Results 11 to 20 of about 1,040 (123)
Sovereign defaults and banking crises [PDF]
Journal of Monetary Economics, 2018 Episodes of sovereign default feature three key empirical regularities in connection with the banking systems of the countries where they occur: (i) sovereign defaults and banking crises tend to happen together, (ii) commercial banks have substantial holdings of government debt, and (iii) sovereign defaults result in major contractions ...
Cesar Sosa-Padilla
exaly +8 more sources
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
exaly +2 more sources
Determinants of sovereign defaults [PDF]
Quarterly Review of Economics and Finance, 2018 Abstract We study major sovereign defaults from 1970 to 2010 using an advanced duration analysis method. Descriptive analysis of the data indicates a cyclical nature of these defaults over a longer period. Regression results highlight the importance of the international monetary conditions as the volatilities of US treasury bills rates and USD ...
Yaseen Ghulam
exaly +3 more sources
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
openaire +9 more sources
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
openaire +4 more sources
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
openaire +4 more sources
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
openaire +7 more sources
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
doaj +1 more source
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
doaj +1 more source
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
doaj +1 more source