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This paper studies fiscal policy in a model of sovereign debt and default. A time-inconsistency problem arises: since the price of past debt cannot be affected by current fiscal policy and governments cannot credibly commit to a certain path of tax rates, debtor countries choose suboptimally low...
Persistent link: https://www.econbiz.de/10011083643
The relation between IMF conditionality and country ownership of assistance programs is considered from a political …
Persistent link: https://www.econbiz.de/10005788965
International Monetary Fund (IMF); and 3) the Organization for Economic Cooperation and Development (OECD). I use a standard … indicate that OECD membership (but neither GATT/WTO nor IMF membership) has had a consistently large positive effect on trade. …
Persistent link: https://www.econbiz.de/10005504751
obtained are applied to assess the desirability of dollarization in a range of countries and the potential role of the IMF as …
Persistent link: https://www.econbiz.de/10005788955
and asymptotic distributional results for these parameters. The methods are applied in an empirical analysis of IMF and …
Persistent link: https://www.econbiz.de/10005791975
We examine the implications for borrowing costs of including collective-action clauses in loan contracts. For a sample of some 2,000 international bonds, we compare the spreads on bonds subject to UK governing law, which typically include collective-action clauses, with spreads on bonds subject...
Persistent link: https://www.econbiz.de/10005067390
The question addressed in this paper is whether the IMF should be involved in Mexico-style crises and, if the answer is … positive, whether the existing IMF financing mechanisms are adequate – both in terms of the volume of funds that can be … countries, and the justification for IMF intervention lies in the ability of this institution, compared with international …
Persistent link: https://www.econbiz.de/10005123583
In this paper we analyse the recent efforts of the international financial institutions to limit the moral hazard created by their assistance to crisis countries. We question the wisdom of the case-by-case approach taken in Pakistan, Ecuador, Romania and Ukraine. We show that because default and...
Persistent link: https://www.econbiz.de/10005124195
We examine the firm- and country-level determinants of the currency denomination of small business loans. We first model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs, and also incorporates the impact of...
Persistent link: https://www.econbiz.de/10008496451
In this paper we analyze the impact of government and private ownership of banks on firms’ probability to innovate. We estimate firms’ decision to innovate and their selection of a main lender for a sample of 9000 German manufacturing companies. Since these two decisions may be...
Persistent link: https://www.econbiz.de/10008459768