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Sovereign borrowing, financial assistance and debt repudiation
Kirsch, Florian; Rühmkorf, Ronald - 2013
Official lenders provide financial assistance to countries that face sovereign debt crisis. The availability of financial assistance has counteracting effects on the default incentives of governments. On the one hand, financial assistance can help to avoid defaults by bridging times of...
Persistent link: https://www.econbiz.de/10009748733
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Sovereign debt in the 21st century : looking backward, looking forward
Mitchener, Kris; Trebesch, Christoph - 2021
How will sovereign debt markets evolve in the 21st century? We survey how the literature has responded to the eurozone debt crisis, placing "lessons learned" in historical perspective. The crisis featured: (i) the return of debt problems to advanced economies; (ii) a bank-sovereign "doom-loop"...
Persistent link: https://www.econbiz.de/10012489670
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Staatsschuldenkrise in Europa : ist die Finanzierung der Schuldnerländer alternativlos?
Smeets, Heinz-Dieter - 2011
Der vorliegende Beitrag führt einen Vergleich zwischen der bisher dominierenden Finanzierung von Schuldnerstaaten auf der einen Seite und der Insolvenz solcher Länder, verbunden mit einer Rekapitalisierung der Banken, auf der anderen Seite durch. Hierzu werden die mit den beiden Strategien...
Persistent link: https://www.econbiz.de/10009373930
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Sovereign borrowing, financial assistance, and debt repudiation
Kirsch, Florian; Rühmkorf, Ronald - In: Economic theory : official journal of the Society for … 64 (2017) 4, pp. 777-804
Persistent link: https://www.econbiz.de/10011946058
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The bright side of the doom loop : banks' sovereign exposure and default incentives
Rojas, Luis E.; Thaler, Dominik - 2023
prominent policy prescriptions - lower exposure of banks to domestic sovereign debt or a commitment not to bailout banks - can …
Persistent link: https://www.econbiz.de/10014482907
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What happened in Cyprus? : the economic consequences of the last communist government in Europe
Orphanides, Athanasios - 2014
This paper reviews developments in the Cypriot economy following the introduction of the euro on 1 January 2008 and leading to the economic collapse of the island five years later. The main cause of the collapse is identified with the election of a communist government in February 2008, within...
Persistent link: https://www.econbiz.de/10010400778
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Welfare gains of bailouts in a sovereign default model
Pancrazi, Roberto; Seoane, Hernán D.; Vukotic, Marija - 2019
open economy requests a bailout from an international financial institution, it receives a non-defaultable loan of size G … that comes with imposed debt limits. The government endogenously asks for the bailout during recessions and repays it when … the economy recovers. Hence, the bailout acts as an imperfect state contingent asset that makes the economy better off …
Persistent link: https://www.econbiz.de/10012160653
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Sovereign Bailouts and the Welfare Effects of Seniority
Senel, Gonca - 2018
This paper explores the welfare effects of the seniority requirement of the international lender of the last resort (ILLR). An ILLR with seniority decreases the interest burden of the country because ILLR accepts a lower interest rate due to the higher chance of getting repaid. On the other...
Persistent link: https://www.econbiz.de/10012937128
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Sovereign Debt Crises
Correa, Ricardo - 2015
Sovereign debt crises have been recurrent events over the past two centuries. In recent years, the timing of sovereign crises has coincided or has directly followed banking crises. The link between sovereigns and banks tightened as the contingent liability that the banking sector represents for...
Persistent link: https://www.econbiz.de/10013032764