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The financial resource curse
Benigno, Gianluca; Fornaro, Luca - London School of Economics (LSE) - 2013
This paper presents a model of financial resource curse, i.e. episodes of abundant access to foreign capital coupled with weak productivity growth. We study a two-sector, tradable and non-tradable, small open economy. The tradable sector is the engine of growth, and productivity growth is...
Persistent link: https://www.econbiz.de/10010746513
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A Reflection of History: Fluctuations in Greek Sovereign Risk between 1914 and 1929
Christodoulaki, Olga; Cho, Haeran; Fryzlewicz, Piotr - London School of Economics (LSE) - 2011
Time series of daily data for Greek sovereign risk have been compiled and analysed statistically to shed light on the … as a result the risk premium increased rapidly. Statistical analysis shows that investors acted upon news of fiscal …
Persistent link: https://www.econbiz.de/10010686659
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US real interest rates and default risk in emerging economies
Foley-Fisher, Nathan; Guimaraes, Bernardo - London School of Economics (LSE) - 2009
find that policy-induced exogenous increases in US rates raise default risk in emerging market economies, as hypothesised … real interest rates and reduce the risk of default dominate the hypothesised relationship. We can only conclude that it …
Persistent link: https://www.econbiz.de/10010745103
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A reflection of history: fluctuations in Greek sovereign risk between 1914 and 1929
Christodoulaki, Olga; Cho, Haeran; Fryzlewicz, Piotr - London School of Economics (LSE) - 2011
Time series of daily data for Greek sovereign risk have been compiled and analysed statistically to shed light on the … as a result the risk premium increased rapidly. Statistical analysis shows that investors acted upon news of fiscal …
Persistent link: https://www.econbiz.de/10010746222
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Monetary policy under alterative asset market structures: the case of a small open economy
De Paoli, Bianca - London School of Economics (LSE) - 2009
Can the structure of asset markets change the way monetary policy should be conducted? Following a linear-quadratic approach, the present paper addresses this question in a New Keynesian small open economy framework. Our results reveal that the configuration of asset markets significantly...
Persistent link: https://www.econbiz.de/10010746340
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Monetary policy under alternative asset market structures: the case of a small open economy
De Paoli, Bianca - London School of Economics (LSE) - 2009
Can the structure of asset markets change the way monetary policy should be conducted? Following a linear-quadratic approach, the present paper addresses this question in a New Keynesian small open economy framework. Our results reveal that the configuration of asset markets significantly...
Persistent link: https://www.econbiz.de/10010884723
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Loan securitisation: default term structure and asset pricing based on loss prioritisation
Jobst, Andreas A. - London School of Economics (LSE) - 2002
Ambivalence in the regulatory definition of capital adequacy for credit risk has recently stirred the financial … generated from a portfolio of bank loans in the form of tranches with different seniority. By way of modelling Merton-type risk … optimal design of loan securitisation from the perspective of credit risk in potential collateral default. We propose a …
Persistent link: https://www.econbiz.de/10010745131
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IMF concern for reputation and conditional lending failure: theory and empirics
Marchesi, Silvia; Sabani, Laura - London School of Economics (LSE) - 2005
One possible explanation for the unsatisfactory implementation of IMF conditionality has been attributed to the lack of credibility of the IMF threat of interrupting financial assistance in case of non compliance with the negotiated conditions. In this paper we suggest that such lack of...
Persistent link: https://www.econbiz.de/10010745315
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Relative factor endowments and international portfolio choice
Cunat, Alejandro; Fons-Rosen, Christian - London School of Economics (LSE) - 2008
productivity shocks. Risk averse consumers can insure against these shocks by investing their wealth at home and abroad. The change …
Persistent link: https://www.econbiz.de/10010746453
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Economic restructuring, crises and the regions: the political economy of regional inequalities in Greece
Caraveli, Helen; Tsionas, Efthymios G. - London School of Economics (LSE) - 2012
In the debate concerning a country’s structural weaknesses there is an obvious neglect of space issues, an important component of which is regional imbalances. Yet, the persistence of such imbalances within countries has dictated the continuous investigation of their causes and of the required...
Persistent link: https://www.econbiz.de/10010884690