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External Debt Sustainability: Theory and Empirical Evidence

Arnone, Marco; Bandiera, Luca; Presbitero, Andrea - EconWPA - 2005

This paper is a review of the different approaches on external debt sustainability. The Heavily Indebted Poor Country (HIPC) Initiative was launched to assure a permanent exit from debt dependence. However, the IMF-World Bank program is not without faults, in particular for what concerns debt...

Persistent link: https://www.econbiz.de/10005556649

Argentina: Trying to Make Sense of the Financial Tango

Buchs, Thierry - EconWPA - 2005

The paper discusses and revisits some of the most popular stories behind the 2001 financial crisis in Argentina, i.e. the prolonged overvaluation of the peso owing to the Currency Board arrangement, the lack of fiscal adjustment, and the negative external environment which triggered a “sudden...

Persistent link: https://www.econbiz.de/10005076729

Paper Money but a Gold Debt. Italy in the Gold Standard

Tattara, Giuseppe; or consequences) - EconWPA - 2002

During the 52 years between the Unification of the Kingdom of Italy and World War 1, the lira was legally convertible into metal for a limited period of time. Although not formally committed to gold, the lira exchange towards the gold standard countries proved remarkably stable,...

Persistent link: https://www.econbiz.de/10005408387

Financial Liberalization and Business Cycles: The Experience of Future EU Member States in the Baltics and Central Eastern Europe

Souza, Lucio Vinhas de - EconWPA - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of “emerging...

Persistent link: https://www.econbiz.de/10005062709

Revealing Turkeyâ€™s Public Debt Burden: A Transparent Payments Approach

Alioglu, Ertunc; Erbil, Can; Salman, Ferhan - EconWPA - 2004

We postulate a new method of identifying debt which we call Debt Burden (DB). We claim that DB reveals the true debt obligations of the fiscal authority. It is more accurate and transparent. Hence, DB would serve fiscal authority much better in policy making. It is powerful in a sense that it is...

Persistent link: https://www.econbiz.de/10005125920

Impact du fardeau virtuel de la dette sur le taux de change réel d'équilibre des pays en développement

XSENE, Babacar - EconWPA - 2005

The main objective of this paper is to study the relationship between external public debt and equilibrium real exchange rate in developing countries. Using a extension of Obstfeld & Rogoff (1995) model we show that debt overhang tend to appreciate real exchange rate in the long run (Krugman...

Persistent link: https://www.econbiz.de/10005126240

Liquidity Effects of Changes in a Pan-European Stock Index

Pape, Ulrich; Schmidt-Tank, Stephan - EconWPA - 2005

that has been brought forward in the literature is the liquidity hypothesis according to which an increase in liquidity … after an addition is responsible for the observed rise in value. In the following paper, we examine liquidity effects on … as indicators for liquidity. While there is a medium term price effect, bid-ask spreads do not change significantly due …

Persistent link: https://www.econbiz.de/10005413217

Unit Roots, Nonlinear Cointegration and Purchasing Power Parity

Haug, Alfred A.; Basher, Syed A. - EconWPA - 2004

We test long–run PPP within a general model of cointegration of linear and nonlinear form. Nonlinear cointegration is tested with rank tests proposed by Breitung (2001). We start with determining the order of integration of each variable in the model, applying relatively powerful DF–GLS...

Persistent link: https://www.econbiz.de/10005556283

Transmission of Demographic Shock Effects from Large to Small

Kenc, Turalay; Sayan, Serdar - EconWPA - 1998

: Transmission onto small countries of the economic effects of population ageing, a natural, demographic outcome of the shock that … possible effects on Turkey of the demographic shock effects transmitted from Europe. The discussion is carried out in reference …

Persistent link: https://www.econbiz.de/10005556703

What Do Capital Inflows Do? Dissecting the Transmission Mechanism for Thailand, 1980-96

Jansen, W. Jos - EconWPA - 2003

rate appreciation. Inflows are also associated with a greater vulnerability to a liquidity crisis, but not with greater … within two years. Consequently, the Thai crisis appears to be more of a liquidity crisis than an external solvency crisis. …

Persistent link: https://www.econbiz.de/10005561174

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