Results 11 to 20 of about 118,933 (270)
Sovereign default: The role of expectations [PDF]
Journal of Economic Theory, 2015 En el modelo estándar de impago soberano, como en Aguiar y Gopinath (2006) o Arellano (2008), el impago está impulsado solo por los fundamentos. No hay un rol independiente para las expectativas. Mostramos que pequeñas variaciones de ese modelo son consistentes con múltiples equilibrios de tasas de interés, similares a los encontrados en Calvo (1988 ...
João Ayres +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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Optimal Sovereign Default [PDF]
American Economic Journal: Macroeconomics, 2013 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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Journal of International EconomicsThis folder contains the required files to replicate the results of the paper "Clustered Sovereign Defaults". Check the readme file for instructions.THIS DATASET IS ARCHIVED AT DANS/EASY, BUT NOT ACCESSIBLE HERE.
Singh, A (via Mendeley Data)
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Domestic vs. external sovereign debt servicing: an empirical analysis [PDF]
, 2009 This paper analyzes the incidence of domestic and external debt crises for a sample of 53 emerging economies between 1980 and 2005. Even though there is substantial time variation in the default rates during the period, sovereign default rates for ...
Emanuel Kohlscheen, Kohlscheen, Emanuel
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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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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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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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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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