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Sovereign Debt Restructurings : Preemptive or Post-Default
Asonuma, Tamon - 2015
data and explains the sovereign's optimal choice: preemptive restructurings occur when default risk is high ex-ante, while …
Persistent link: https://www.econbiz.de/10013011363
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International Credit Flows and Pecuniary Externalities
Brunnermeier, Markus K. - 2015
This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...
Persistent link: https://www.econbiz.de/10013028913
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International Credit Flows and Pecuniary Externalities
Brunnermeier, Markus; Sannikov, Yuliy - CESifo - 2015
This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...
Persistent link: https://www.econbiz.de/10011124895
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The Greek Debt Crisis : Likely Causes, Mechanics and Outcomes
Arghyrou, Michael - 2010
fiscal guarantees, respectively occurring in November 2009 and February/March 2010. We argue that the risk of contagion to …
Persistent link: https://www.econbiz.de/10013135455
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Unemployment and Debt Dynamics in a Highly Indebted Small Open Economy
Heer, Burkhard - 2011
The paper analyzes the dynamic effects of a total factor productivity shock and an interest rate risk premium shock in …'s production side and on welfare, but not on its stock of foreign debt and the country specific risk premium, and large part of the … adjustment happens in the short run. In contrast, a pure increase in the country specific risk premium causes substantial …
Persistent link: https://www.econbiz.de/10013123217
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The Output Costs of Hard and Soft Sovereign Default
Trebesch, Christoph - 2016
How costly are sovereign debt crises? In this paper we study output losses during sovereign default and debt renegotiation episodes since 1980. In contrast to previous work, we account for the severity of default and not only for its occurrence. Specifically, we distinguish between “hard”...
Persistent link: https://www.econbiz.de/10012978462
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Financial Liberalization in a Small Open Economy
von Hagen, Jürgen; Zhang, Haiping - 2021
We analyze the long-run and short-run implications of financial liberalization in a small open economy. Our main results are as follows. First, whether financial deregulation in one sector can improve production efficiency may depend on financial regulation in other sectors. Second, financial...
Persistent link: https://www.econbiz.de/10013317493
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Unemployment and Debt Dynamics in a Highly Indebted Small Open Economy
Heer, Burkhard; Schubert, Stefan Franz - CESifo - 2011
The paper analyzes the dynamic effects of a total factor productivity shock and an interest rate risk premium shock in …’s production side and on welfare, but not on its stock of foreign debt and the country specific risk premium, and large part of the … adjustment happens in the short run. In contrast, a pure increase in the country specific risk premium causes substantial …
Persistent link: https://www.econbiz.de/10009150631
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The Greek Debt Crisis: Likely Causes, Mechanics and Outcomes
Arghyrou, Michael G.; Tsoukalas, John D. - CESifo - 2010
fiscal guarantees, respectively occurring in November 2009 and February/March 2010. We argue that the risk of contagion to …
Persistent link: https://www.econbiz.de/10008799726
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Sovereign Defaults : The Price of Haircuts
Cruces, Juan J. - 2013
A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses ('haircuts') in all restructurings with foreign...
Persistent link: https://www.econbiz.de/10013092297