Results 11 to 20 of about 81,387 (42)
American Economic Journal: Macroeconomics, 2018 Sovereign debt crises involve debt restructurings characterized by a mix of face value haircuts and maturity extensions. The prevalence of maturity extensions has been hard to reconcile with economic theory.
Maximiliano A. Dvorkin +3 more
semanticscholar +1 more source
Regime-Dependent Sovereign Risk Pricing During the Euro Crisis
Social Science Research Network, 2017 Previous work has documented a greater sensitivity of long-term government bond yields to fundamentals in Euro area stress countries during the euro crisis, but we know little about the driver(s) of regimeswitches.
Anne-Laure Delatte +2 more
semanticscholar +1 more source
Rethinking the Effects of Financial Globalization
, 2016 During the past three decades, many countries have lifted restrictions on cross-border financial transactions. We present a simple model that can account for the observed effects of financial globalization.
F. Broner, Jaume Ventura
semanticscholar +1 more source
International Reserves and Rollover Risk
The American Economic Review, 2013 We study the optimal accumulation of international reserves in a quantitative model of sovereign default with long-term debt and a risk-free asset. Keeping higher levels of reserves provides a hedge against rollover risk, but this is costly because using
Javier Bianchi +2 more
semanticscholar +1 more source
Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models
The American Economic Review, 2018 We establish that creditor beliefs regarding future borrowing can be self-fulfilling, leading to multiple equilibria with markedly different debt accumulation patterns.
Mark Aguiar, M. Amador
semanticscholar +1 more source
Political Economy of the Greek Crisis
The Review of Radical Political Economics, 2018 The Greek turmoil commenced as a balance of payments, or “sudden stop,” crisis induced by large current account and primary government deficits. It became an economic and social disturbance of historic proportions.
C. Lapavitsas
semanticscholar +1 more source
Sovereign Debt and Structural Reforms
The American Economic Review, 2019 We construct a dynamic theory of sovereign debt and structural reforms with limited enforcement and moral hazard. A sovereign country in recession wishes to smooth consumption. It can also undertake costly reforms to speed up recovery.
Andreas Müller +2 more
semanticscholar +1 more source
Quantitative Easing, Collateral Constraints, and Financial Spillovers
American Economic Journal: Macroeconomics, 2020 The steady application of quantitative easing (QE ) has been followed by big and nonmonotonic effects on international asset prices and capital flows. We rationalize these observations in a model in which a central bank buys domestic assets that serve as
J. Geanakoplos, Haobin Wang
semanticscholar +1 more source
Financial Openness and Growth: Short-Run Gain, Long-Run Pain?
Social Science Research Network, 2007 No empirical evidence has yet emerged for the existence of a robust positive relationship between financial openness and economic growth. This paper argues that a key reason for the elusive evidence is the presence of a time-varying relationship between ...
M. Bussière, Marcel Fratzscher
semanticscholar +1 more source
Is Inflation Default? The Role of Information in Debt Crises
The American Economic Review, 2017 We study the information sensitivity of government debt denominated in domestic versus foreign currency: the former is subject to inflation risk and the latter to default.
C. Galli, M. Bassetto
semanticscholar +1 more source