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Restructuring Sovereign Bonds : Holdouts, Haircuts and the Effectiveness of Cacs

Schumacher, Julian - 2020

dataset of 23 bond restructurings with external creditors since 1994. We then study the determinants of holdouts and find that … the size of creditor losses (haircuts) is among the best predictors at the bond level. In a restructuring, bonds with … action clauses (CACs) are effective in reducing holdout risks. However, classic CACs, with bond-by-bond voting, are not …

Persistent link: https://www.econbiz.de/10012844060

The Fundamentals of Safe Assets

Habib, Maurizio Michael - 2020

We study what makes government bonds a safe asset. Building on a sample of monthly changes in government bond yields in … changes in global risk (VIX). We find that inertia (whether the bond behaved as a safe asset in the past) and good …

Persistent link: https://www.econbiz.de/10012844631

The Invisible Hand of the Government : 'Moral Suasion' During the European Sovereign Debt Crisis

Ongena, Steven - 2016

to increase their holdings of domestic sovereign bonds in months with relatively high domestic sovereign bond issuance …

Persistent link: https://www.econbiz.de/10012984578

What “hides” behind sovereign debt ratings?

Afonso, António; Gomes, Pedro; Rother, Philipp - 2007

international rating agencies, for the period 1995-2005. We employ panel estimation and random effects ordered probit approaches to …

Persistent link: https://www.econbiz.de/10011604757

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/10012993780

Fiscal multipliers and foreign holdings of public debt

Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, … - 2019

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic...

Persistent link: https://www.econbiz.de/10012142099

Fiscal Multipliers and Foreign Holdings of Public Debt

Broner, Fernando - 2019

Persistent link: https://www.econbiz.de/10012889807

Can EU Bonds Serve as Euro-Denominated Safe Assets?

Bletzinger, Tilman; Greif, William; Schwaab, Bernd - 2022

A safe asset is of high credit quality, retains its value in bad times, and is traded in liquid markets. We show that bonds issued by the European Union (EU) are widely considered to be of high credit quality, and that their yield spread over German Bunds remained contained during the 2020...

Persistent link: https://www.econbiz.de/10013492670

Foreign-Law Bonds : Can They Reduce Sovereign Borrowing Costs?

Chamon, Marcos - 2018

-à-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds …

Persistent link: https://www.econbiz.de/10012916363

The Pricing of G7 Sovereign Bond Spreads : The Times, They are A-Changin

D'Agostino, Antonello - 2013

estimates determinants of G7 sovereign bond spreads, using high‐frequency proxies for market expectations about macroeconomic …

Persistent link: https://www.econbiz.de/10013086465