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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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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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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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Political Constraints and Sovereign Default [PDF]
SSRN Electronic Journal, 2022 Marina Azzimonti, Nirvana Mitra
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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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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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Belize’s 2016–17 Sovereign Debt Restructuring – Third Time Lucky?
Journal of Banking and Financial Economics, 2020 This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was ...
Tamon Asonuma +3 more
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Risk Management, Expectations and Global Finance
Jahrbuch für Wirtschaftsgeschichte, 2023 What impact do past experiences have on the expectation formation of banks? This article analyses the risk management of Germany’s largest bank during the 1970 and 1980s.
Nützenadel Alexander
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Does Debt Have Threshold Effects on Medium-Term Growth? Evidence from European Union Countries
Naše Gospodarstvo, 2022 Debt has become an important factor in economic activity and its extent has incentivized many researchers to incorporate it into contemporary growth models. On the positive side, debt has the ability to smoothen private consumption, firms’ investment and
Fir Nejc
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