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Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects

Broner, Fernando; Erce, Aitor; Martin, Alberto; … - National Bureau of Economic Research (NBER) - 2013

In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...

Persistent link: https://www.econbiz.de/10010821965

Measuring Sovereign Contagion in Europe

Pelizzon, Loriana; Rigobon, Roberto; Caporin, Massimiliano - National Bureau of Economic Research (NBER) - 2013

This paper analyzes the sovereign risk contagion using credit default swaps (CDS) and bond premiums for the major … risk spillover among these countries is not affected by the size of the shock, implying that so far contagion has remained … contagion. This methodology is particularly well-suited to deal with nonlinear and unstable transmission mechanisms. …

Persistent link: https://www.econbiz.de/10010796746

Capital Mobility and International Sharing of Cyclical Risk

Mendoza, Enrique G.; Quadrini, Vincenzo; Bengui, Julien - National Bureau of Economic Research (NBER) - 2012

This paper investigates whether the international globalization of financial markets allows for significant cross-country risk-sharing at the business cycle frequency. We find that cross-country risk-sharing is still limited and this is unlikely to be the result of financial frictions that limit...

Persistent link: https://www.econbiz.de/10010785610

International Financial Integration and Crisis Contagion

Devereux, Michael B.; Yu, Changhua - National Bureau of Economic Research (NBER) - 2014

of 'contagion' across countries. Outside of crises, the impact of financial integration on macro aggregates is relatively …

Persistent link: https://www.econbiz.de/10010950927

Political Risk Spreads

Bekaert, Geert; Harvey, Campbell; Lundblad, Christian; … - National Bureau of Economic Research (NBER) - 2014

We introduce a new, market-based and forward looking measure of political risk derived from the yield spread between a country's U.S. dollar debt and an equivalent U.S. Treasury bond. We explain the variation in these sovereign spreads with four factors: global economic conditions,...

Persistent link: https://www.econbiz.de/10010951038

Financial Reforms and Capital Flows: Insights from General Equilibrium

Martin, Alberto; Ventura, Jaume - National Bureau of Economic Research (NBER) - 2012

As a result of debt enforcement problems, many high-productivity firms in emerging economies are unable to pledge enough future profits to their creditors and this constrains the financing they can raise. Many have argued that, by relaxing these credit constraints, reforms that strengthen...

Persistent link: https://www.econbiz.de/10010581042

Global Growth Opportunities and Market Integration

Bekaert, Geert; Harvey, Campbell; Lundblad, Christian; … - National Bureau of Economic Research (NBER) - 2004

is strongest in countries that have liberalized their capital accounts, equity markets, and banking systems. Second, we …

Persistent link: https://www.econbiz.de/10005089194

Enforcement Problems and Secondary Markets

Broner, Fernando; Martin, Alberto; Ventura, Jaume - National Bureau of Economic Research (NBER) - 2007

There is a large and growing literature that studies the effects of weak enforcement institutions on economic performance. This literature has focused almost exclusively on primary markets, in which assets are issued and traded to improve the allocation of investment and consumption. The general...

Persistent link: https://www.econbiz.de/10005084692

Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties

Garcia, Marcio G. P.; Carvalho, Bernardo S. de M. - National Bureau of Economic Research (NBER) - 2006

We analyze the Brazilian experience in the 1990s to assess the effectiveness of controls on capital inflows in restricting financial inflows and changing their composition towards long term flows. Econometric exercises (VARs) showed that controls on capital inflows were effective in deterring...

Persistent link: https://www.econbiz.de/10005085363

Wealth Transfers, Contagion, and Portfolio Constraints

Pavlova, Anna; Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2005

wealth transfers to or from the Periphery countries. These implicit transfers are responsible for creating contagion among …

Persistent link: https://www.econbiz.de/10005088553