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The Sustainable Debts of Philip II: A Reconstruction of Spain's Fiscal Position, 1560-1598

Drelichman, Mauricio; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2007

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. The king failed to honour his debts four times during his reign. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence allows us to derive comprehensive estimates of...

Persistent link: https://www.econbiz.de/10005656157

Feeling the blues. Moral hazard and debt dilution in Eurobonds before 1914

Esteves, Rui; Tuncer, Ali Coskun - C.E.P.R. Discussion Papers - 2014

Debt mutualisation through Eurobonds has been proposed as a solution to the Euro crisis. Although this proposal found some support, it also attracted strong criticisms as it risks raising the spreads for strong countries, diluting legacy debt and promoting moral hazard by weak countries. Because...

Persistent link: https://www.econbiz.de/10011084064

The Mother of All Sudden Stops: Capital Flows and Reversals in Europe, 1919-1932

Accominotti, Olivier; Eichengreen, Barry - C.E.P.R. Discussion Papers - 2013

We present new data documenting European capital issues in major financial centers from 1919 to 1932. Push factors (conditions in international capital markets) perform better than pull factors (conditions in the borrowing countries) in explaining the surge and reversal in capital flows. In...

Persistent link: https://www.econbiz.de/10011084387

Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten

Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2013

Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is...

Persistent link: https://www.econbiz.de/10011084399

The Persistence of Capital Inflows and the Behaviour of Stock Prices in East Asia Emerging Markets: Some Empirical Evidence

Sarno, Lucio; Taylor, Mark P - C.E.P.R. Discussion Papers - 1999

We examine the view that the recent East Asian crisis was precipitated by bursting asset price bubbles which had been fuelled by strong capital inflows which were largely the result of a moral hazard problem in financial intermediation, and was exacerbated by a vicious cycle of asset price...

Persistent link: https://www.econbiz.de/10005661947

The German Transfer Problem, 1920-1933: A Sovereign Debt Perspective

Ritschl, Albrecht - C.E.P.R. Discussion Papers - 2012

The severity of the Great Depression in Germany has sometimes been blamed on reparations in simplistic fashion. Alternative interpretations relied on American capital exports, the demise of the Gold Standard, or on malfunc¬tions of the domestic economy, such as excessive wage increases during...

Persistent link: https://www.econbiz.de/10011083352

Was Stalin Necessary for Russia’s Economic Development?

Cheremukhin, Anton; Golosov, Mikhail; Guriev, Sergei; … - C.E.P.R. Discussion Papers - 2013

This paper studies structural transformation of Soviet Russia in 1928-1940 from an agrarian to an industrial economy … through the lens of a two-sector neoclassical growth model. We construct a large dataset that covers Soviet Russia during 1928 …-1940 and Tsarist Russia during 1885-1913. We use a two-sector growth model to compute sectoral TFPs as well as distortions and …

Persistent link: https://www.econbiz.de/10011083670

Resolution of Sovereign Debt Crises: The New Old Framework

Portes, Richard - C.E.P.R. Discussion Papers - 2004

The Paper sets out the principles that should underlie sovereign debt restructuring. It argues for a rules-based approach to achieve private sector involvement in restructuring. The rules must operate, however, in the context of an appropriate institutional framework with appropriate incentives....

Persistent link: https://www.econbiz.de/10005504514

Structuring and Restructuring Sovereign Debt: The Role of Seniority

Bolton, Patrick; Jeanne, Olivier - C.E.P.R. Discussion Papers - 2005

In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure. We show within a simple model how competition for repayment between lenders may result in sovereign debt that is...

Persistent link: https://www.econbiz.de/10005504677

Making a Voluntary Greek Debt Exchange Work

Gulati, Mitu; Zettelmeyer, Jeromin - C.E.P.R. Discussion Papers - 2012

Within the next few months, the Greek government, is supposed to persuade private creditors holding about EUR 200bn in its bonds to voluntarily exchange their existing bonds for new bonds that pay roughly 50 percent less. This may work with large creditors whose failure to participate in a debt...

Persistent link: https://www.econbiz.de/10011083320