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The Economics of Sovereign Debt, Bailouts, and the Eurozone Crisis
Gourinchas, Pierre-Olivier - 2023
Cyprus, Greece, Ireland, Portugal, and Spain, ranging from roughly 0.5% (Ireland) to a whopping 43% (Greece) of 2010 output … during the Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed … be optimal from the perspective of the creditor country, even ex-ante, if it increases the risk of immediate insolvency …
Persistent link: https://www.econbiz.de/10015059348
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Sovereign Debt
Martinez, Leonardo - 2022
This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries but risky in others. The answers relate to the unique power of the sovereign. One the one hand,...
Persistent link: https://www.econbiz.de/10015060335
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Sovereign Debt Repatriation During Crises
Arslanalp, Serkan - 2022
We use a new, comprehensive data set on the sovereign debt investor base to document three novel empirical facts: (i) sovereign debt is repatriated - that is, shifted from external private to domestic investors - prior to sovereign defaults; (ii) not all crises are equal: evidence for...
Persistent link: https://www.econbiz.de/10015060461
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Euro Area Sovereign Risk During the Crisis
Zoli, Edda - 2009
While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign...
Persistent link: https://www.econbiz.de/10012677887
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Competitiveness in the Southern Euro Area : France, Greece, Italy, Portugal, and Spain
Lissovolik, Bogdan - 2008
, Portugal, and Spain. While France, Italy, and Portugal have experienced substantial export market share losses, Greece and …This collection of studies analyzes developments in nonprice external competitiveness of France, Greece, Italy … Spain performed relatively well. Export market share losses appear associated with rigidities in resource allocation …
Persistent link: https://www.econbiz.de/10014409024
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Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis
Fund, International Monetary - 2012
This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by deteriorating funding conditions and investor sentiment....
Persistent link: https://www.econbiz.de/10012677547
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Distress in European Banks
Poghosyan, Tigran - 2009
The global financial crisis has highlighted the importance of early identification of weak banks: when problems are identified late, solutions are much more costly. Until recently, Europe has seen only a small number of outright bank failures, which made the estimation of early warning models...
Persistent link: https://www.econbiz.de/10012677700
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The Right Tool for the Job? Mortgage Distress and Personal Insolvency during the European Debt Crisis
Bergthaler, Wolfgang - 2023
a mortgage debt crisis, but in several cases, the legal response was based on the introduction of personal insolvency … understanding of the main considerations in resolving personal insolvency and distressed mortgage debt in the context of crises …
Persistent link: https://www.econbiz.de/10015059506
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What Drives Mortgage Default Risk in Europe and the U.S.?
Gross, Marco - 2022
We present an analysis of the sensitivity of household mortgage probabilities of default (PDs) and loss given default (LGDs) on unemployment rates, house price growth, interest rates, and other drivers. A structural micro-macro simulation model is used to that end. It is anchored in the balance...
Persistent link: https://www.econbiz.de/10015060521
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Government Debt Issuance in the Euro Area
Fund, International Monetary - 2011
This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding...
Persistent link: https://www.econbiz.de/10012677377