Results 331 to 340 of about 472,824 (384)

Bank Capital, Government Bond Holdings, and Sovereign Debt Capacity

Journal of Financial Economics, 2020
I develop a model where the sovereign debt capacity depends on the capitalization of domestic banks. Low-capital banks optimally tilt their government bond portfolio toward domestic securities, linking their destiny to that of the sovereign.
Matteo Crosignani
semanticscholar   +1 more source

Sovereign Debt in the Making: Financial Entanglements and Labor Politics along the Belt and Road in Laos

, 2020
This article examines the contingent and contentious processes through which debt is created to finance major infrastructure projects. I contend that practices aimed at structuring credit relations into debt-financed projects often have important ...
Wanjing Chen
semanticscholar   +1 more source

The Currency Composition of Sovereign Debt

American Economic Journal: Macroeconomics, 2019
We study the currency composition of sovereign debt in emerging economies through the lens of a model in which the government lacks commitment regarding debt and monetary policy.
D. Perez, Pablo Ottonello
semanticscholar   +1 more source

Borrowing Costs After Sovereign Debt Relief

American Economic Journal: Economic Policy, 2020
Can debt moratoria help countries weather negative shocks? We exploit the Debt Service Suspension Initiative (DSSI) to study the bond market effects of deferring official debt repayments.
Valentin F. Lang, D. Mihalyi, A. Presbitero   +2 more
semanticscholar   +1 more source

NOMINAL SOVEREIGN DEBT

International Economic Review, 2015
AbstractI show that reputation alone can sustain nominal sovereign debt, which is subject to both the risks of default and opportunistic devaluations. Nominal debt combined with a countercyclical exchange rate policy allows more hedging against shocks than real savings if markets are incomplete. Thus, the loss of either repayment or monetary reputation
openaire   +2 more sources

Sovereign Debt Without Default Penalties [PDF]

SSRN Electronic Journal, 2006
Summary: We develop a theory of sovereign borrowing where default penalties are not implementable. We show that when debt is held by both domestic and foreign agents, the median voter might have an interest in serving it. Our theory has important practical implications regarding (a) the role of financial intermediaries in sovereign lending, (b) the ...
Guembel, Alexander, Sussman, Oren
openaire   +6 more sources

Risk Management for Sustainable Sovereign Debt Financing

Operational Research, 2019
The sharp increase of sovereign debt internationally, since the 2008 global financial crisis, decisively contributed to several sovereign debt crises.
S. Zenios, A. Consiglio, M. Athanasopoulou, Edmund Moshammer, Angel Gavilan, Aitor Erce   +5 more
semanticscholar   +1 more source

Sovereign Debt: A Primer [PDF]

The World Bank Economic Review, 1993
The troublesome debts of many developing countries have spawned much literature on why countries borrow, on what debt contributes to growth, on why countries repay, and on how to deal with existing debt. The author provides an analytical primer on the following aspects of sovereign debt : 1) the basic accounting concepts associated with debt and some ...
openaire   +1 more source

Sovereign Debt

2015
the book focuses on sovereign ...
openaire   +1 more source

The Economics of Sovereign Debt and Default

, 2019
Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. This book provides a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding ...
Mark Aguiar, M. Amador
semanticscholar   +1 more source