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Payment Arrears in the Gas and Electric Power Sectors of the Russian Federation and Ukraine

Gürgen, Emine - 1997

This paper discusses payments arrears in the Russian Federation and Ukraine, with emphasis on the gas and electric power sectors. Payments arrears, which were triggered primarily by the dislocations experienced during the transition from a centrally planned to a market economy, have reached...

Persistent link: https://www.econbiz.de/10014403291

Liquid Asset Ratios and Financial Sector Reform

Gulde, Anne Marie - 1997

As a monetary, selective credit, and government debt-management instrument, a liquid asset ratio is generally inefficient and may introduce serious distortions. However, it may play a limited role as a prudential instrument, particularly in less sophisticated banking systems or in the context of...

Persistent link: https://www.econbiz.de/10014403293

Wholesale Payments and Financial Discipline, Efficiency, and Liquidity

Folkerts-Landau, D. F. I. - 1997

Properly designed wholesale payments system can make a significant contribution to enhancing market discipline in the financial sector, reducing the risk of systemic disturbance and permitting a less extensive safety net for financial institutions. The objective of these reforms has been to...

Persistent link: https://www.econbiz.de/10014403300

Crises and Liquidity : Evidence and Interpretation

Detragiache, Enrica - 2001

In a large panel of countries, we find that less liquid countries are more likely to default on their external debt. Specifically, for given total external debt, the probability of a crisis increases with the proportion of short-term debt and debt service coming due and decreases with foreign...

Persistent link: https://www.econbiz.de/10014403529

Bankruptcy Procedures for Sovereigns : A History of Ideas, 1976-2001

Zettelmeyer, Jeromin - 2002

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger''s (2001) proposed ""Sovereign Debt-Restructuring Mechanism,"" with brief reference to the economics...

Persistent link: https://www.econbiz.de/10014403667

Toward a Statutory Approach to Sovereign Debt Restructuring : Lessons From Corporate Bankruptcy Practice Around the World

Bolton, Patrick - 2003

This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to most bankruptcy reorganization institutions: a stay on debt collection efforts to...

Persistent link: https://www.econbiz.de/10014403841

Are Credit Default Swaps Spreads High in Emerging Markets : An Alternative Methodology for Proxying Recovery Value

Singh, Manmohan - 2003

In times of distress when a country loses access to markets, there is evidence that credit default swap (CDS) spreads are a leading indicator for sovereign risk than the EMBI+ sub-index for the country. However, it is not easy to discern the variables that determine the level of CDS spreads in...

Persistent link: https://www.econbiz.de/10014403968

Managing Systemic Liquidity Risk in Financially Dollarized Economies

Levy Yeyati, Eduardo - 2005

This paper evaluates ways to protect highly dollarized banking systems from systemic liquidity runs (such as the ones … the use of limited dollar liquidity to ensure the convertibility of transactional deposits with a mechanism that … automatically limits the convertibility of dollar term deposits once triggered by a predetermined decline in banks'' liquidity …

Persistent link: https://www.econbiz.de/10014404199

Global Liquidity, Risk Premiums and Growth Opportunities

De Nicolò, Gianni - 2009

This paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging … evidence of an historical increase in market liquidity since the early 1990s, in part as a result of advances in international … financial integration, but markets have been increasingly exposed to global systemic liquidity shocks. Second, liquidity …

Persistent link: https://www.econbiz.de/10014404263

Does Global Liquidity Matter for Monetary Policy in the Euro Area?

Berger, Helge - 2009

Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …

Persistent link: https://www.econbiz.de/10014404266