Narrow search
Showing 1 - 10 of 313
Cover Image
The Euro Area Crisis: Politics over Economics
Orphanides, Athanasios - C.E.P.R. Discussion Papers - 2014
This paper explores the dominant role of politics in decisions made by euro area governments during the crisis …. Decisions that appear to have been driven by local political considerations to the detriment of the euro area as a whole are … costs across the euro area. The example of Cyprus is discussed, where political decisions resulted in a transfer of about …
Persistent link: https://www.econbiz.de/10011084126
Cover Image
Sovereign Debt Restructuring: the Judge, the Vultures and Creditor Rights
Miller, Marcus; Thomas, Dania - C.E.P.R. Discussion Papers - 2006
What role did the US courts play in the Argentine debt swap of 2005? What are the implications for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and...
Persistent link: https://www.econbiz.de/10005067444
Cover Image
Sovereign Debt and Structural Reforms
Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015
default threat, creditors can make a take-it-or-leave-it debt haircut offer to the sovereign. The risk of renegotiation is …
Persistent link: https://www.econbiz.de/10011276380
Cover Image
Natural resource wealth: the challenge of managing a windfall
van der Ploeg, Frederick; Venables, Anthony J - C.E.P.R. Discussion Papers - 2011
Many countries have failed to use natural resource wealth to promote growth and development. They have been damaged by volatility of revenues, have failed to save a sufficiently high proportion of their resource revenues and failed to make high return investments to support diversification of...
Persistent link: https://www.econbiz.de/10009385762
Cover Image
Sovereign Default, Domestic Banks and Financial Institutions
Gennaioli, Nicola; Martin, Alberto; Rossi, Stefano - C.E.P.R. Discussion Papers - 2010
We build a model where sovereign defaults weaken banks’ balance sheets because banks hold sovereign bonds, causing private credit to decline. Stronger financial institutions boost default costs by amplifying these balance-sheet effects. This yields a novel complementarity between public debt...
Persistent link: https://www.econbiz.de/10008466349
Cover Image
Debt Maturity without Commitment
Niepelt, Dirk - C.E.P.R. Discussion Papers - 2008
I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long-term debt affects default and rollover decisions by...
Persistent link: https://www.econbiz.de/10005662299
Cover Image
The Overhang Hangover
Imbs, Jean; Rancière, Romain - C.E.P.R. Discussion Papers - 2005
We revisit the debt overhang question. We first use non-parametric techniques to isolate a panel of countries on the downward sloping section of a debt Laffer curve. In particular, overhang countries are ones where a threshold level of debt is reached in sample, beyond which (initial) debt ends...
Persistent link: https://www.econbiz.de/10005123812
Cover Image
The Sustainable Debts of Philip II: A Reconstruction of Spain's Fiscal Position, 1560-1598
Drelichman, Mauricio; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2007
The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. The king failed to honour his debts four times during his reign. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence allows us to derive comprehensive estimates of...
Persistent link: https://www.econbiz.de/10005656157
Cover Image
Sovereign Default Risk and Bank Fragility in Financially Integrated Economies
Bolton, Patrick; Jeanne, Olivier - C.E.P.R. Discussion Papers - 2011
's sovereign debt default. While diversification generates risk diversification benefits ex ante, it also generates contagion ex …
Persistent link: https://www.econbiz.de/10009003147
Cover Image
Austerity
Dellas, Harris; Niepelt, Dirk - C.E.P.R. Discussion Papers - 2014
include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired … risk borrowers may favour more to less severe austerity. These findings imply that the amount of fresh funds obtained by a …
Persistent link: https://www.econbiz.de/10011145392