Results 11 to 20 of about 5,650 (310)
Cogent Economics & Finance, 2020 While a decline in the market value of sovereign assets (below a benchmark level of liabilities) can trigger sovereign distress/default risk, volatility in sovereign assets can increase the risk premium on domestic debt and credit spread on external debt.
Devendra Kumar Jain +2 more
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Sovereign Defaults: The Price of Haircuts [PDF]
American Economic Journal: Macroeconomics, 2011 A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses (“haircuts”) in all restructurings with foreign banks and bondholders from 1970 until 2010, covering 180 ...
Juan J. Cruces, Christoph Trebesch
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Sovereign default and the euro [PDF]
Oxford Review of Economic Policy, 2013 The introduction of the euro meant that countries with sovereign debt problems could not use monetization and devaluation as a way to prevent default. The institutional structures of the euro were also widely thought to prevent a country in difficulties being bailed out by other euro members or having its sovereign debt purchased by the European ...
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The political economy of sovereign defaults [PDF]
Journal of Monetary Economics, 2019 Abstract How do income distribution and the tax system affect sovereign borrowing and default decisions? Are these effects shaped by the political constraints that governments face when raising revenues to repay the debt? To address these questions, we incorporate agent heterogeneity, in terms of income distribution and tax burden, and a political ...
Eugenia Andreasen +2 more
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EVOLUTION OF FINANCIAL CONTAGION IN THE CONTEXT OF THE EUROPEAN DEBT CRISIS
Финансы: теория и практика, 2017 This paper aims to study changes in the effect of financial contagion in the Eurozone during the European DebtCrisis. The results of the study show that the strength of institutional connections on the interbank level had decreased, while on the ...
V. E. Rasskazov
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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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Indonesian Capital Market Review, 2015 This paper is motivated by the fact that emerging market assets size has been expanding and trying to use sovereign debt market as part of capital market as main research focus.
Adelia Surya Pratiwi
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The Elusive Costs of Sovereign Defaults [PDF]
SSRN Electronic Journal, 2006 Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses. However, most of the evidence supporting this conventional wisdom, based on annual observations, suffers from serious measurement and identification problems.
Ugo Panizza, Eduardo Levy Yeyati
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Sovereign Wealth Funds, Sovereign Risk, and External Financing Costs of Financial Intermediaries [PDF]
Faslnāmah-i Pizhūhish/Nāmah-i Iqtisādī, 2018 This paper takes a novel perspective in analyzing theoretically how the sovereign wealth funds (SWFs) would impact on the sovereign risk, and thereby, the financial sector and, due to some frictions, the real sector of its owner economy.
mohammad feghikashani, Parvin Yahyavi
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Management : Journal of Contemporary Management Issues, 2023 Given the need for transition economies to finance some of the investment required for development through borrowing, this paper empirically examines the determinants of government bond spreads, focusing on institutional quality as a contextual dimension.
Berat Havolli
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