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Luis Garicano and Dimitri Vayanos

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About the authors and departments

Personal webpages:
Luis Garicano: http://www.lse.ac.uk/management/people/lgaricano.aspx
Dimitri Vayanos:  http://personal.lse.ac.uk/vayanos/

Management Department (Garicano):
http://www.lse.ac.uk/management/home.aspx

Finance Department (Vayanos):
http://www.lse.ac.uk/finance/home.aspx

Relevant research

“ESBies: A realistic reform of Europe’s financial architecture.” Markus K. Brunnermeier, Luis Garicano, Philip R. Lane, Marco Pagano, Ricardo Reis, Tano Santos, David Thesmar, Stijn Van Nieuwerburgh, and Dimitri Vayanos in The Future of Banking, edited by Thorsten Beck, Vox e-Book, October 2011.
http://www.voxeu.org/content/future-banking  
http://www.voxeu.org/article/esbies-realistic-reform-europes-financial-architecture

European Safe Bonds. Markus K. Brunnermeier, Luis Garicano, Philip R. Lane, Marco Pagano, Ricardo Reis, Tano Santos, David Thesmar, Stijn Van Nieuwerburgh and Dimitri Vayanos. Working Paper, 30 September 2011.

 

Evidence of impact

OpEds

“Making Europe Safer,” Markus Brunnermeier, Luis Garicano, Philip R. Lane, Marco Pagano, Ricardo Reis, Tano Santos, Stijn Van Nieuwerburgh and Dimitri Vayanos. Wall Street Journal, September 27, 2011. http://www.wsj.com/articles/SB10001424052970204831304576594353277663720

“Préstamos Conjuntos sin Unión Fiscal: Una propuesta para la Eurozona”, Luis Garicano and Tano Santos. El País, Sept 27, 2011. http://elpais.com/diario/2011/09/27/economia/1317074403_850215.html

“Gestire il debito pubblico in sicurezza Agenzia europea senza unione fiscal”,  Markus Brunnermeier, Luis Garicano, Philip Lane, Marco Pagano, Ricardo Reis, Tano Santos, Stijn Van Nieuwerburgh, Dimitri Vayanos.  Corriere della Sera, Sept 27, 2011. (PDF available for download on the internet.)

Press coverage

The proposal was covered or discussed in the following publications:

“Europe needs a single banking system to ward off dangers of sovereign debt”, Irish Times, September 27, 2011. http://www.irishtimes.com/business/economy/europe/europe-needs-a-single-banking-system-to-ward-off-dangers-of-sovereign-debt-1.610390

“Ευρωπαϊκά Ασφαλή Ομόλογα - Μια νέα πρόταση”, Kathimerini, 2 October 2011.
http://www.kathimerini.gr/438942/article/oikonomia/die8nhs-oikonomia/eyrwpaika-asfalh-omologa---mia-nea-protash

“Super-Anleihen sollen den Euro retten”, Süddeutsche Zeitung, October 4, 2011. http://www.sueddeutsche.de/wirtschaft/vorschlag-zur-loesung-der-schuldenkrise-super-anleihen-sollen-den-euro-retten-1.1154489

Presentations and conference sessions where ESBies were considered as one of the key alternatives to solve the European Zone crisis

“ESBies –  European Safe Bonds”. Presentation by Garicano at Ente Einaudi, 21 March 2012: http://www.eief.it/files/2012/03/garicano-luis.pdf

‘What next for the Eurozone?’. Presentation by Garicano at INET Council on the Eurozone Crisis, LSE, January 23, 2013: http://www.lse.ac.uk/assets/richmedia/channels/publicLecturesAndEvents/slides/20130123_1830_eurozoneDeadlock_sl.pdf

“New Institutions and Policies for a workable Eurozone”. Presentation by Giancarlo Corsetti, Lars Feld, Luis Garicano, Philip Lane, Lucrezia Reichlin, Helene Rey, Dimitri Vayanos and Beatrice Weder di Mauro, ECB Conference, November 27, 2014: https://www.ecb.europa.eu/events/pdf/conferences/141211/prfrWederdiMauro.pdf?2d323575174a498c4d6c630f945dc86f

“Should we Create Eurobonds?”. Session 4 at Banque de France: The Euro Area Sovereign Crisis, Paris, Dec 19th, 2011.

“Can debt mutulization be reconciled with good incentives?” Presentation by Garicano and Vayanos at Session 1. EBRD- Bruegel Seminar on Debt Mutualization, London, February 8, 2012.

Sample policy articles referring to their proposal

“Paths to Eurobonds”. Claessens, Stijn, Ashoka Mody, and Shahin Vallée, IMF Working Paper, WP/12/172, 2012. [IMF team evaluates the team’s proposals and compares to the other four main candidates] https://www.imf.org/external/pubs/ft/wp/2012/wp12172.pdf

“Making sense of Eurobond proposals” Stijn Claessens, Ashoka Mody, Shahin Vallee, VoxEU 17 August 2012  (Same IMF team as above discusses in short the team’s proposals in a horse race with others). http://www.voxeu.org/article/making-sense-eurobond-proposals

“Safe Conditional Eurobonds.” A commentary in the VoxEU Debate Has austerity gone too far? By Georg Erber, VoxEU 18 April 2011. http://www.voxeu.org/debates/commentaries/safe-conditional-eurobonds

“An Open Letter to Dr Jens Weidmann” Charles Wyplosz, VoxEU 18 November 2011. http://www.voxeu.org/article/open-letter-dr-jens-weidmann

“Stop Coddling Europe’s Banks” by Morris Goldstein, VoxEU, Jan, 2012. http://www.voxeu.org/article/stop-coddling-europe-s-banks

“Stop coddling Europe’s banks” by Clive Crook, The Atlantic, January 16, 2012. http://www.theatlantic.com/business/archive/2012/01/stop-coddling-europes-banks/251465/

“Eurobonds are likely to increase the risk of joint defaults in the Eurozone”, Wolf Wagner, VoxEu, 8 December 2011. http://www.voxeu.org/article/eurobonds-are-likely-increase-risk-joint-defaults-eurozone

“Eurobills, not Eurobonds”, Christian Hellwig   Thomas Philippon, VoxEU, 2 December 2011. http://www.voxeu.org/article/eurobills-not-euro-bonds

“How to design a banking union that limits systemic risk in the Eurozone”, Wolf Wagner, VoxEU, 16 October 2012. http://www.voxeu.org/article/how-design-banking-union-limits-systemic-risk-eurozone

“Non-defaultable debt and sovereign risk”, Juan Carlos Hatchondo, Leonardo Martinez, and Yasin Kursat Onder, IMF Working Paper WP/14/198, October 2014. http://www.imf.org/external/pubs/ft/wp/2014/wp14198.pdf

Relevant video and audio

Garicano on ‘Breaking the deadlock: A path out of the Euro crisis’, Peterson Institute for International Economics, 28 September 2012:
https://www.youtube.com/watch?v=6cjfHaBe3R4

Garicano on ‘El dilema de Espana’, Fundacion Rafael del Pino, 22 January 2014:
https://www.youtube.com/watch?v=rCJcEqZXqok

Garicano on his book ‘El dilema de Espana’, 1 July 2014:
https://www.youtube.com/watch?v=Q-2irM62aDw

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