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On the Role and Eects of IMF Seniority
Saravia, Diego - Econometric Society - 2004
The paper presents a three period model that studies the eects of IMF loans on borrowers’ and lenders’ welfare … highlighting the fact that the IMF has both de jure and de facto seniority rights over private creditors. It is shown that an IMF … IMF intervention always makes the borrower country better off. The eects on non-senior lenders depend on the size of the …
Persistent link: https://www.econbiz.de/10005699628
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A Risk Management Approach to Emerging Market’s Sovereign Debt Sustainability with an application to Brazilian data
Rigobon, Roberto; Garcia, Marcio - Econometric Society - 2004
In this paper we study the question of debt sustainability from a risk management perspective. The debt accumulation equation for any country involves variables that are stochastic and closely intertwined. When these aspects are taken into consideration the notion of debt sustainability is...
Persistent link: https://www.econbiz.de/10005129802
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Sovereign Debt: Default, Market Sanction, and Bailout
Britto, Paulo Augusto P. de - Econometric Society - 2004
's economic policy. This essay provides a theoretical grounding for the IMF and other multilateral agencies intervention on the …
Persistent link: https://www.econbiz.de/10005129800
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Renegotiation, Collective Action Clauses and Sovereign Debt Markets
Wynne, José; Weinschelbaum, Federico - Econometric Society - 2004
environments with and without contingent debt and IMF presence. We claim that CACs are likely to be an irrelevant dimension of debt … contracts in current sovereign debt markets because of the variety of instruments utilized by sovereigns and the implicit IMF … guarantee. Nonetheless, under a new international bankruptcy regime like that recently proposed by the IMF, CACs can increase …
Persistent link: https://www.econbiz.de/10005170261
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R&D and Development
Maloney, William F.; Lederman, Daniel - Econometric Society - 2004
This paper employs a new global panel data set on innovation related variables to examine patterns of R&D investment across the development process. We find that R&D effort measured as a share of GDP rises with development at an increasing rate, but that several countries have experienced...
Persistent link: https://www.econbiz.de/10005129799
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The Effects of Infrastructure Development on Growth and income
Serven, Luis; Calderon, César - Econometric Society - 2004
This paper provides an empirical evaluation of the impact of infrastructure development on economic growth and income distribution using a large panel data set encompassing over 100 countries and spanning the years 1960-2000. The empirical strategy involves the estimation of simple equations for...
Persistent link: https://www.econbiz.de/10005063542
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Could the Exchange Rate Regime Reduce Macroeconomic Volatility?
Carrera, Jorge; Bastourre, Diego - Econometric Society - 2004
This study intends to determine the relationship existing between the exchange rate regime and real volatility. After revising the theoretical and empirical results of previous research, it is proposed a new methodology that corrects deficiencies of previous empirical papers. The results show...
Persistent link: https://www.econbiz.de/10005170268
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Cousin Risks: The Extent and the Causes of Positive Correlation between Country and Currency Risks
Garcia, Marcio; Lowenkron, Alexandre - Econometric Society - 2004
If country and currency risk premiums are positively correlated, a negative international liquidity shock harms twice the economy, thereby substantially increasing interest rates. This harmful positive correlation between country and currency risk premiums observed in some countries is called...
Persistent link: https://www.econbiz.de/10005328851
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A simple theoretical framework for the analysis of liability dollarization
Kawamura, Daniel Heymann - Enrique - Econometric Society - 2004
This paper presents a simple model of debt contracts in order to analyze the conditions under which domestic residents would choose to denominate debts in ``dollars''. In the model, borrowers are producers of non-traded goods, and subject to shocks on prices. The real exchange rate varies in...
Persistent link: https://www.econbiz.de/10005170263