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The 'Fiscal Presource Curse' : Giant Discoveries and Debt Sustainability

Ruzzante, Matteo; Souza Sobrinho, Nelson Ferreira - 2022

This paper investigates the dynamic impact of natural resource discoveries on government debt sustainability. We use a ‘natural experiment’ framework in which the timing of discoveries is treated as an exogenous source of within-country variation. We combine data on government debt, fiscal...

Persistent link: https://www.econbiz.de/10013295145

Pricing Sovereign Debt in Resource-Rich Economies

McGregor, Thomas - 2019

How do oil price movements affect sovereign spreads in an oil-dependent economy? I develop a stochastic general equilibrium model of an economy exposed to co-moving oil price and output processes, with endogenous sovereign default risk. The model explains a large proportion of business cycle...

Persistent link: https://www.econbiz.de/10012858384

Revisiting the Case for Debt Mutualization in the Euro Area : A Quantitative Exploration

Ando, Sakai; Dell'Ariccia, Giovanni; Gourinchas, … - 2023

This paper explores the feasibility of an idea proposed first by the German Council of Economic Experts in 2011 and revisited by Italian and French authorities in 2021: the one-off mutualization of some European legacy debt through the creation of a European Debt Management Agency (EDMA). The...

Persistent link: https://www.econbiz.de/10014358464

Sovereign Debt Sustainability and Central Bank Credibility

Willems, Tim; Zettelmeyer, Jeromin - 2022

This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates. First, the shift from an “accounting based” view of debt sustainability, evaluated using government borrowing rates, to a “model based” view...

Persistent link: https://www.econbiz.de/10013295141

Optimal Fiscal and Monetary Policy, Debt Crisis and Management

Cantore, Cristiano - 2017

-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government …

Persistent link: https://www.econbiz.de/10012956478

Revisiting the Stabilization Role of Public Banks : Public Debt Matters

Ture, H. Elif - 2021

role. During the global financial crisis (GFC), public banks were widely used to counter the private credit crunch and prop …

Persistent link: https://www.econbiz.de/10013243047

Jamaica Debt Exchange

Grigorian, David A. - 2014

The sovereign debt restructuring operation in Jamaica undertaken in early-2010 was a unique experiment that perhaps offered less by way of upside, if compared to the conventional sovereign debt exchanges, but provided credible assurances against further downfall and financial sector distress. A...

Persistent link: https://www.econbiz.de/10013051917

The Making of a Continental Financial System : Lessons for Europe from Early American History

Gaspar, Vítor - 2015

working its way out of the sovereign debt crisis and implementing Banking Union and Financial Union, it is worthwhile to …

Persistent link: https://www.econbiz.de/10013021786

Predicting Fiscal Crises

Cerovic, Svetlana - 2018

This paper identifies leading indicators of fiscal crises based on a large sample of countries at different stages of development over 1970-2015. Our results are robust to different methodologies and sample periods. Previous literature on early warning sistems (EWS) for fiscal crises is scarce...

Persistent link: https://www.econbiz.de/10012912485

Fiscal Crises

Gerling, Kerstin - 2017

, appear to suffer the least in crisis periods. Surprisingly, advanced economies face greater turbulence (growth declines … sharply in the first two years of the crisis), with half of them experiencing economic contractions. Fiscal policy is usually … growth is magnified if accompanied by a financial crisis …

Persistent link: https://www.econbiz.de/10012956473