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Friedman, Benjamin M. - 2000

What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of...

Persistent link: https://www.econbiz.de/10012471039

Fiscal Policy in the Age of COVID : Does it ‘Get in all of the Cracks?'

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021

We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVID-19 and policy responses on small and medium sized enterprise (SME) business failures. We combine firm-level financial data from 50...

Persistent link: https://www.econbiz.de/10012629513

Creditor rights and corporate risk-taking

Acharya, Viral V. - 2009

bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater …

Persistent link: https://www.econbiz.de/10012463080

Hedge Funds as Liquidity Providers : Evidence from the Lehman Bankruptcy

Aragon, George O. - 2009

Using the September 15, 2008 bankruptcy of Lehman Brothers as an exogenous shock to funding costs, we show that hedge … funds act as liquidity providers. Hedge funds using Lehman as prime broker could not trade after the bankruptcy, and these …-connected hedge funds in turn experienced greater declines in market liquidity following the bankruptcy than other stocks; and, the …

Persistent link: https://www.econbiz.de/10012463314

How the Subprime Crisis Went Global : Evidence from Bank Credit Default Swap Spreads

Eichengreen, Barry - 2009

How did the Subprime Crisis, a problem in a small corner of U.S. financial markets, affect the entire global banking system? To shed light on this question we use principal components analysis to identify common factors in the movement of banks' credit default swap spreads. We find that fortunes...

Persistent link: https://www.econbiz.de/10012463744

The Forgotten History of Domestic Debt

Reinhart, Carmen M. - 2008

There is a rich scholarly literature on sovereign default on external debt. Comparatively little is known about sovereign defaults on domestic debt. Even today, cross-country data on domestic public debt remains curiously exotic, particularly prior to the 1980s. We have filled this gap in the...

Persistent link: https://www.econbiz.de/10012464703

Markets and Housing Finance

Warnock, Veronica Cacdac - 2007

, we find that countries with stronger legal rights for borrowers and lenders (through collateral and bankruptcy laws …

Persistent link: https://www.econbiz.de/10012465573

Debt Enforcement Around the World

Djankov, Simeon - 2006

We present insolvency practitioners from 88 countries with an identical case of a hotel about to default on its debt, and ask them to describe in detail how debt enforcement against this hotel will proceed in their countries. We use the data on time, cost, and the likely disposition of the...

Persistent link: https://www.econbiz.de/10012465852

Global Business Cycles and Credit Risk

Pesaran, M. Hashem - 2005

The potential for portfolio diversification is driven broadly by two characteristics: the degree to which systematic risk factors are correlated with each other and the degree of dependence individual firms have to the different types of risk factors. Using a global vector autoregressive...

Persistent link: https://www.econbiz.de/10012467187

One Reason Countries Pay their Debts : Renegotiation and International Trade

Rose, Andrew K. - 2002

This paper estimates the effect of sovereign debt renegotiation on international trade. Sovereign default may be associated with a subsequent decline in international trade either because creditors want to deter default by debtors, or because trade finance dries up after default. To estimate the...

Persistent link: https://www.econbiz.de/10012469862