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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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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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Fiscal stimulus under sovereign risk
Bianchi, Javier; Ottonello, Pablo; Presno, Ignacio - 2019
that procyclicality is more pervasive in countries with higher sovereign risk and provide a model of optimal fiscal policy …
Persistent link: https://www.econbiz.de/10012126086
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The dollar and emerging market economies : financial vulnerabilities meet the international trade system
Shousha, Samer - 2019
This paper shows that dollar appreciations lead to declines in GDP, investment, and credit to the private sector in emerging market economies (EMEs). These results imply that the transmission of dollar movements to EMEs occurs mainly through financial conditions rather than net exports, contrary...
Persistent link: https://www.econbiz.de/10012126103
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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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Sovereign debt restructurings : preemptive or post-default
Asonuma, Tamon; Trebesch, Christoph - 2015
explains the sovereign's optimal choice: preemptive restructurings occur when default risk is high ex-ante, while defaults …
Persistent link: https://www.econbiz.de/10011404928
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Sovereign debt restructurings : preemptive or post-default
Asonuma, Tamon; Trebesch, Christoph - 2015
explains the sovereign's optimal choice: preemptive restructurings occur when default risk is high ex-ante, while defaults …
Persistent link: https://www.econbiz.de/10011384621
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Phoenix miracles in emerging markets : recovering without credit from systemic financial crises
Calvo, Guillermo (contributor);  … - 2006
Using a sample of emerging markets that are integrated into global bond markets, we analyze the collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings...
Persistent link: https://www.econbiz.de/10003774566
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Business cycles in emerging markets : the role of liability dollarization and valuation effects
Notz, Stefan; Rosenkranz, Peter - 2014
Understanding differences in business cycle phenomena between Emerging Market Economies (EMEs) and industrialized countries has been at the center of recent research on macroeconomic fluctuations. The purpose of this paper is to investigate the importance of certain credit market imperfections...
Persistent link: https://www.econbiz.de/10010402774