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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 … senior) lending in times of crisis, can work as a commitment device and improve social welfare. …

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

Currency Crashes in Emerging Markets: Empirical Indicators

Frankel, Jeffrey A; Rose, Andrew K - C.E.P.R. Discussion Papers - 1996

of change of nominal depreciation. We examine the composition of the debt as well as its level, and a variety of other …; and the level of foreign interest rates is high. A low ratio of foreign direct investment to debt is consistently …

Persistent link: https://www.econbiz.de/10005789137

International Capital Crunches: The Time-Varying Role of Informational Asymmetries

Mody, Ashoka; Taylor, Mark P - C.E.P.R. Discussion Papers - 2003

We examine the determinants of capital flows to four developing countries during the 1990s using an explicitly disequilibrium econometric framework in which the supply and demand for capital are not necessarily equal, and the actual amount of the flow is determined by the ‘short side’ of the...

Persistent link: https://www.econbiz.de/10005792038

The Need for Institutional Changes in the Global Financial System: An Analytical Framework

Claessens, Stijn; Underhill, Geoffrey R D - C.E.P.R. Discussion Papers - 2005

The international financial system has been the subject of much debate following the financial crises of the 1990s. While many reforms have been proposed for and implemented by mostly developing countries, few changes have been made to the international financial system itself. Fundamentally,...

Persistent link: https://www.econbiz.de/10005504421

UDROP: A Small Contribution to the New International Financial Architecture

Buiter, Willem H.; Sibert, Anne - C.E.P.R. Discussion Papers - 1999

The purpose of the UDROP proposal is to prevent debt rollover crises for foreign-currency-denominated debt instruments … insurance. UDROP stands for Universal Debt Rollover Option with a Penalty. Our proposal is that all foreign currency loans …-over his performing debt at maturity for a specified period. The pricing of the option would be left to the contracting parties …

Persistent link: https://www.econbiz.de/10005661683

Current Account Reversals and Currency Crises: Empirical Regularities

Milesi-Ferretti, Gian Maria; Razin, Assaf - C.E.P.R. Discussion Papers - 1998

This paper studies sharp reductions in current account deficits and large exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. It finds...

Persistent link: https://www.econbiz.de/10005662126

Debt Maturity and the Global Financial Architecture

Jeanne, Olivier - C.E.P.R. Discussion Papers - 2000

maturity of a country's external sovereign debt is the solution to an incentives problem, which may lead to reliance on short …-term debt and vulnerability to runs. I study, in the context of this model, the welfare effects of an international lender of …

Persistent link: https://www.econbiz.de/10005666408

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

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 … reform, leading to a distinction between government and country ownership of a program. A model of lending and policy reform …

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

The HIPC Initiative: True and False Promises

Cohen, Daniel - C.E.P.R. Discussion Papers - 2000

Brady deal itself – it lacks all perspective on the ‘market value’ of the debt which is written down. The appropriate …

Persistent link: https://www.econbiz.de/10005792346

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