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The determinants of ‘domestic’ original sin in emerging market economies
Mehl, Arnaud; Reynaud, Julien - 2005
domestic debt composition, which encompasses maturity mismatches, rollover risk and interest payment contingency. The paper …This paper explains why domestic debt composition in emerging economies is risky. It carries out an analysis of the … investor base are instrumental to reduce domestic debt riskiness and tilt its composition towards safer, long-term, unindexed …
Persistent link: https://www.econbiz.de/10011604606
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News, sovereign debt maturity, and default risk
Dvorkin, Maximiliano A.; Sanchez, Juan M.; Sapriza, Horacio - 2018
-term debt does not shield the country from bad news shocks, and it may even exacerbate default risk. Finally, an increase in the …
Persistent link: https://www.econbiz.de/10011950496
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Corporate Balance Sheets and Sovereign Risk Premia
Wu, Steve Pak Yeung - 2020
risk premium components, we find that a 1% increase in FC corporate external debt is associated with a 5 basis point … increase in the sovereign risk premium but a small and insignificant change in the sovereign default premium. We incorporate a … productive corporate sector and risk-averse foreign lenders into a quantitative sovereign default model. An increase in FC …
Persistent link: https://www.econbiz.de/10012824059
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Growth, Liquidity Provision, International Reserves, and Sovereign Debt Capacity
Xu, Yu - 2015
I establish a theoretical framework to address three distinct, but interrelated puzzles in international economics: (1) the occurrence of twin crises, (2) the existence of large amounts of sovereign debt, and (3) the presence of substantial amounts of international reserves. By considering the...
Persistent link: https://www.econbiz.de/10013027906
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Chapter 12. International Financial Crises
Lorenzoni, Guido - In: Handbook of international economics : Volume 4, (pp. 689-740). 2014
, due to a changed perception in the country’s growth prospects, to an increase in the risk of domestic default, or to a … shift in investors’ attitudes toward risk. Often times, monetary and financial elements are combined. A drop in domestic …
Persistent link: https://www.econbiz.de/10014025374
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Connected to Whom? International Interbank Borrowing During the Global Crisis
Tintchev, Kalin - 2013
systems. Using novel risk-weighted indexes the paper examines whether the banking systems' access to credit was related to … that both domestic and international risk factors contributed to the decline in international interbank borrowing during …
Persistent link: https://www.econbiz.de/10013085983
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Connected to Whom? International Interbank Borrowing during the Global Crisis
Tintchev, Kalin - 2013
systems. Using novel risk-weighted indexes the paper examines whether the banking systems' access to credit was related to … that both domestic and international risk factors contributed to the decline in international interbank borrowing during …
Persistent link: https://www.econbiz.de/10013088307
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The Determinants of 'Domestic' Original Sin in Emerging Market Economies
Mehl, Arnaud; Reynaud, Julien P. M. - 2021
domestic debt composition, which encompasses maturity mismatches, rollover risk and interest payment contingency. The paper …This paper explains why domestic debt composition in emerging economies is risky. It carries out an analysis of the … investor base are instrumental to reduce domestic debt riskiness and tilt its composition towards safer, long-term, unindexed …
Persistent link: https://www.econbiz.de/10013318131
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Who Holds Sovereign Debt and Why It Matters
Fang, Xiang; Hardy, Bryan; Lewis, Karen K. - National Bureau of Economic Research - 2022
This paper studies the impact of investor composition on the sovereign debt market and the implied funding costs to …
Persistent link: https://www.econbiz.de/10013210115
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Policy Rules and Large Crises in Emerging Markets
Espino, Emilio; Kozlowski, Julian; Martin, Fernando M.; … - 2022
In response to the COVID-19 pandemic, Latin American countries temporarily suspended rules limiting debt, fiscal and monetary policies. Despite this increase in flexibility, the crisis implied a substantial deterioration of macroeconomic variables (e.g., real GDP declined by 9.5%) and high...
Persistent link: https://www.econbiz.de/10013492284