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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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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 … currency risk premiums observed in some countries is called cousin risks. We, first, identify the extent of this phenomenon by …
Persistent link: https://www.econbiz.de/10005328851
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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 … of risk, there are paths in which it is clearly unsustainable. Furthermore, we show that properties of the debt dynamics …
Persistent link: https://www.econbiz.de/10005129802
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Renegotiation, Collective Action Clauses and Sovereign Debt Markets
Wynne, José; Weinschelbaum, Federico - Econometric Society - 2004
Collective action clauses (CACs) are provisions specifying that a supermajority of bondholders can change the terms of a bond. We study how CACs determine governments’ fiscal incentives, sovereign bond prices and default probabilities in environments with and without contingent debt and...
Persistent link: https://www.econbiz.de/10005170261
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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
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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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Foreign Exchange exposure, corporate financial policies and the exchange rate regime: Evidence from Brazil
Junior, Jose Luiz Rossi - Econometric Society - 2004
leading companies to disregard the exchange rate risk, biasing their borrowing towards foreign currency denominated debt , and … fluctuations in the exchange rate and risk management policies are of major importance to the real economy. The main results can be … foreign currency denominated debt to total debt is the main source of risk for Brazilian companies, and that foreign sales and …
Persistent link: https://www.econbiz.de/10005699641
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The Spirit of Capitalism and International Risk Sharing
Chue, Timothy K. - Econometric Society - 2004
We show that a model of the spirit of capitalism can generate a high degree of international risk sharing as measured … one needs in interpreting discount-factor-based measures of international risk sharing: in the presence of portfolio … externalities, even when the measured degree of risk sharing is perfect, it is still possible for government policies to induce …
Persistent link: https://www.econbiz.de/10005702731
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La prise des risques financiers : une approche macro-économique du rôle des marchés
Pisani, Florence - Université Paris-Dauphine (Paris IX) - 2013
, but also on financial agents’ attitude towards risk. The pro-cyclical nature of the latter has a major impact on financial …
Persistent link: https://www.econbiz.de/10011074639