Artículo de revista ; A High-Level Task Force (HLTF ) of the European Systemic Risk Board (ESRB) has recently put forward a proposal aimed to increase the supply of low-risk financial assets in Europe through the securitisation of national euro area sovereign debt. This article reviews the...

Artículo de revista ; A High-Level Task Force (HLTF ) of the European Systemic Risk Board (ESRB) has recently put forward a proposal aimed to increase the supply of low-risk financial assets in Europe through the securitisation of national euro area sovereign debt. This article reviews the...

Artículo de revista ; The recent financial crisis has shown huge increases in the sovereign yields of some countries. However, it is not clear a priori whether those increases come from fundamental changes in default risk or whether they are due to other determinants. We follow Ejsing et al....

En este trabajo se analizan los efectos sobre la actividad económica derivados de mantener un nivel elevado de deuda pública por medio de simulaciones realizadas con modelos de equilibrio general dinámico estocástico (DSGE, por sus siglas en inglés). La fuerte acumulación de deuda pública...

The COVID-19 pandemic has substantially affected the financial trajectory of governments, which have seen their financing needs increase significantly. Against this background, the European Union has launched a series of programmes to smooth this financing in the short term, through the...

¿Deberían las sociedades (Gobiernos) ahorrar en momentos de expansión económica para afrontar los costes de situaciones extraordinarias, como catástrofes naturales o biológicas, o, más en general, crisis económicas? La crisis económica y social vinculada a las medidas de confinamiento...

This paper analyzes the role played by the IMF in eight recent sovereign debt restructurings from a comparative perspective: Argentina (2001-2005), the Dominican Republic (2004-2005), Ecuador (1999-2000), Pakistan (1998-2001), the Russian Federation (1998-2001), Serbia (2000-2004), Ukraine...

Sovereign debt restructurings do constitute a recurrent phenomenon in emerging and developing economies. Consequently, the international community has repeatedly explored options to increase the predictability and orderliness of debt workouts, of which the debate on the Sovereign Debt...