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Kose, M. Ayhan; Ohnsorge, Franziska; Reinhart, Carmen M.; … - 2021

Debt in emerging market and developing economies (EMDEs) is at its highest level in half a century. In about nine out of 10 EMDEs, debt is higher now than it was in 2010 and, in half of the EMDEs, debt is more than 30 percentage points of gross domestic product higher. Historically, elevated...

Persistent link: https://www.econbiz.de/10013373848

The International Monetary Fund: 70 years of reinvention

Reinhart, Carmen M.; Trebesch, Christoph - 2015

A sketch of the International Monetary Fund's 70-year history reveals an institution that has reinvented itself over time along multiple dimensions. This history is primarily consistent with a "demand driven" theory of institutional change, as the needs of its clients and the type of crisis...

Persistent link: https://www.econbiz.de/10011498368

Coping with Disasters: Two Centuries of International Official Lending

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2020

Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official...

Persistent link: https://www.econbiz.de/10012263145

Coping with disasters: Two centuries of international official lending

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2020

Persistent link: https://www.econbiz.de/10012234816

The International Monetary Fund: 70 Years of Reinvention

Reinhart, Carmen M.; Trebesch, Christoph - 2015

A sketch of the International Monetary Fund’s 70-year history reveals an institution that has reinvented itself over time along multiple dimensions. This history is primarily consistent with a “demand driven” theory of institutional change, as the needs of its clients and the type of...

Persistent link: https://www.econbiz.de/10011431217

China's overseas lending

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2019

Compared with China's dominance in world trade, its expanding role in global finance is poorly documented and … understood. Over the past decades, China has exported record amounts of capital to the rest of the world. Many of these financial … flows are not reported to the IMF, the BIS or the World Bank. "Hidden debts" to China are especially significant for about …

Persistent link: https://www.econbiz.de/10012026888

China’s Overseas Lending

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2020

Compared with China's pre-eminent status in world trade, its role in global finance is poorly understood. This paper … World Bank. These "hidden debts" distort policy surveillance, risk pricing, and debt sustainability analyses. Since China …

Persistent link: https://www.econbiz.de/10012263138

Sovereign Bonds since Waterloo

Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph - 2019

This paper studies external sovereign bonds as an asset class. We compile a new database of 220,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering 91 countries. Our main insight is that, as in equity...

Persistent link: https://www.econbiz.de/10012263139

Hidden defaults

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2022

China's lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China's loans, also the associated defaults remain 'hidden', as missed payments and restructuring details are not disclosed. We construct an encompassing dataset of sovereign...

Persistent link: https://www.econbiz.de/10012822350

China as an international lender of last resort

Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - 2023

This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights into China's growing role in the global financial...

Persistent link: https://www.econbiz.de/10014282635