Results 41 to 50 of about 1,040 (123)
Risk Sharing with the Monarch: Contingent Debt and Excusable Defaults in the Age of Philip II, 1556-1598 [PDF]
Contingent sovereign debt can create important welfare gains. Nonetheless, there is almost no issuance today. Using hand-collected archival data, we examine the first known case of large-scale use of state-contingent sovereign debt in history.
Voth, Hans-Joachim, Drelichman, Mauricio
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Sovereign risk and secondary markets [PDF]
Conventional wisdom views the problem of sovereign risk as one of insufficient penalties. Foreign creditors can only be repaid if the government enforces foreign debts.
Jaume Ventura +2 more
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Volatility and Sovereign Default [PDF]
SSRN Electronic Journal, 2003 Over and over again, history shows that countries default on external debt when their economies experience a downturn. This paper presents a theoretical model of international lending that is consistent with this evidence. Productivity is stochastic and international capital markets are incomplete in two ways: the only internationally traded assets are
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'Rules of Thumb' for Sovereign Debt Crises [PDF]
Sovereign Default, Debt ...
Paolo Manasse, Nouriel Roubini
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Sovereign defaults and banking crises
, 2021 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 ...
Sosa-Padilla, César
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The politics of redistribution and sovereign default
Journal of International EconomicsThis paper studies how distributional and electoral concerns shape sovereign default incentives within a quantitative model of sovereign debt with heterogeneous agents and non-linear income taxation. The small open economy is characterized by a two-party system in which the left-wing party has a larger preference for redistribution than the right-wing ...
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The Forgotten History of Domestic Debt [PDF]
There is a rich scholarly literature on sovereign default on external debt. Comparatively little is known about sovereign defaults on domestic debt. Even today, cross-country data on domestic public debt remains curiously exotic, particularly prior to ...
Kenneth S. Rogoff, Carmen M. Reinhart
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Sovereign default and the choice of maturity [PDF]
, 2014 This study develops a novel model of endogenous sovereign debt maturity that rationalizes various stylized facts about debt maturity and the yield spread curve: first, sovereign debt duration and maturity generally exceed one year, and co-move positively with the business cycle.
Horacio Sapriza +2 more
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Efficient Sovereign Default [PDF]
The Review of Economic Studies, 2018 In this article, I show that the key aspects of sovereign debt crises can be rationalized as part of the efficient risk-sharing arrangement between a sovereign borrower and foreign lenders in a production economy with informational and commitment frictions.
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A European mechanism for sovereign debt crisis resolution: a proposal. Bruegel Blueprint Series, 9 November 2010 [PDF]
, 2010 This Bruegel Blueprint argues that Europe should take the lead in defining a solution to the problem of excessive public debts and create a European Crisis Resolution Mechanism (ECRM).The authors, Francois Gianviti, Anne O.
Hagen, Jurgen Von. +4 more
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