Results 11 to 20 of about 122,185 (331)
Optimal Sovereign Default [PDF]
American Economic Journal: Macroeconomics, 2016 When is it optimal for a fully committed government to default on its legal repayment obligations? Considering a small open economy with domestic production risk and noncontingent government debt, we show that it is ex ante optimal to occasionally deviate from the legal repayment obligation and to repay debt only partially.
Klaus Adam, Michael Grill
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Political Constraints and Sovereign Default [PDF]
SSRN Electronic Journal, 2022 Marina Azzimonti, Nirvana Mitra
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Inflation and Sovereign Default [PDF]
IMF Staff Papers, 2000 Recent research has highlighted the role that the government budget constraint plays in determining the consumer price level. According to the fiscal approach to price determination, prices adjust so that the discounted value of future real government ...
Paolo Vitale +2 more
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Journal of Economic Theory, 2018 The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
Ayres, João +3 more
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Reputation and Sovereign Default [PDF]
Econometrica, 2018 This paper presents a continuous‐time model of sovereign debt. In it, a relatively impatient sovereign government's hidden type switches back and forth between a commitment type, which cannot default, and an opportunistic type, which can, and where we assume outside lenders have particular beliefs regarding how a commitment type should borrow for any ...
Amador, Manuel, Phelan, Christopher
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Tax Revolts and Sovereign Defaults [PDF]
SSRN Electronic JournalPolitical crises often coincide with fiscal crises, with complex causal dynamics at play. We examine the interaction between tax revolts and sovereign risk using a quantitative structural model calibrated to Argentina. In the model, the government can be controlled by political parties with different preferences for redistribution.
Fernando Arce +2 more
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GDP-Linked Bonds and Sovereign Default [PDF]
SSRN Electronic Journal, 2014 In this paper we explore the ways in which GDP-linked bonds can stabilize sovereign debt dynamics and reduce the probability of default. GDP-linked bonds provide cash payments that vary positively with the level of GDP, thereby helping to stabilize the debt-to-GDP ratio.
David Barr, Oliver Bush, Alex Pienkowski
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Default-risky Sovereign Debt [PDF]
SSRN Electronic Journal, 2002 Not only corporate but also sovereign debtors, in particular developing countries, may get into financial difficulties. Contrary to corporate issuers, they decide themselves if they continue to fulfill their debt obligations or convert their debt.
Andreas Wiggers
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Sovereign Defaults in Court [PDF]
SSRN Electronic Journal, 2018 Abstract For centuries, defaulting governments were immune from legal action by foreign creditors. This paper shows that this is no longer the case. Building a dataset covering four decades, we find that creditor lawsuits have become an increasingly common feature of sovereign debt markets.
Schumacher, Julian +2 more
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Selective Sovereign Defaults [PDF]
Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute Working Papers, 2012 Breaches in intercreditor equity are common ground during sovereign debt restructurings. In this paper I explore residence-based breaches by studying patterns of discrimination between residents and foreign creditors during debt restructurings. I frame the analysis with a simple model of a government's strategic decision to differentiate between the ...
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