Objective
"Much we have been learning about the flawed design of eurozone form the current crisis. Non-optimality of euro as a
currency zone, banking system fragmentation, weak institutional structures, insufficient political integration, lagging
competitiveness and global imbalances, are all blamed for the crisis. At a country level problems are attributed, according to The World Bank and IMF, imprudent public debt management, weak macroeconomic management, and debt overhang.
Our project looks into these over-arching challenges with the broad objective to: ""Develop the capacity for risk management of public debt that can be used in response to crises, and to analyze policy proposals for debt restructuring and common assumption of debt in a currency union"". The eurozone crisis challenges us to develop our capabilities for public debt management and advance the state-of-the-art.This is the purpose of the project.
The four specific research tasks, taken together, advance the broad objective:
1. Develop an asset-and-liability management framework for risk management of public debt.
2. Operationalize the framework using multi-period stochastic programming integrated with multi-factor simulations.
3. Extend the optimization model to incorporate debt sustainability analysis and study debt restructuring of crisis countries.
4. Extend the simulation models to integrate current proposals for EU-bonds in public debt risk management.
The project is devoted to complementing existing skills and broadening the fellow's knowledge base to develop models for
asset-liability management optimization and EU-bond pricing, implement and calibrate them using market data, and
demonstrate their efficacy in addressing policy issues for public debt management in crisis countries. The models will
be tested in depth on the interesting case of Cyprus, for which we have special knowledge and data, on IMF stylized examples, and for the Italian and Argentinean debt where we also have access."
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
- social sciences political sciences political policies public policies
- social sciences economics and business economics econometrics
- social sciences economics and business economics monetary and finances
- social sciences economics and business economics microeconomics
- social sciences sociology governance crisis management
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.1.3. - EXCELLENT SCIENCE - Marie Skłodowska-Curie Actions
MAIN PROGRAMME
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H2020-EU.1.3.2. - Nurturing excellence by means of cross-border and cross-sector mobility
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
MSCA-IF-GF - Global Fellowships
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-MSCA-IF-2014
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
1678 Nicosia
Cyprus
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.