 454Augmented credit-to-GDP gap as a more reliable indicator for macroprudential policy decision-makingTihana Škrinjarić
Oct 2022Policy BriefNo 444How do central bank lending operations interact with equity offering announcements?Massimo Giuliodori, Jan Kakes, Dimitris Mokas
Oct 2022Policy BriefNo 435Using household-level data to guide borrower-based macro-prudential policyGastón Andrés Giordana, Michael Heinrich Ziegelmeyer
Sep 2022Policy BriefNo 423Country biases in equity portfolios are less pronounced and less irrational than one might thinkMartijn Boermans, Ian Cooper, Piet Sercu, Rosanne Vanpée
Sep 2022Policy BriefNo 416The rise of cross-border financial centresPamela Pogliani, Philip Wooldridge
Sep 2022Policy BriefNo 411Subjective Expectations and UncertaintyAndrzej Kocięcki, Tomasz Łyziak, Ewa Stanisławska
Aug 2022Policy BriefNo 406Sustainable finance data for central banks: a new Irving Fisher Committee survey Merve Artman, Pierre Bui Quang, Nadia Esham, Nur Izzati, Leah Kling, David Nefzi, Romana Peronaci, Christine Schlitzer, Christian Schmieder, Ömer Kayhan Seyhun, Bruno Tissot, Elena Triebskorn, Huiming Yang
Aug 2022Policy BriefNo 402To Announce or Not To Announce: Basic Trade-offs in Public Debt ManagementAlexander Dentler, Enzo Rossi
Aug 2022Policy BriefNo 393Stagflation in the 1970s: lessons for the current situationAlmira Enders, Sebastian Giesen, Dominic Quint
Aug 2022Policy BriefNo 389Digital Endowments and Comparative AdvantageDario Guarascio, Roman Stöllinger
Jul 2022Policy BriefNo 366Firm-level expectations and macroeconomic conditions: underpinnings and disagreementMonique Reid, Pierre Siklos
Jun 2022Policy BriefNo 354A Coasian Bargain: Climate Financing to Phase Out CoalTobias Adrian, Patrick Bolton, Alissa M. Kleinnijenhuis
Jun 2022Policy NoteNo 282Trade and Climate – The Disrupted NexusStefan P. Schleicher
Jun 2022Policy BriefNo 353How Bad Can Financial Crises Be? A GDP Tail Risk Assessment for PortugalIvan De Lorenzo Buratta, Marina Feliciano, Duarte Maia
May 2022Policy BriefNo 340Optimal Timing of Policy Interventions in Troubled BanksPhilipp König, Paul Mayer, David Pothier
May 2022Policy BriefNo 339Does own wealth and wealth of others matter for life satisfaction?Antje Jantsch, Julia Le Blanc,Tobias Schmidt
May 2022Policy BriefNo 338Mortgage debt relief after economic shocks: lessons from the pandemicEdward Gaffney, Fergal McCann, Johannes Stroebel
Apr 2022Policy BriefNo 321Would a retail CBDC achieve its intended purpose?Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda
Apr 2022Policy BriefNo 314Private Debt for SMEs – Market OverviewHelmut Kraemer-Eis, Jörn Block, Antonia Botsari, Salome Gvetadze, Frank Lang, Carlos Krause, Alexandra Moritz, Anna Schulze
Apr 2022Policy NoteNo 273The return of inflationAgustín Carstens
Mar 2022Policy BriefNo 305Is There Financial Exclusion when Official Lenders Are Considered?María Bru Muñoz
Mar 2022Policy NoteNo 271Financial stability and crypto-assetsPablo Hernández de Cos
Mar 2022Policy BriefNo 300Household saving and fiscal policy: Evidence for the euro area from a thick modelling perspectiveCristina Checherita-Westphal, Marcel Stechert
Mar 2022Policy BriefNo 291The Political Economy of Currency UnionsKai Arvai
Mar 2022Policy BriefNo 286Private and Public Debt: Some Implications on Economic GrowthPatrizio Morganti
Feb 2022Policy BriefNo 281GDP-linked bonds and the fear of ambiguityDeniz Igan, Taehoon Kim, Antoine Levy
Feb 2022Policy NoteNo 265Austrian conceptions of money and the rise of digital currencyMichael Peneder
Jan 2022Policy BriefNo 267Pledge or pretext? Lessons from the Fiscal CompactMartin Larch, Matthias Busse, László Jankovics
Jan 2022Policy BriefNo 257Why do households save?Sami Oinonen, Matti Viren
Jan 2022Policy NoteNo 262The encrypted threat: Bitcoin’s social cost and regulatory responsesUlrich Bindseil, Patrick Papsdorf, Jürgen Schaaf
Dec 2021Policy BriefNo 248Africa and COVID-19: Can the financial sector stay on course for a green and digital future?Debora Revoltella, Claudio Cali, Barbara Marchitto, Nina Fenton, Ricardo Santos
Dec 2021Policy BriefNo 245How to set Cyclical and Structural capital buffers via Stress tests? A Risk-to-Buffer approachCyril Couaillier, Valerio Scalone
Nov 2021Policy BriefNo 215Monetary policy strategies in the New Normal: A model-based analysis for the euro areaFabio Busetti, Stefano Neri, Alessandro Notarpietro, Massimiliano Pisani
Oct 2021Policy BriefNo 206Cost-Benefit Analysis of Borrower-Based Measures in SlovakiaMartin Cesnak, Ján Klacso, Roman Vasiľ
Oct 2021Policy BriefNo 203The reform of the EU’s fiscal governance framework in a new macroeconomic environmentMario Alloza, Javier Andrés, Pablo Burriel, Iván Kataryniuk, Javier J. Pérez, Juan Luis Vega
Oct 2021Policy BriefNo 202Revisiting the link between government debt and sovereign interest rates in the euro areaStéphanie Pamies, Nicolas Carnot, Anda Pătărău
Oct 2021Policy BriefNo 200The highly heterogeneous impact of the Covid-19 crisis on French firmsBenjamin Bureau, Anne Duquerroy, Julien Giorgi, Mathias Lé, Suzanne Scott, Frédéric Vinas
Oct 2021Policy NoteNo 257Systemic Implications of the Bail-in Design: A Precis of our Main TextJ. Doyne Farmer, Charles Goodhart, Alissa M. Kleinnijenhuis
Sep 2021Policy BriefNo 189How do real and monetary integrations affect inflation dynamics in Turkey?Hülya Saygılı
Sep 2021Policy BriefNo 183Central bank’s financial result and inter-sectoral transfers of benefitsKrzysztof Kruszewski, Mikołaj Szadkowski
Sep 2021Policy BriefNo 182The FX Global CodeGuy Debelle
Sep 2021Policy BriefNo 181A liquidity risk early warning indicator for Italian banks: a machine learning approachMaria Ludovica Drudi, Stefano Nobili
Sep 2021Policy NoteNo 252Forging the Future of Monetary Union – taking stock and looking forwardMarkus Rodlauer, Rolf Strauch
Sep 2021Policy BriefNo 176Does the ECB’s monetary policy react to the balance of risks?Philippine Cour-Thimann, Alexander Jung
Sep 2021Policy BriefNo 175The Liquidity of the Government Bond Market – What Impact Does Quantitative Easing Have? Evidence from SwedenMarianna Blix Grimaldi, Alberto Crosta, Dong Zhang
Sep 2021Policy BriefNo 174Low-for-ultra-long policy will not be enough for JapanHiroshi Ugai
Sep 2021Policy BriefNo 173An export supply channel of exchange ratesErik Frohm
Aug 2021Policy BriefNo 166Record global FX reserves after COVID shockMichael S Hanson
Aug 2021Policy BriefNo 160Have scale effects on cost margins of pension fund investment portfolios disappeared?Jacob A. Bikker, Jeroen J. Meringa
Aug 2021Policy BriefNo 158Bank pricing of corporate loansMárcio Mateus, Tiago Pinheiro
Aug 2021Policy BriefNo 156More aware societies suffered less from Covid-19Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara
Aug 2021Policy BriefNo 149Regulation of crypto-assets is a must for governments and central banksDaniel Daianu
Aug 2021Policy NoteNo 250Roads for the future: Central Bank Digital Currency (CBDC) and Innovative PaymentsFrançois Villeroy de Galhau
Aug 2021Policy BriefNo 142Consumption patterns in Italy during COVID-19Elisa Guglielminetti and Concetta Rondinelli
Jul 2021Policy BriefNo 132Euro area portfolio flows in 2020: the impact of the Covid-19 crisisJulia Schmidt, Olivier Sirello
Jul 2021Policy NoteNo 248The Future of BitcoinWim Boonstra
Jun 2021Policy BriefNo 116The euro area sovereign debt markets in the crisis: role and impact on financial stability perspectivesDenis Beau
Jun 2021Policy BriefNo 109Quantifying bias and inaccuracy of upper-level aggregation in Harmonised Index of Consumer Prices for Germany and the euro areaBy Thomas Knetsch, Julika Herzberg , Patrick Schwind and Sebastian Weinand
Jun 2021Policy BriefNo 103A bigger house at the cost of an empty fridge? The effect of households’ indebtedness on their consumption: Micro-evidence using Belgian HFCS dataPhilip Du Caju, Guillaume Périlleux, François Rycx, Ilan Tojerow
Jun 2021Policy BriefNo 99Stress-testing CESEE borrowers in the light of the COVID-19 pandemicAleksandra Riedl
May 2021Policy NoteNo 242Does the upturn in Eurozone money growth imply 5% inflation?Tim Congdon
May 2021Policy BriefNo 93Set-up costs and the financing of young firmsFrançois Derrien, Jean-Stéphane Mésonnier, Guillaume Vuillemey
May 2021Policy BriefNo 91Low Interest Rates and the Distribution of Household DebtMarina Emiris, François Koulischer
May 2021Policy NoteNo 239How to prevent a too restrictive fiscal policy in Europe?Wim Boonstra
May 2021Policy NoteNo 238Monetary and Fiscal Policy: Privileged powers, entwined responsibilitiesClaudio Borio and Piti Disyatat
Apr 2021Policy BriefNo 78Not all debt is bank debt: Nonbank borrowing in Central, Eastern and Southeastern EuropeKatharina Allinger, Elisabeth Beckmann
Apr 2021Policy BriefNo 77Smoke and Mirrors: On cancelling public debts held by the EurosystemJef Boeckx and Xavier Debrun
Apr 2021Policy BriefNo 75Europe: the shock of Covid-19 and the fear of accelerated zombificationHélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef
Apr 2021Policy BriefNo 74The Great Depression, banking crisis, and Keynes’ paradox of thriftVictor Degorce, Eric Monnet
Apr 2021Policy NoteNo 231The challenges to the banking sector a year after the outbreak of the COVID-19 pandemicPablo Hernández de Cos
Apr 2021Policy NoteNo 230Immovable property: where, why and how should it be taxed?Doris Prammer
Apr 2021Policy BriefNo 63The role of fiscal policies in the Covid-19 crisis: scope and limitationsNiels Thygesen
Apr 2021Policy NoteNo 229Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: looking-through investment fundsDaniel Carvalho, Martin Schmitz
Mar 2021Policy BriefNo 55Debt cancellation by the ECB: Does it make a difference?Paul de Grauwe
Mar 2021Policy BriefNo 53Who has purchased euro area debt since the start of the health crisis?Olivier Sirello
Jan 2021Policy BriefNo 41Is inflation dead or hibernating?Claudio Borio
Jan 2021Policy NoteNo 218Interest rate-growth differentials on government debt: an empirical investigation for the euro areaCristina Checherita-Westphal and João Domingues Semeano
Dec 2020Policy NoteNo 210On the risk-adjusted performance of machine learning models in credit default predictionAndres Alonso, Jose Manuel Carbo
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Nov 2020Policy NoteNo 204Lessons from the Swedish anti-corona strategyLieven Noppe
Oct 2020Policy NoteNo 201Central banks’ response to the “tragedy on the horizon”François Villeroy de Galhau
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Oct 2020Policy NoteNo 197The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation RevivalC.A.E. Goodhart, Manoj Pradhan
Sep 2020Policy BriefNo 28Limits and pitfalls of QE in emerging marketsDaniel Daianu
Aug 2020Policy BriefNo 24The big debt surgeRalph Solveen
Aug 2020Policy BriefNo 23Eurozone in times of Covid-19: Debt monetisation by stealthPeter Vanden Houte
Aug 2020Policy BriefNo 22Radical UncertaintyJohn Kay
Jul 2020Policy BriefNo 21How effective are bank levies in reducing leverage given the debt bias of corporate income taxation?Franziska Bremus, Kirsten Schmidt, Lena Tonzer
Jul 2020Policy NoteNo 183Retail Central Bank Digital Currencies: means of payment vs store of valueSantiago Fernández de Lis, Pablo Urbiola
Jul 2020Policy NoteNo 182Europe’s answer to Libra – potential and prerequisites of a programmable euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Jul 2020Policy NoteNo 181A sensible fiscal policy for the sharp rise in government debtForrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood
Jun 2020Policy NoteNo 176Credit Guarantees in the COVID-19 crisis – Relevance and Economic ImpactJulien Brault, Simone Signore
Jun 2020Policy NoteNo 173A first look at fiscal dynamics in the Euro area after COVID-19: the case for a shift in the fiscal governance systemMarco Protopapa
Jun 2020Policy NoteNo 174The international role of the euroMarco Buti
Jun 2020Policy BriefNo 15There is nothing magic in central bank moneyJean Barthélemy, Adrian Penalver
May 2020Policy NoteNo 171US dollar funding markets during the Covid-19 crisis – the international dimensionEgemen Eren, Andreas Schrimpf, Vladyslav Sushko
May 2020Policy BriefNo 11Simulating the distributive effects of the Macron-Merkel Recovery FundFriedrich Heinemann
May 2020Policy NoteNo 168Cross-border consolidation in the European banking sector: between dreams and realityJan Van Hove
May 2020Policy BriefNo 9ECB needs to finance Corona budget deficitsPaul De Grauwe
May 2020Policy NoteNo 162How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term contextElga Bartsch, Jean Boivin, Philipp Hildebrand
Apr 2020Policy BriefNo 4How the economy will recover from the Corona shockJörg Krämer and Bernd Weidensteiner
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Apr 2020Policy BriefNo 2Politics and Economics of Global CurrenciesPaul De Grauwe
Apr 2020Policy NoteNo 156Navigation tools in the semi-normal corona eraAndy Langenkamp
Apr 2020Policy NoteNo 157The search for the right European Financing Instruments in the Corona Pandemic - ESM Liquidity Assistance versus Corona BondsFriedrich Heinemann
Apr 2020Policy NoteNo 152European banks in the corona crisisJan Schildbach
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Apr 2020Policy NoteNo 147Does It Fit? Tweeting on Monetary Policy and Central Bank CommunicationDonato Masciandaro, Davide Romelli, Gaia Rubera
Mar 2020Policy NoteNo 144Euro Area Economics: Putting the OOH into HICPJacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow
Mar 2020Policy NoteNo 138Euro Area Economics: Greenflation?Jacob Nell, Joao Almeida, Markus Guetschow
Mar 2020Policy NoteNo 136Mortgage Lending and Macroprudential Policy in the UK and USAlan Brener
Nov 2019Policy NoteNo 111Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvreKarsten Wendorff
Oct 2019Policy NoteNo 109The rise of central banks as sovereign debt holders: Implications for investor basesAlvise Lennkh, Bernhard Bartels, Thibault Vasse
Sep 2019Policy NoteNo 99The euro’s global role: past, present and futureArnaud Mehl
Sep 2019Policy NoteNo 94Escaping the Trap: Secular Stagnation, Monetary Policy and Financial FragilityMartin Wolf
Aug 2019Policy NoteNo 88Mitigating Fiscal Risks from the Financial SectorLudger Schuknecht
Jun 2019Policy NoteNo 79Financial aspects of BrexitThomas Url
May 2019Policy NoteNo 71Rethinking the Trade-offs for Monetary Policy in an Era of GlobalizationEnrique Martínez-García
May 2019Policy NoteNo 70The impact of Brexit on growth and the public financesIain Begg
Mar 2019Policy NoteNo 60Fiscal RulesVitor Gaspar, David Amaglobeli
Mar 2019Policy NoteNo 59New Frontiers in the Euro Debate in IcelandThorsteinn Thorgeirsson
Jan 2019Policy NoteNo 51Africa needs investments beyond its pockets of growthOlivier de Boysson, Clément Gillet
Nov 2018Policy NoteNo 46Global financial vulnerabilities: Get ready for a bumpy rideClaudio Borio
May 2018Policy NoteNo 34Modern financial repression in the euro area crisis: making high public debt sustainable?Ad van Riet
Mar 2018Policy NoteNo 29European Monetary Union reform preferences of French and German parliamentariansSebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj
Mar 2018Policy NoteNo 28Credit conditions and corporate investment in EuropeLaurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher
Jan 2018Policy NoteNo 24Fairness and Support for the Reforms: Lessons from the Transition EconomiesSergei Guriev
Jan 2018Policy NoteNo 23The occasional importance of the current account in an era of a global savings glutJesper Berg, Steffen Lind
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
May 2017Policy NoteNo 12(No) worries about the new shape of international capital flowsMatthieu Bussiére, Julia Schmidt, Natacha Valla
Jan 2017Policy NoteNo 10Bail-ins: Issues of Credibility and ContagionClas Wihlborg
May 2016Policy NoteNo 7Ten Myths in the Brexit DebateDavid T. Llewellyn
Apr 2016Policy NoteNo 5Some seeming paradoxes or interesting points of Russia’s economy and banking sectorStephan Barisitz
Dec 2015Policy NoteNo 3Cash without future? Future without cash? A wider viewChristian Beer, Urs W. Birchler, Ernest Gnan
Oct 2015Policy NoteNo 2Modigliani–Miller, Basel 3 and CRD 4Morten Balling
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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