Similar Search Results

Sovereign default risk and commitment for fiscal adjustment

Gonçalves, Carlos Eduardo; Guimarães, Bernardo - C.E.P.R. Discussion Papers - 2012

This paper studies fiscal policy in a model of sovereign debt and default. A time-inconsistency problem arises: since the price of past debt cannot be affected by current fiscal policy and governments cannot credibly commit to a certain path of tax rates, debtor countries choose suboptimally low...

Persistent link: https://www.econbiz.de/10011083643

Conditionality and Ownership in IMF Lending: A Political Economy Approach

Drazen, Allan - C.E.P.R. Discussion Papers - 2002

The relation between IMF conditionality and country ownership of assistance programs is considered from a political …

Persistent link: https://www.econbiz.de/10005788965

Dollarization, Bailouts and the Stability of the Banking System

Gale, Douglas M; Vives, Xavier - C.E.P.R. Discussion Papers - 2001

obtained are applied to assess the desirability of dollarization in a range of countries and the potential role of the IMF as …

Persistent link: https://www.econbiz.de/10005788955

The Use of SDRs in the Financing of Official Safety-net Mechanisms

De Cecco, Marcello; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 1996

The question addressed in this paper is whether the IMF should be involved in Mexico-style crises and, if the answer is … positive, whether the existing IMF financing mechanisms are adequate – both in terms of the volume of funds that can be … countries, and the justification for IMF intervention lies in the ability of this institution, compared with international …

Persistent link: https://www.econbiz.de/10005123583

The Bail-In Problem: Systematic Goals, Ad Hoc Means

Eichengreen, Barry; Ruehl, Christoph - C.E.P.R. Discussion Papers - 2000

In this paper we analyse the recent efforts of the international financial institutions to limit the moral hazard created by their assistance to crisis countries. We question the wisdom of the case-by-case approach taken in Pakistan, Ecuador, Romania and Ukraine. We show that because default and...

Persistent link: https://www.econbiz.de/10005124195

Would Collective Action Clauses Raise Borrowing Costs?

Eichengreen, Barry; Mody, Ashoka - C.E.P.R. Discussion Papers - 1999

We examine the implications for borrowing costs of including collective-action clauses in loan contracts. For a sample of some 2,000 international bonds, we compare the spreads on bonds subject to UK governing law, which typically include collective-action clauses, with spreads on bonds subject...

Persistent link: https://www.econbiz.de/10005067390

Which International Institutions Promote International Trade?

Rose, Andrew K - C.E.P.R. Discussion Papers - 2003

International Monetary Fund (IMF); and 3) the Organization for Economic Cooperation and Development (OECD). I use a standard … indicate that OECD membership (but neither GATT/WTO nor IMF membership) has had a consistently large positive effect on trade. …

Persistent link: https://www.econbiz.de/10005504751

Can Oil Prices Forecast Exchange Rates?

Ferraro, Domenico; Rogoff, Kenneth; Rossi, Barbara - C.E.P.R. Discussion Papers - 2011

This paper investigates whether oil prices have a reliable and stable out-of-sample relationship with the Canadian/U.S dollar nominal exchange rate. Despite state-of-the-art methodologies, we find little systematic relation between oil prices and the exchange rate at the monthly and quarterly...

Persistent link: https://www.econbiz.de/10009359490

International Financial Adjustment

Gourinchas, Pierre-Olivier; Rey, Hélène - C.E.P.R. Discussion Papers - 2005

The Paper proposes a unified framework to study the dynamics of net foreign assets and exchange rate movements. We show that deteriorations in a country’s net exports or net foreign asset position have to be matched either by future net export growth (trade adjustment channel) or by future...

Persistent link: https://www.econbiz.de/10005662073

Convergence Clubs and Diverging Economies

Ben-David, Dan - C.E.P.R. Discussion Papers - 1994

This paper focuses on the question of income convergence among countries. While the methodology used to determine convergence differs from the common cross-sectional approach, it corroborates Baumol's finding of a convergence club among the world's wealthiest countries. It also shows that there...

Persistent link: https://www.econbiz.de/10005136469