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Argentina's default and the lack of dire consequences
Economia Aplicada, 2011 We analyze the 2001 Argentine default on its foreign debt and its consequences in terms of the existing literature on sovereign debt default. It is our purpose to evaluate this experience and to see to what extent the Argentine case requires a re ...
Werner Baer +2 more
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Sovereign Defaults: The Role of Volatility
IMF Working Papers, 2002 While the relationship between volatility and credit risk is central to much of the literature on finance and banking, it has been largely neglected in empirical macro studies on sovereign defaults. This paper presents new econometric estimates for a panel of 25 emerging market countries over 1970-2001, breaking down aggregate volatility into its ...
Bennett W Sutton, Luis Catão
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The Recurrence of Long Cycles: Theories, Stylized Facts and Figures
World Review of Political Economy, 2019 Basic innovations and their diffusion, the expansion or contraction of the level of economic activity and the volume of international trade, rising sovereign debts and their defaults, conflicts and the outbreak of wars, are some ...
Lefteris Tsoulfidis, Aris Papageorgiou
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Empirical Evidence on Selective Sovereign Defaults
EkonomistaThis paper introduces a new empirical measure of fiscal fragility, specifically defined by fluctuations in the government’s tax base, to analyze selective sovereign defaults on domestic and foreign debts.
Wojciech Paczos
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Sovereign default and debt renegotiation [PDF]
Journal of International Economics, 2010 In this paper, we develop a small open economy model to study sovereign default and debt renegotiation within a dynamic borrowing framework. The model features both endogenous default risk and endogenous debt recovery rates. A country’s future borrowing and default decisions affect the determination of debt recovery rates in a Nash bargaining game ...
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Sovereign default and capital accumulation [PDF]
Journal of International Economics, 2014 I introduce endogenous capital accumulation into an otherwise standard quantitative sovereign default model in the tradition of Eaton and Gersovitz (1981), and find that conditional on a level of debt, default incentives are U shaped in the capital stock: the economy with too small or too large amounts of capital is likely to default. In addition to an
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EUROPEAN MONETARY FUND - BETWEEN ILLUSION AND FUTURE INSTRUMENT FOR EUROPEAN FINANCIAL STABILITY [PDF]
Annals of the University of Oradea: Economic Science, 2010 The finance crises that culminate with the Greece situation shows that majority of European countries are facing balance-of-payments difficulties and it is clear that actual mechanism couldnt face the situation.
Firtescu Bogdan
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Essays in Economic and Business History, 2006 The Company of General Farms, a quasi-private collector of about half the French taxes in the eighteenth century, was one of the largest lenders to the Crown.
Noel Johnson
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Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects
Journal of Banking and Financial Economics, 2017 This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13, which occurred outside an IMF-supported program.
Tamon Asonuma +4 more
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Review of International Political Economy, 2021 Scholars continue to debate why states repay their debts to foreign creditors. The existing literature stresses the short-term economic and political costs that deter default, focusing on reputational damage, creditor reprisals, spillover costs, and loss of office.
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