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Banking crises and sovereign defaults in emerging markets: exploring the links

Balteanu, Irina; Erce, Aitor - Banco de España - 2014

This paper provides a set of stylised facts on the mechanisms through which banking and sovereign distress feed into each other, using a large sample of emerging economies over three decades. We first define “twin crises” as events where banking crises and sovereign defaults combine, and...

Persistent link: https://www.econbiz.de/10010862247

Signalling fiscal stress in the euro area: A country-specific early warning system

Cos, Pablo Hernández de; Moral-Benito, Enrique; … - Banco de España - 2014

The sovereign debt crisis in the euro area has raised interest in early warning indicators, aimed at signalling the …

Persistent link: https://www.econbiz.de/10010862284

Does the IMF´s official support affect sovereign bond maturities?

Erce, Aitor - Banco de España - 2012

This paper looks at whether the tendency of some governments to borrow short term is reinforced by financial support from the International Monetary Fund. I first present a model of sovereign debt issuance at various maturities featuring endogenous liquidity crises and maturity mismatches due to...

Persistent link: https://www.econbiz.de/10010862291

Financial innovation in sovereign borrowing and public provision of liquidity

Gómez-González, Patricia - Banco de España - 2015

This paper studies how financial innovation in sovereign debt markets can increase a country’s level of private investment and welfare. I propose a model where public debt has a liquidity purpose for the domestic private sector and is demanded as a saving vehicle by more patient international...

Persistent link: https://www.econbiz.de/10011255225

A structural model of sovereign debt issuance: assessing the role of financial factors

Erce, Aitor - Banco de España - 2008

The role that domestic and international financial conditions have in shaping developing countries’ governments’ debt structure is structurally estimated using data on individual bond issuance. The structural model, which uses financial and demographic conditions to achieve identification,...

Persistent link: https://www.econbiz.de/10005155227

Recent episodes of sovereign debt restructurings. A case-study approach

Díaz-Cassou, Javier; Erce-Domínguez, Aitor; … - Banco de España - 2008

has provided the IMF with flexibility to adapt to each crisis on a case-by-case basis. However, it may have exacerbated …

Persistent link: https://www.econbiz.de/10005163314

The role of the IMF in recent sovereign debt restructurings: Implications for the policy of lending into arrears

Díaz-Cassou, Javier; Erce-Domínguez, Aitor; … - Banco de España - 2008

This paper analyzes the role played by the IMF in eight recent sovereign debt restructurings from a comparative perspective: Argentina (2001-2005), the Dominican Republic (2004-2005), Ecuador (1999-2000), Pakistan (1998-2001), the Russian Federation (1998-2001), Serbia (2000-2004), Ukraine...

Persistent link: https://www.econbiz.de/10005590736

Sovereign debt markets in turbulent times: creditor discrimination and crowding-out effects

Broner, Fernando; Martin, Alberto; Ventura, Jaume; … - Banco de España - 2014

crisis erupted and pushed them into deep recession, raising their deficits and debt levels. By 2010, they were facing severe …

Persistent link: https://www.econbiz.de/10010764909

What kind of capital flows does the IMF catalyze and when?

Díaz-Cassou, Javier; García-Herrero, Alicia; Molina, Luis - Banco de España - 2006

oriented towards crisis prevention or with longer-term objectives, also perform better in terms of catalysis. In turn, programs … oriented towards crisis resolution actually discourage private capital flows. This worrisome finding, given the importance of … crisis resolution for the Fund, is mitigated for FDI inflows in the case studies analysed.Finally, all case studies point to …

Persistent link: https://www.econbiz.de/10005022268

Simplification of IMF lending. Why not just one flexible credit facility?

Casas, Miguel de las; Serra, Xavier - Banco de España - 2008

This paper proposes updating and improving the IMF’s lending mechanism, by replacing all of its credit lines with a single financial facility. Under this single facility, costs would rise with the volume drawn down and the time elapsed. At the same time, arrangement and repayment periods would...

Persistent link: https://www.econbiz.de/10005022305