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Legros, Florence - Université Paris-Dauphine (Paris IX) - 2006

Persistent link: https://www.econbiz.de/10010706738

Endogenous Borrowing Constraints and Consumption Volatility in a Small Open Economy

Resende, Carlos de - Bank of Canada - 2006

Consumption volatility relative to output volatility is consistently higher in emerging economies than in developed economies. One natural explanation is that emerging economies are more likely to face borrowing constraints and, as a consequence, find it more difficult to use international...

Persistent link: https://www.econbiz.de/10005673362

IMF-Supported Adjustment Programs: Welfare Implications and the Catalytic Effect

Resende, Carlos de - Bank of Canada - 2007

The author studies the welfare implications of adjustment programs supported by the International Monetary Fund (IMF). He uses a model where an endogenous borrowing constraint, set up by international lenders who will never lend more than a debt ceiling, forces the borrowing economy to always...

Persistent link: https://www.econbiz.de/10005162515

Database of Sovereign Defaults, 2015 (Revised May 2015)

Beers, David; Nadeau, Jean-Sébastien - Bank of Canada - 2014

Until recently, there have been few efforts to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada’s Credit Rating Assessment Group (CRAG) has developed a comprehensive database of...

Persistent link: https://www.econbiz.de/10011265712

International Capital Flows and Bond Risk Premia

Sierra, Jesus - Bank of Canada - 2010

This paper studies the impact of international capital flows on asset prices through risk premia. We investigate …

Persistent link: https://www.econbiz.de/10008527619

How Important Is Liquidity Risk for Sovereign Bond Risk Premia? Evidence from the London Stock Exchange

Alquist, Ron - Bank of Canada - 2008

This paper uses the framework of arbitrage-pricing theory to study the relationship between liquidity risk and … sovereign bond risk premia. The London Stock Exchange in the late 19th century is an ideal laboratory in which to test the … proposition that liquidity risk affects the price of sovereign debt. This period was the last time that the debt of a …

Persistent link: https://www.econbiz.de/10005162431

Good Policies or Good Fortune: What Drives the Compression in Emerging Market Spreads?

Maier, Philipp; Vasishtha, Garima - Bank of Canada - 2008

Since 2002, spreads on emerging market sovereign debt have fallen to historical lows. Given the close links between sovereign spreads, capital flows to emerging markets, and economic growth, understanding the factors driving these spreads is very important. We address this issue in two stages....

Persistent link: https://www.econbiz.de/10005536848

Les déséquilibres financiers internationaux

Pisani, Florence; Brender, Anton - Université Paris-Dauphine (Paris IX) - 2007

Depuis les années 2000, les déséquilibres financiers internationaux sont à nouveau au coeur des préoccupations. Face au déficit croissant de la balance courante américaine, le reste du monde accumule les excédents. Le paradoxe est évident : le pays le plus riche est celui qui vit le...

Persistent link: https://www.econbiz.de/10011072394

Les crises économiques et financières et les facteurs favorisant leur occurrence

Cabrol, Sébastien - Université Paris-Dauphine (Paris IX) - 2013

The aim of this thesis is to analyze, from an empirical point of view, both the different varieties of economic and financial crises (typological analysis) and the context’s characteristics, which could be associated with a likely occurrence of such events. Consequently, we analyze both: years...

Persistent link: https://www.econbiz.de/10011074698

The Safety of Government Debt

Anand, Kartik; Gai, Prasanna - Bank of Canada - 2013

We examine the safety of government bonds in the presence of Knightian uncertainty amongst financial market participants. In our model, the information insensitivity of government bonds is driven by strategic complementarities across counterparties and the structure of trading relationships. We...

Persistent link: https://www.econbiz.de/10010697292

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