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Exchange Rate Policy and Debt Crises in Emerging Economies

Montiel, Peter - 2003

We explore a model intended to capture the interaction between exchange rate policy, fiscal policy, and outright default on foreign-currency denominated debt. We examine how the exchange rate affects the supply of short-term debt facing the government. We show that under a credible hard peg...

Persistent link: https://www.econbiz.de/10014403958

Banking and debt crisis in Europe : the dangerous liaisons?

Candelon, Bertrand; Palm, Franz C. - 2010

The potential mutation of the Sub-Prime banking crisis into a sovereign debt one in Euro area countries is investigated … the end 2009 the probability of observing a Euro area country defaulting is less likely than six month before … self-fulfilling, sovereign debt or currency crises in Euro area in the future. -- king crisis ; sovereign debt crisis …

Persistent link: https://www.econbiz.de/10003951604

Boom-bust cycles in middle income countries : facts and explanation

Tornell, Aaron; Westermann, Frank - 2002

In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have witnessed...

Persistent link: https://www.econbiz.de/10011410453

The euro crisis and economic growth : a novel counterfactual approach

Terzi, Alessio - 2019 - This Draft: 25 June 2019

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have …

Persistent link: https://www.econbiz.de/10012033212

Different no more : country spreads in advanced and emerging economies

Born, Benjamin; Müller, Gernot J.; Pfeifer, Johannes; … - 2020

Interest-rate spreads fluctuate widely across time and countries. We characterize their behavior using some 3,200 quarterly observations for 21 advanced and 17 emerging economies since the early 1990s. Before the financial crisis, spreads are 10 times more volatile in emerging economies than in...

Persistent link: https://www.econbiz.de/10012162762

Bond Restructuring and Moral Hazard : Are Collective Action Clauses Costly?

Becker, Törbjörn I. - 2001

Many official groups have endorsed the wider use by emerging market borrowers of contract clauses which allow for a qualified majority of bondholders to restructure repayment terms in the event of financial distress. Some have argued that such clauses will be associated with moral hazard and...

Persistent link: https://www.econbiz.de/10014400881

Characterizing Global Investors' Risk Appetite for Emerging Market Debt During Financial Crises

González-Hermosillo, Brenda - 2003

The effects of unanticipated movements in global risk on nine emerging bond markets are investigated. The components of global risk are volatility, credit, and liquidity risks. Country and contagion risks are also studied individually. A historical decomposition of bond spreads is used to...

Persistent link: https://www.econbiz.de/10014403964

International Financial Crises

Dornbusch, Rudiger; Fischer, Stanley - 2003

Our friend and colleague Rüdiger Dornbusch passed away before he was able tocomplete his book based on the Munich Lectures in Economics that he gave inNovember 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universität.The lectures contain a fascinating overview of the...

Persistent link: https://www.econbiz.de/10011507825

External financing risks : how important is the composition of the international investment position?

Cubeddu, Luis; Ahmed Hannan, Swarnali; Rabanal, Pau - 2021

Building on the vast literature, this paper focuses on the role of the structure of the international investment position (IIP) in affecting countries' external vulnerabilities. Using a sample of 73 advanced and emerging economies and new database on the IIP's currency composition, we find that...

Persistent link: https://www.econbiz.de/10012517927

Currency Crises in Developed and Emerging Market Economies : A Comparative Empirical Treatment

Fontaine, Thomson - 2005

This paper takes a step in empirically testing the implications of a number of theoretical models that attempt to highlight the dynamics behind currency crises. By focusing on countries with broadly disparate economic and political arrangements, the study attempts to determine the extent to...

Persistent link: https://www.econbiz.de/10014400634

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