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International Credit Flows and Pecuniary Externalities
Brunnermeier, Markus; Sannikov, Yuliy - CESifo - 2015
This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...
Persistent link: https://www.econbiz.de/10011124895
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Life cycle options and preferences
Legros, Florence - Université Paris-Dauphine (Paris IX) - 2006
Persistent link: https://www.econbiz.de/10010706738
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Unemployment and Debt Dynamics in a Highly Indebted Small Open Economy
Heer, Burkhard; Schubert, Stefan Franz - CESifo - 2011
The paper analyzes the dynamic effects of a total factor productivity shock and an interest rate risk premium shock in …’s production side and on welfare, but not on its stock of foreign debt and the country specific risk premium, and large part of the … adjustment happens in the short run. In contrast, a pure increase in the country specific risk premium causes substantial …
Persistent link: https://www.econbiz.de/10009150631
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The Greek Debt Crisis: Likely Causes, Mechanics and Outcomes
Arghyrou, Michael G.; Tsoukalas, John D. - CESifo - 2010
fiscal guarantees, respectively occurring in November 2009 and February/March 2010. We argue that the risk of contagion to …
Persistent link: https://www.econbiz.de/10008799726
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Sovereign Defaults: The Price of Haircuts
Cruces, Juan J.; Trebesch, Christoph - CESifo - 2011
A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses (“haircuts”) in all restructurings with foreign...
Persistent link: https://www.econbiz.de/10009325807
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Les déséquilibres financiers internationaux
Pisani, Florence; Brender, Anton - Université Paris-Dauphine (Paris IX) - 2007
Depuis les années 2000, les déséquilibres financiers internationaux sont à nouveau au coeur des préoccupations. Face au déficit croissant de la balance courante américaine, le reste du monde accumule les excédents. Le paradoxe est évident : le pays le plus riche est celui qui vit le...
Persistent link: https://www.econbiz.de/10011072394
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Les crises économiques et financières et les facteurs favorisant leur occurrence
Cabrol, Sébastien - Université Paris-Dauphine (Paris IX) - 2013
The aim of this thesis is to analyze, from an empirical point of view, both the different varieties of economic and financial crises (typological analysis) and the context’s characteristics, which could be associated with a likely occurrence of such events. Consequently, we analyze both: years...
Persistent link: https://www.econbiz.de/10011074698
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Transatlantic Monetary and Fiscal Policy Interaction
Aarle, Bas van; Garretsen, Harry; Huart, Florence - CESifo - 2003
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
Persistent link: https://www.econbiz.de/10005765866
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'Large' vs. 'Small' Players: A Closer Look at the Dynamics of Speculative Attacks
Bjønnes, Geir H.; Holden, Steinar; Rime, Dagfinn; … - CESifo - 2009
What is the role of “large players” like hedge funds and other highly leveraged institutions in speculative attacks? In recent theoretical work, large players may induce an attack by an early move, providing information to smaller agents. In contrast, many observers argue that large players...
Persistent link: https://www.econbiz.de/10005181546
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Securitization of Mortgage Debt, Asset Prices and International Risk Sharing
Hoffmann, Mathias; Nitschka, Thomas - CESifo - 2009
We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … risk sharing: we find that countries with the most highly developed markets for securitized mortgage debt have consumption … risk sharing in tranquil times but that it actually fails to provide international insurance in severe crisis periods …
Persistent link: https://www.econbiz.de/10005406369