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A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk
Acharya, Viral V; Drechsler, Itamar; Schnabl, Philipp - C.E.P.R. Discussion Papers - 2011
We show that financial sector bailouts and sovereign credit risk are intimately linked. A bailout benefits the economy by ameliorating the under-investment problem of the financial sector. However, increasing taxation of the non-financial sector to fund the bailout may be inefficient since it...
Persistent link: https://www.econbiz.de/10009365002
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Towards a Lender of First Resort
Cohen, Daniel; Portes, Richard - C.E.P.R. Discussion Papers - 2004
If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which then becomes self … illuminates the potential role of collective action clauses (CACs) in eliminating the risk of self-fulfilling debt crises. …
Persistent link: https://www.econbiz.de/10005662255
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Dealing with Destabilizing 'Market Discipline'
Cohen, Daniel; Portes, Richard - C.E.P.R. Discussion Papers - 2004
If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which then becomes self …
Persistent link: https://www.econbiz.de/10005666932
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Resolution of Sovereign Debt Crises: The New Old Framework
Portes, Richard - C.E.P.R. Discussion Papers - 2004
The Paper sets out the principles that should underlie sovereign debt restructuring. It argues for a rules … some official intervention. The Paper discusses why intervention in the form of a Sovereign Debt Restructuring Mechanism …
Persistent link: https://www.econbiz.de/10005504514
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The Greek Debt Restructuring: An Autopsy
Gulati, Mitu; Trebesch, Christoph; Zettelmeyer, Jeromin - C.E.P.R. Discussion Papers - 2013
The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt … debt restructurings in Europe more difficult. …
Persistent link: https://www.econbiz.de/10011084095