Search Results - subject_exact:"International sovereign debt"

Assessing the dynamic linkages between external debt, energy consumption, inflation, and oil prices in Kazakhstan : an Autoregressive Distributed Lag Analysis

Omirtay, Kamshat Altaikyzy; Agabekova, Sholpan Nurtazaevna - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616816

Adaptation of renewable energy in SSA : testing debt overhang hypothesis with the presences of political stability and ICT development

Qamruzzaman, Md; Manickavasagam, Theivanayaki; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616915

Long memory in Latin American sovereign risk : daily evidence on the EMBI

Asturias Schaub, Luis Rodrigo; Caporale, Guglielmo Maria; … - 2026

This paper analyses the long-memory properties of sovereign bond spreads in 17 Latin American countries as well as two regional aggregates using daily EMBI (Emerging Markets Bond Index) data from April 2013 to January 2026 (3,163 observations per series). Parametric methods show that all 19...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654662

Absent branches, digital presence : fintech and the reconfiguration of everyday debt in Nigeria

Jalal-Eddeen, Shuaib - 2026

This article examines how the absence of physical branches and embodied oversight in fintech reconfigures financial life in Nigeria. Based on nine months of ethnographic fieldwork in Jimeta, it shows that the absence of physical infrastructures and the dominance of virtual ones is not merely...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015655157

Decoupling growth from fossil fuels? : energy consumption and structural transformation in the GCC

Samreen, Sana; Shahee, Shaukat Ali - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618780

Sovereign debt dynamics at the brink of default and the special role of supranational lenders

Zwart, Sanne - 2026

Compared with the relatively straightforward definition of a default event, assessing sovereign debt sustainability remains a grey area. The interaction between fiscal choices, lenders' expectations and economic uncertainty creates a setting in which-particularly when a default...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015610720

Determinants of sovereign bond issuance in emerging markets

Wong, Ka Lok; Manger, Mark S.; Panizza, Ugo - 2026

Emerging market economies (EMEs) regularly tap domestic and international capital markets through scheduled sovereign bond auctions. In this paper, we leverage a novel dataset covering over 75,000 sovereign issuance events and 20,000 securities from 20 EMEs between the early 2000s and 2023 to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611520

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Determinants of sovereign bond issuance in emerging markets

Wong, Ka Lok; Manger, Mark S.; Panizza, Ugo - 2026

Book / Working Paper

Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2026

We describe a novel mechanism via which multinational enterprises (MNEs) can serve to propagate productivity and credit supply shocks across borders. We augment the costly-state-verification model of Bernanke et al. [1999] with the internal capital market constraint of an MNE to analyze the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612336

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Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2025

Book / Working Paper

Debt imperialism : from financial hegemony to the chaos of semi-peripheries

Brunazzi, Gianmaria; Re, Cristina - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015604706

Foreign bonds, territorial change and repudiation : the Silesian Bonds saga

Bindseil, Ulrich; Gulati, Mitu - 2026

Once a famous tale of conquest, law and foreign bond markets, the saga of the Silesian Bonds of 1734-37 is missing from the literature on sovereign debt. The Silesian Bonds were among the earliest foreign currency sovereign bonds issued. They go into the market 84 years prior to the 1818...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015620325

Impact of fiscal sustainability on economic growth in Kenya

Mose, Naftaly; Moro, Kamal Deen - 2026

Fiscal sustainability refers to a government's capacity to generate sufficient revenue to cover its expenses and repay its debts without accumulating excessive liabilities or creating new money. Recent observations indicate that Kenya's economic growth has slowed, prompting concerns about its...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015620782

Coordinating in the haircut, a model of sovereign debt restructuring in secondary markets

Cobas, Adriana - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625230

Trade and permanent growth with domestic and foreign capital goods, and international capital movements

Ziesemer, Thomas - 2026

Domestic and foreign capital and consumption goods are imperfect substitutes in production and demand functions of the growth model by Bardhan-Lewis. We extend the model by introducing exogenous technical progress and allow for foreign debt dynamics without dropping domestic capital goods. Trade...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626028

Sri Lanka's debt crisis : a crisis of governance

Dryden, Alex; Volz, Ulrich - 2026

This paper examines the origins, evolution, and resolution efforts surrounding Sri Lanka's 2022 sovereign debt default. Many defaults are triggered by sudden external shocks, but, in contrast, Sri Lanka's crisis was largely the result of prolonged domestic policy failures, including chronic...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015628624

Global Debt Report 2026 : Sustaining Debt Market Resilience Under Growing Pressure

2026

Global debt markets face increasing pressures from sustained fiscal deficits, rising interest costs and investment needs, a structural decline in long term demand, and growing refinancing risks as the maturity of issuance shortens. Even so, public and private borrowing reached record levels in...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015629218

Major customers and firms' reliance on bank debt

Liu, Shiang; Sun, Liang - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015640599

Runs on tokenized debt

Araujo, Luis; Izumi, Ryuichiro; Mattesini, Fabrizio - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641911

Sovereign risk with endogenous debt limits

Arce, Fernando; Villa, Alessandro T. - 2026

Why do countries set sovereign debt ceilings if they keep raising them? This paper shows that debt ceilings can serve as intermediate commitment devices that reduce expected dilution, thereby lowering spreads-and their volatility-even without reducing total borrowing. We propose a new sovereign...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643954

Original sin, sovereign default, and the limits of the fiscal theory of the price level

Ocampo, Emilio - 2026

The Fiscal Theory of the Price Level (FTPL) argues that inflation adjusts to ensure that the real value of government liabilities equals the expected present value of future primary surpluses. This mechanism is plausible in economies whose public debt is predominantly denominated in domestic...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015656459

The investor base for sovereign debt : why diversification matters

Foxall, Sam; Gao, Jeffrey - 2026 - Last updated: June 11, 2026

Sovereign borrowing is rising, just as central banks are stepping back. Meanwhile, commercial bank holdings of sovereign bonds remain well below pre-global financial crisis levels. This leaves foreign investors and investment funds, often hedge funds, to absorb more of this growing supply. Their...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015661659

Distributing sovereign debt in a rising debt environment : outcomes from Canada's 2024 debt distribution framework review

Bradley, William; Gao, Jeffrey - 2026 - Last updated: May 15, 2026

This paper documents Canada's recent review of its sovereign debt distribution framework (DDF). Informed by a context of record-high debt issuance since the previous DDF review, along with comparisons with sovereign peers and insights from market participants, the review identified an important...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015647200

Flexible debt relief and credit behavior : evidence from loan-level data

Worarit Vannavanit; Sommarat, Chantarat; Lathaporn … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015650751

Optimal default in a small open economy : Senegal's hidden debt crisis

Coulibaly, Louphou; Ndiaye, Abdoulaye - 2026

Hidden public liabilities can reprice sovereign risk abruptly upon revelation. We study optimal default following such a revelation in a quantitative sovereign default model and apply the framework to Senegal's 2024 debt audit, which revised government debt upward by 50 percentage points of GDP....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651315

Deficit aversion as a path to higher debt : sovereign debt dynamics in a stock-flow consistent model with public capital

Jürgens, Ekaterina - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652488

The Generalized Euler Equation and the bankruptcy-sovereign default problem

Mateos-Planas, Xavier; McCrary, Sean; Ríos-Rull, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015653809

Debt service as an intertemporal constraint: ARDL evidence on debt overhang in Egypt

El-Khishin, Sarah; Mohamed, Arwa - 2026

This paper examines the impact of public debt servicing on private investment in Egypt within the debt overhang hypothesis. While existing research largely focuses on the debt-growth relationship, limited attention has been given to how debt servicing burdens affect private capital formation....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015633178

External crisis vulnerability in Latin America and the Caribbean

Cavallo, Eduardo A.; Fernández Arias, Eduardo - 2026

This paper assesses the vulnerability of Latin American and Caribbean (LAC) economies to external crises. It shows that while the average LAC economy has made significant strides to reduce vulnerability to crises to its historical minimum, there is still considerable room for improvement,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636654

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External crisis vulnerability in Latin America and the Caribbean

Cavallo, Eduardo A.; Fernández Arias, Eduardo - 2023

Book / Working Paper

Clientelism, institutions and sovereign default

Azzimonti, Marina; Mitra, Nirvana - 2026 - This version: March 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636809

Where are all of Asia's debt-for-nature swaps?

Dryden, Alexander - 2026

Since their inception in 1987, debt-for-nature swaps (D4NS) have emerged as a popular policy tool to simultaneously address sovereign debt burdens and environmental challenges. Drawing on a newly constructed database of global D4NS transactions, this paper shows that Asian economies have played...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637221

Short vs medium-run: exchange rate movements, investment and the currency composition of balance sheets

Camilo Medellín, Juan; Restrepo-Ángel, Sergio - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015665390

States as financiers : international lending in war and peace

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2026

States are major international financiers, but their role is poorly understood. We study state-driven cross-border lending over two centuries using a new database covering 1.2 million official loans and grants by 134 governments and 70 multilateral institutions since 1790. We document a dual,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015664864

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States as Financiers : International Lending in War and Peace

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2026

Book / Working Paper

States as financiers : international lending in war and peace

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2026

Book / Working Paper

Impact of external debt on inflation in Guinea : the moderating role of imports

Mamba, Essotanam; Diallo, Ramatoulaye Boukariou; … - 2026

The objective of the study is to examine the impact of external debt on inflation by highlighting the moderating role of imports in the external debt-inflation nexus.The autoregressive distributed lag model is employed to show short-run versus long-run dynamics using data from Guinea for the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015664257

Financial inclusion and household debt : evidence from low-income and lower-middle-income countries

Sezer, Pınar; Başar, Dilek; Öztürk, Selcen - 2026

This study examines the relation between financial inclusion (FI) and individual debt in low- and lower-middle-income countries, focusing on whether increased access to financial services promotes borrowing. Although FI is often advocated for enhancing economic opportunities, its implications...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015664556

The interest rate effect of government debt and deficits : does domestic borrowing have a different impact than foreign borrowing?

Davis, Scott; Derr, Lillian - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669403

Better debt shock absorbers for poor countries : a proposal

Lee, Nancy; Rojas-Suárez, Liliana; Matthews, Samuel; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669494

Debt Overhang and Growth : Firm-Level Heterogeneity in an Emerging Market

Şengül, Aykut; Merter, Abdullah Kürşat - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672797

Comparative analysis of factors affecting government debt using the examples of Slovenia and Armenia

Babikyan, Arpine; Oplotnik, Žan - 2026

This paper examines the macroeconomic determinants of government debt in two small open economies with distinct institutional frameworks-Armenia and Slovenia. The analysis focuses on key fiscal variables (budget balance and GDP growth) and monetary factors (inflation and interest rates). Using...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015676498

Twin deficits and external constraints in a dollarized economy : a stock-flow consistent exercise for smaller economies with an application to El Salvador

Alvarez, Armando; Pérez Caldentey, Esteban; Yajima, … - 2026

This paper develops a stock-flow consistent (SFC) exercise for a smaller and dollarized economy and applies it to the case of El Salvador. Against the backdrop of the 2025 IMF-supported fiscal adjustment program, we reassess the origins of rising public debt and persistent external deficits...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060286

Financing development : external flows of financial capital to developing countries and their cost

2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061467

International risk-sharing in a fragmented world

Bianchi, Javier; Horn, Sebastian; Rosso, Giovanni; Sosa … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016074466

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International Risk-Sharing in a Fragmented World

Bianchi, Javier; Horn, Sebastian; Rosso, Giovanni; Sosa … - 2026

Book / Working Paper

Sovereign defaults and trade : external vs. domestic creditors

Essers, Dennis; Marchesi, Silvia; Okatan, Nejat G. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016064070

External debt and natural resource depletion : Insights from developing countries

Cobbold, Emmanuel Yamoah; Acheampong, Theo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016082250

Credit to economic sectors and the ability to repay long-run external loans : new evidence from Jordan

Al-Tal, Raad Mahmoud; Fawaier, Ahmad M.; Tayeh, Mohammad - 2026

Emerging economies face crucial challenges around fiscal stability, particularly servicing foreign debt and securing long-term financing arrangements. In this context, we investigated the relationship between the share of banking facilities allocated to various economic sectors, the growth of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016064005

In a state of debt : the imperial debt commissions in Hesse-Homburg (1716-1742)

Hecken, Kevin - 2026

Between 1716 and 1742 the Landgraviate of Hesse-Homburg, one of the smallest estates in the Holy Roman Empire, became the stage for two Debit Commissions of the Imperial Aulic Council. Their task was to investigate the volume and the structure of debts that the landgraves had accumulated and to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015674948

Debt, poverty and inequality in Southern Africa

2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016081539

Sovereign Debt Sustainability and Redistribution

Tran-Xuan, Monica - 2026

This paper develops a theory of sovereign debt sustainability driven by the government’s motive for redistribution. It studies a heterogeneous-agent small open economy in which redistribution relies on distortionary labor taxation and the government lacks commitment in its fiscal policies....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016087929

Finance & Development, March 2026 : The Debt Reckoning

2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016087961

Public debt and economic growth in Tunisia : an ARDL analysis

Channoufi, Sabrine - 2026

This paper examines the effect of public debt on economic growth in Tunisia over the period 1986-2024. Using an autoregressive distributed lag (ARDL) model, the analysis distinguishes between short-run dynamics and long-run relationships while controlling for inflation, trade openness,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016086556

Unraveling the cobweb of global imbalances : drivers, vulnerabilities, and adjustment scenarios

Avdjiev, Stefan; Forbes, Kristin; Nenova, Tsvetelina; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016090330

Political economy of major institutional change : debt crisis, power asymmetries, and structural adjustment in Latin America

Traversa, Federico - 2026

New institutionalism (NI) has emphasized the importance of studying institutions in economics and politics while avoiding approaches grounded in critical political economy. This omission reflects a perspective that treats institutions as abstract "rules of the game," overlooking their role in...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016092970