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A cure worse than the disease? : currency crises and the output costs of IMF-supported stabilization programs
Hutchison, Michael M. - 2001 - Revised May 2001
This paper investigates the output effects of IMF-supported stabilization programs, especially those introduced at the time of a severe balance of payments/currency crisis. Using a panel data set over the 1975-97 period and covering 67 developing and emerging-market economies (with 461 IMF...
Persistent link: https://www.econbiz.de/10011536250
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A Cure Worse than the Disease? Currency Crises and the Output Costs of IMF Supported Stabilization Programs
Hutchison, Michael M. - 2014
This paper investigates the output effects of IMF-supported stabilization programs, especially those introduced at the time of a severe balance of payments/currency crisis. Using a panel data set over the 1975-97 period and covering 67 developing and emerging-market economies (with 461 IMF...
Persistent link: https://www.econbiz.de/10014123757
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Good policies or good fortune : what drives the compression in emerging market spreads?
Maier, Philipp (contributor); Vasishtha, Garima (contributor) - 2008
Since 2002, spreads on emerging market sovereign debt have fallen to historical lows. Given the close links between sovereign spreads, capital flows to emerging markets, and economic growth, understanding the factors driving these spreads is very important. We address this issue in two stages....
Persistent link: https://www.econbiz.de/10003749240
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Growth Expectations, Capital Flows and International Risk Sharing
Castren, Olli; Stiegert, Roger; Miller, Marcus H. - 2021
international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …
Persistent link: https://www.econbiz.de/10013319734
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The relationship between external debt and economic growth : empirical evidence from Ukraine and other emerging economies
Shkolnyk, Inna; Koilo, Viktoriia - In: Investment management and financial innovations 15 (2018) 1, pp. 387-400
Persistent link: https://www.econbiz.de/10012002931
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On the exchange rate and economic policy uncertainty nexus: a panel VAR approach for emerging markets
Abid, Abir; Rault, Christophe - 2020
We examine the Exchange Rate Volatility (ERV) response to the Economic Policy Uncertainty (EPU) shocks from a panel VAR perspective used for the first time in this context. Focusing on Emerging Market Economies (EME), our noteworthy findings postulate that (a) both home and foreign EPU shocks...
Persistent link: https://www.econbiz.de/10012239005
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On the exchange rate and economic policy uncertainty nexus : a panel VAR approach for emerging markets
Abid, Abir; Rault, Christophe - 2020
We examine the Exchange Rate Volatility (ERV) response to the Economic Policy Uncertainty (EPU) shocks from a panel VAR perspective used for the first time in this context. Focusing on Emerging Market Economies (EME), our noteworthy findings postulate that (a) both home and foreign EPU shocks...
Persistent link: https://www.econbiz.de/10012195928
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The output costs of hard and soft sovereign default
Trebesch, Christoph; Zabel, Michael - 2016 - This version: 28.08.2016
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" and...
Persistent link: https://www.econbiz.de/10011551034
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Corporate-Sovereign Debt Nexus and Externalities
Kwak, Jun Hee - 2021
I show that corporate debt accumulation during booms can explain increases in sovereign risk during stress periods … can default. Rising corporate debt increases sovereign default risk, as tax revenues are expected to decrease …
Persistent link: https://www.econbiz.de/10013249514
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Growth of Global Corporate Debt : Main Facts and Policy Challenges
Abraham, Facundo - 2020
This paper surveys the literature to document the main stylized facts, risks, and policy challenges related to the expansion of global nonfinancial corporate debt after the 2008–09 global financial crisis. Nonfinancial corporate debt steadily increased after the crisis, especially in emerging...
Persistent link: https://www.econbiz.de/10012823367