Results 21 to 30 of about 1,040 (123)
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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CURRENT PROBLEMS OF PUBLIC DEBT AND SOVEREIGN DEFAULTS TO THE EU COUNTRIES
Финансы: теория и практика, 2017 Today the threat of sovereign defaults is relevant and severe enough not only to developing but also to developed countries. In the first half of the 1980s, the global crisis of emerging markets external debt demonstrated for the first time that the debt
E. A. Zvonova
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Sovereign Defaults: The Price of Haircuts [PDF]
American Economic Journal: Macroeconomics, 2011 A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses (“haircuts”) in all restructurings with foreign banks and bondholders from 1970 until 2010, covering 180 ...
Juan J. Cruces, Christoph Trebesch
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Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned
Journal of Banking and Financial Economics, 2018 This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15. Both restructurings emerged as a consequence of weak fiscal and debt situations, which became unsustainable soon after external shocks hit the ...
Tamon Asonuma +4 more
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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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Groningen Journal of International Law, 2015 In the aftermath of Argentina’s 2001 economic crisis, creditors not participating in the country sovereign debt restructuring insisted on full payment. The triplet of investment arbitration decisions upheld jurisdiction over the mass claims presented by ...
Josef Ostřanský
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The Costs of Sovereign Default: Theory and Empirical Evidence
Economía, 2016 Economic policymakers sometimes perceive a sovereign default as a jump into the unkown. The main piece of information missing is what the costs of the default are going to be.
Guido Sandleris
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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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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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OECD Economics Department Working Papers, 2018 This paper provides robust empirical evidence that government effectiveness is a key determinant of sovereign defaults. Government effectiveness is measured by a broad-based perception index of the Worldwide Governance Indicators database (WGI) disseminated by the World Bank.
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