Results 61 to 70 of about 1,040 (123)
Renegotiation, Collective Action Clauses and Sovereign Debt Markets [PDF]
Collective action clauses (CACs) are provisions specifying that a supermajority of bondholders can change the terms of a bond. We study how CACs determine governments' fiscal incentives, sovereign bond prices and default probabilities in environments ...
Federico Weinschelbaum, Jose Wynne
core
Trade credit, international reserves and sovereign debt [PDF]
, 2007 We present a unified model of sovereign debt, trade credit and international reserves. Our model shows that access to short-term trade credit and gross international reserves critically affect the outcome of sovereign debt renegotiations.
Kohlscheen, Emanuel +1 more
core
Default, currency crises, and sovereign credit ratings
Sovereign credit ratings play an important part in determining countries’ access to international capital markets and the terms of that access. In principle, there is no reason to expect that sovereign credit ratings should systematically predict ...
Reinhart, Carmen
core
Supersanctions and Sovereign Debt Repayment [PDF]
Theoretical models have suggested that sanctions may be important for enforcing sovereign debt contracts (Bulow and Rogoff, 1989a, 1989b). This paper examines the role of sanctions in promoting debt repayment during the classical gold standard period. We
Marc D. Weidenmier, Kris James Mitchener
core
THE CURRENCY DENOMINATION OF SOVEREIGN DEBT [PDF]
This paper considers the currency composition of sovereign debt in the context of risk-sharing through excusable defaults. It is shown that monetary credibility is not a sufficient condition for borrowing in domestic currency.
Michael Bleaney
core
The aim of this paper is to assess the short and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses, reducing output ...
Furceri, Davide, Zdzienicka, Aleksandra
core
Sovereign risk in a structural approach: Evaluating sovereign ability-to-pay and probability of default [PDF]
We quantify the probability that a sovereign defaults on repayment obligations in foreign currency. Adopting the structural approach as first introduced by Merton, we consider the sovereigns ability-to-pay, characterised by the sum of discounted future ...
Maltritz, Dominik, Karmann, Alexander
core
Greek Sovereign Defaults in Retrospect and Prospect [PDF]
, 2016 This article presents and critically evaluates the four Greek sovereign defaults (1827, 1843, 1893 and 1932) and puts them into a historical perspective.
Zouboulakis, Michel +1 more
core
Trade Credit, International Reserves and Sovereign Debt [PDF]
We present a unified model of sovereign debt, trade credit and international reserves. Our model shows that access to short-term trade credit and gross international reserves critically affect the outcome of sovereign debt renegotiations.
O’Connell, S. A., Kohlscheen, E.
core
Sovereign Debt in the Americas: New Data and Stylized Facts [PDF]
In this paper, we introduce the first comprehensive database on sovereign debt systematically compiled to ensure comparability, for all countries in the Americas, and use this new data to highlight the main stylized facts regarding sovereign debt for ...
Kevin Cowan +3 more
core