Search Results - subject:"Debt crises"

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Furceri, Davide; Zdzienicka, Aleksandra - International Monetary Fund (IMF) - 2011

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 by about 10 percent after eight years. The results also suggest that debt crises tend to be more detrimental …

Persistent link: https://www.econbiz.de/10009370535

The Problem that Wasn't; Coordination Failures in Sovereign Debt Restructurings

Zettelmeyer, Jeromin; Chamon, Marcos; Bi, Ran - International Monetary Fund (IMF) - 2011

Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and offers interpretations for why they did not materialize. When the exchange offer is sufficiently...

Persistent link: https://www.econbiz.de/10009370538

Can Emerging Market Central Banks Bail Out Banks? A+L4848 Cautionary Tale From Latin America

International Monetary Fund (IMF); International … - 2011

This paper investigates whether developing and emerging market countries can implement monetary policies similar to those used by advanced countries during the recent global crisis - injecting significant amounts of money into the financial system without facing major short-run adverse...

Persistent link: https://www.econbiz.de/10009370539

The Puzzle of Persistently Negative Interest Rate-Growth Differentials; Financial Repression or Income Catch-Up?

Shabunina, Anna; Escolano, Julio; Woo, Jaejoon - International Monetary Fund (IMF) - 2011

The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for large advanced economies during 1999-2008; but below -7 percentage points among non-advanced economies - exerting a powerful stabilizing influence on...

Persistent link: https://www.econbiz.de/10009370559

Foreign Exchange Intervention; A Shield Against Appreciation Winds?

International Monetary Fund (IMF); International … - 2011

This paper examines foreign exchange intervention practices and their effectiveness using a new qualitative and quantitative database for a panel of 15 economies covering 2004 - 10, with special focus on Latin America. Qualitatively, it examines institutional aspects such as declared motives,...

Persistent link: https://www.econbiz.de/10009203527

Spatial Spillovers in Emerging Market Spreads

Dell'Erba, Salvatore; Baldacci, Emanuele; Poghosyan, Tigran - International Monetary Fund (IMF) - 2011

We use novel spatial econometrics techniques to explore spillovers in the sovereign bond market for 24 emerging economies during 1995-2010. The paper extends the previous literature focusing on spillover effects from advanced to emerging economies by analyzing transmission of shocks across...

Persistent link: https://www.econbiz.de/10009327872

Balanced Budget Rules and Fiscal Outcomes: Evidence from Historical Constitutions

Asatryan, Zareh; Castellón, César; Stratmann, Thomas - 2016

This paper studies the long-run fiscal consequences of balanced budget rules (BBR) that are enshrined in a country’s constitution. Using historical data dating back to the 19th century and applying a difference-in-difference approach we find that the introduction of a constitutional-BBR...

Persistent link: https://www.econbiz.de/10011480476

The Output Costs of Hard and Soft Sovereign Default

Trebesch, Christoph; Zabel, Michael - 2016

How costly are sovereign debt crises? In this paper we study output losses during sovereign default and debt …

Persistent link: https://www.econbiz.de/10011555585

Sovereign risk and bank risk-taking

Ari, Anil - 2016

In European countries recently hit by a sovereign debt crisis, the share of domestic sovereign debt held by the national banking system has sharply increased, raising issues in their economic and financial resilience, as well as in policy design. This paper examines these issues by analyzing the...

Persistent link: https://www.econbiz.de/10011605939

Balanced budget rules and fiscal outcomes : evidence from historical constitutions

Asatryan, Zareh; Castellón, César; Stratmann, Thomas - 2016

This paper studies the long-run fiscal consequences of balanced budget rules (BBR) that are enshrined in a country's constitution. Using historical data dating back to the 19th century and applying a difference-in-difference approach we find that the introduction of a constitutional-BBR reduces...

Persistent link: https://www.econbiz.de/10011474674