Results 271 to 280 of about 5,650 (310)
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.
Barr, David +2 more
openaire +1 more source
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
Some of the next articles are maybe not open access.
Related searches:
Related searches:
Sovereign defaults by currency denomination
Journal of International Money and Finance, 2014This paper explores the drivers of sovereign defaults in 100 countries over the period 1996-2012. We build a new data set of sovereign defaults and find that default events on local and foreign currency bonds are equally likely. However, governments default under different economic and financial conditions depending on the currency in which bonds are ...
Jeanneret, Alexandre, Souissi, Slim
openaire +1 more source
2019
This chapter begins by defining sovereign default. It proceeds to untangle several common forms of default, including unilateral and negotiated default, and default that results in principal haircuts and payment reprofiling, and offers a clear taxonomy of default, using real-world examples when needed.
Julianne Ams +3 more
openaire +1 more source
This chapter begins by defining sovereign default. It proceeds to untangle several common forms of default, including unilateral and negotiated default, and default that results in principal haircuts and payment reprofiling, and offers a clear taxonomy of default, using real-world examples when needed.
Julianne Ams +3 more
openaire +1 more source
Tax Revolts and Sovereign Defaults
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.
Arce, Fernando +2 more
openaire +3 more sources
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 primary surpluses equals the current real value of public debt.
TURALAY KENC +2 more
openaire +2 more sources
Sovereign Defaults and Democracy
Comparative Economic Studies, 2018This paper examines the effect of state default on political regime and shows that state defaults are associated with autocratic polity changes. Using a dataset of 105 countries from 1824 to 2004, we find that a state default leads to a statistically significant decline in the level of democracy, as measured by the Polity IV index.
Antonis Adam, Kostas Karanatsis
openaire +1 more source
Democracies and sovereign default
2012Sovereign defaults are a relatively common feature of (international) financial markets. They highlight the credibility problem in lending to governments: Creditors have no feasible means to enforce repayment of debts. Nevertheless, lending to countries takes place.
openaire +1 more source
The politics of sovereign defaults [PDF]
, 2010 In this article, we study the interplay between political factors and default decisions. First, we survey two branches of theoretical studies. One shows that governments may be willing to repay their debt because it is in the best interest of local agents with political power.
Juan Carlos Hatchondo, Leonardo Martinez
openaire
Identifying Sovereign Defaults
2014Chapter 1 examines the key concepts used throughout the book. This chapter discusses why the notion of “creditworthiness” is better suited than those of “solvency” and “bankruptcy” for explaining sovereign risk and goes on to show that the risk of sovereign default depends on the country’s ability and willingness to pay. Next, Chap.
openaire +1 more source