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The Anatomy of Financial Crises
Eichengreen, Barry; Portes, Richard - C.E.P.R. Discussion Papers - 1986
between generalized financial crises on the one hand and isolated bank failures, debt defaults and foreign-exchange market … disturbances on the other. We represent this distinction in three sets of linkages: between debt defaults and bank failures …; between exchange-market disturbances and debt defaults; and between exchange-market disturbances and bank failures. In both …
Persistent link: https://www.econbiz.de/10005281361
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Competition, Complementarity and Contagion in East Asia
Diwan, Ishac; Hoekman, Bernard - C.E.P.R. Discussion Papers - 1999
This paper explores to what extent the magnitude and speed of the contagion effects that materialized in East Asia in the second half of 1997 may have had "real" underpinnings, in the sense that the pattern of production, consumption and trade increased the vulnerability of East Asian countries...
Persistent link: https://www.econbiz.de/10005661909
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On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013
, leading to moderate levels of public debt relative to GDP over the medium term, is essential for the credibility of government …
Persistent link: https://www.econbiz.de/10011084186
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Investment and capital structure of partially private regulated firms
Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011
state and regulators are not necessarily independent. Among other things, we show that firms invest more, issue more debt …
Persistent link: https://www.econbiz.de/10009209829
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A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
Acharya, Viral V; Skeie, David - C.E.P.R. Discussion Papers - 2011
leveraged banks’ precautionary demand for liquidity. When adverse asset shocks materialize, a bank’s ability to roll over debt …
Persistent link: https://www.econbiz.de/10009385771
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Enterprise Debt and Economic Transformation: Financial Restructuring of the State Sector in Central and Eastern Europe
Begg, David; Portes, Richard - C.E.P.R. Discussion Papers - 1992
Throughout Central and Eastern Europe (CEE), there is a widespread failure of enterprise debtors to make scheduled payments of principal and interest to creditors, who in turn have strong incentives not to declare bankruptcy. In such circumstances, the price mechanism does not properly guide the...
Persistent link: https://www.econbiz.de/10005123729
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Hansa vs Habsburg: Debt, Deficits and the Entry of Accession Countries into the Euro
Hughes Hallett, Andrew; Lewis, John - C.E.P.R. Discussion Papers - 2004
on debt dynamics for the eight new member states from Central and Eastern Europe. We find that the nominal Maastricht … achieve the fiscal criteria. Our results suggest all countries would find it harder to restrain debt growth within the euro …, but that the magnitude of this effect varies substantially across countries, as do the debt dynamics outside the euro. If …
Persistent link: https://www.econbiz.de/10005124072
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Optimal Fines in the Era of Whistleblowers
Buccirossi, Paolo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2006
We review current methods for calculating fines against cartels in the US and EU, and simulate their deterrence effects under different assumptions on the legal and economic environment. It is likely that European fines have not had significant deterrence effects before leniency programs were...
Persistent link: https://www.econbiz.de/10005136460
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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
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Debt and Deficit Fluctuations and the Structure of Bond Markets
Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2001
The aim of this Paper is to test for the extent of incompleteness in the market for US Government debt. We show that … when a government pursues an optimal tax policy and issues a full set of contingent claims, the value of debt has the same …. Examining US data, however, reveals that debt is substantially more persistent than other variables and increases in response to …
Persistent link: https://www.econbiz.de/10005067553