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Why has Japan's massive government debt not wreaked havoc (yet)?
Horioka, Charles Yuji; Nomoto, Takaaki; … - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on … saving) caused by population aging, will make it necessary for Japan to get its fiscal house in order. Thus, Japan's massive …
Persistent link: https://www.econbiz.de/10010332404
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Why has Japan's massive government debt not wreaked havoc (yet)?
Horioka, Charles Yuji - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on … saving) caused by population aging, will make it necessary for Japan to get its fiscal house in order. Thus, Japan's massive …
Persistent link: https://www.econbiz.de/10010333541
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Explaining Foreign Holdings of Asia’s Debt Securities
Horioka, Charles Yuji; Nomoto, Takaaki; … - 2014
securities, with emphasis on Japan and developing Asia. We find that foreign residents generally increased their holdings of …
Persistent link: https://www.econbiz.de/10010507546
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Explaining foreign holdings of Asia's debt securities: The Feldstein-Horioka paradox revisited
Horioka, Charles Yuji; Terada-Hagiwara, Akiko; Nomoto, … - 2015
the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan … capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia … reasons. The main reason in the case of advanced Asia (especially Japan) appears to be higher riskadjusted returns, whereas …
Persistent link: https://www.econbiz.de/10011421476
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The Three Debts: A Look from the East
Gligorov, Vladimir; Landesmann, Michael - 2010
The pressures on fiscal consolidation have mounted dramatically in the wake of the Greek and then the 'contagion' crisis which followed it (across the so-called 'weakest links' Portugal, Spain, Italy, Ireland). It led to the setting-up of the 750 billion euro stabilisation package widely seen as...
Persistent link: https://www.econbiz.de/10012100211
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Fiscal multipliers and foreign holdings of public debt
Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, … - 2019
smaller than one when the foreign share is low, such as in the U.S. in the 1950's and 1960's and Japan today, and larger than …
Persistent link: https://www.econbiz.de/10012142099
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Domestic and external sovereign debt
Di Casola, Paola; Sichlimiris, Spyridon - 2017
Why do countries tend to repay their domestic and external debt, even though the legal enforcement of the sovereign debt contract is limited? Contrary to conventional wisdom, we argue that temporary market exclusion after default is costly. When the domestic financial market is characterized by...
Persistent link: https://www.econbiz.de/10011943315
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How Can the Crisis Vulnerability of Emerging Economies Be Reduced?
Abberger, Klaus; Bhattacharyay, Biswa Nath; Nam, Chang Woon - 2014
Emerging countries in many cases are more crisis-prone than highly developed industrialized countries. This is in many cases due to a weak or volatile financial sector. The best policy to strengthen crisis resistance is the building up of a sound financial position. A sound financial position of...
Persistent link: https://www.econbiz.de/10011698419
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Do countries default in bad times? The role of alternative detrending techniques
Panizza, Ugo - 2022
Quantitative models of sovereign debt predict that countries should default during deep recessions. However, empirical research on sovereign debt has found a surprisingly large share of "good times" defaults (i.e., defaults that happen when GDP is above trend). Existing evidence also indicates...
Persistent link: https://www.econbiz.de/10013432965
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On the benefits of repaying
Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; … - 2021
This paper studies whether countries benefit from servicing their debts during times of widespread sovereign defaults. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival research and formal econometric estimates of Colombia's...
Persistent link: https://www.econbiz.de/10013179407