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Annual Review of Financial Economics, 2023 We review the state of the sovereign debt literature and point out that the canonical model of sovereign debt cannot be easily reconciled with several facts about sovereign debt pricing and servicing. We identify and classify more than 20 puzzles. Some are well-known and documented, others are less so and are sometimes based on anecdotal evidence.
Ugo Panizza +2 more
exaly +4 more sources
Path Dependence in Sovereign Debt Modelling: System Dynamics Approach
Наукові записки НаУКМА: Економічні науки, 2021 The article offers a system dynamic modelling of sovereign debt using the path dependence concept. Using simulation modelling we are trying to find a fixed point in a motion of national sovereign debt towards its equilibrium and to change the existing ...
Hennadiy Hryhoriev
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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. The answers relate to the unique power of the sovereign.
Leonardo Martinez +3 more
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Humanities & Social Sciences Communications, 2023 This article addresses the historical evolution of sovereign debt trajectories since the beginning of the euro area up to the corresponding sovereign debt crisis, using certain key economic concepts previously proposed by the literature in connection to ...
Diptes C. P. Bhimjee
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Determinants of Complexity of Sovereign Debt Negotiation [PDF]
Journal of Economics and Management, 2016 The situation on all kinds of financial markets is determined by their increasing complexity. Negotiation of sovereign debt is also a complex endeavor.
Lidia Mesjasz, Czesław Mesjasz
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On the sovereign debt paradox [PDF]
Economic Theory, 2016 zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Martins da Rocha, Victor Filipe +1 more
openaire +4 more sources
What drives sovereign debt maturity in European countries? [PDF]
Panoeconomicus, 2018 The aim of this paper is to study the determinants of sovereign debt maturity for 23 European countries during the period between 1995 and 2013. For this purpose, we use quantile regressions with robust standard errors clustered by countries to consider ...
González-Fernández Marcos +1 more
doaj +1 more source
Debt Seniority and Sovereign Debt Crises [PDF]
IMF Working Papers, 2018 Is the seniority structure of sovereign debt neutral for a government's decision between defaulting and raising surpluses? In this paper, we address this question using a model of debt crises where a discretionary government endogenously chooses distortionary taxation and whether to apply an optimal haircut to bondholders. We show that when the size of
Anil Ari +2 more
openaire +4 more sources
Sovereign debt and growth in Zambia: determining the tipping point
Social Sciences and Humanities Open, 2021 From the mid-1980s to mid-2000s, Zambia was in egregious debt distress, which resulted in debt relief under the HIPC initiative and MDRI in 2005. Surprisingly, Zambia's debt-to-GDP ratio has increased astronomically from about 22 percent in 2011 to 56 ...
Sydney Chikalipah
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A case for the introduction of numerical fiscal rules in the Serbian Constitution [PDF]
Ekonomski Anali, 2017 The recommendation of numerical fiscal rules in Serbia, presented in this paper, is based on the inherent bias of fiscal policy towards expenditure, and consequently continuous fiscal deficit and excessive sovereign debt.
Begović Boris +2 more
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