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The risks from climate change to sovereign debt. [PDF]
Clim Change, 2022 The exposure of sovereigns to climate risks is priced and can affect credit ratings and debt servicing costs. I argue that the climate risks to fiscal stability are not receiving adequate attention and discuss how to remedy the situation. After providing
Zenios SA.
europepmc +2 more sources
IMF-Supported Programs and Sovereign Debt Crises [PDF]
IMF Economic Review, 2021 This paper studies the role of IMF-supported programs in mitigating the likelihood of subsequent sovereign defaults in borrowing countries. Using a panel of 106 developing countries from 1970 to 2016 and an entropy balancing methodology, we find that IMF-
Balima H, Sy A.
europepmc +2 more sources
IMF Working Papers, 2022 : This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries but risky in others.
Leonardo Martinez +3 more
openaire +2 more sources
Economic Synopses, 2010 All five peripheral EU countries face burdensome public debt and budget deficits, but the causes for uncertainty in each country?s situation differ.
Silvio Contessi
openaire +4 more sources
Sovereign Debt, Volatility, and Insurance [PDF]
Federal Reserve Bank of San Francisco, Working Paper Series, 2004 External debt increases the vulnerability of indebted emerging market economies to macroeconomic volatility and financial crises. Capital account reversals often lead sovereign debt repayment crises that are only resolved after prolonged and difficult debt restructuring. Foreign indebtedness exacerbates domestic financial distress in crisis, increasing
Kenneth Kletzer
openaire +10 more sources
Austerity, Assistance and Institutions: Lessons from the Greek Sovereign Debt Crisis [PDF]
Open Economies Review, 2021 Economides G +2 more
europepmc +3 more sources
Voluntary Sovereign Debt Exchanges [PDF]
Journal of Monetary Economics, 2013 We show that some recent sovereign debt restructurings were characterized by (i) the absence of missed debt payments prior to the restructurings, (ii) reductions in the government’s debt burden, and (iii) increases in the market value of debt claims for holders of the restructured debt.
Juan Carlos Hatchondo +2 more
openalex +2 more sources
Abstract Geoeconomic shocks in the 1970s, including oil price hikes and declining commodity prices, drove many countries to unsustainable debt levels by the early 1980s. While the established global norm then was that debtors should pay back their creditors, high levels of debt threatened the stability of the global economy.
James Thuo Gathii, Harrison Otieno Mbori
core +5 more sources
Sovereign Debt Ratchets and Welfare Destruction
Journal of Political Economy, 2023 We study an impatient, risk-neutral government that cannot commit to a particular debt path, financed by competitive lenders. In equilibrium, debt adjusts slowly toward a debt-to-income target, exacerbating booms and busts.
P. DeMarzo, Zhiguo He, Fabrice Tourre
semanticscholar +1 more source
Who Holds Sovereign Debt and Why It Matters
Social Science Research Network, 2022 This paper studies whether investor composition affects the sovereign debt market. We construct a data set of sovereign debt holdings by foreign and domestic bank, nonbank private and official investors for 101 countries across three decades.
Xiang Fang, B. Hardy, K. Lewis
semanticscholar +1 more source