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Alfaro, Laura - 2019

sustainability. Disclosure of nontraditional debt would imply significant welfare gains for the recipient countries but would reduce … its sustainability. We discuss the implications of nontraditional lending on standard assumptions of sovereign debt models …

Persistent link: https://www.econbiz.de/10012480291

A New Index of Debt Sustainability

Blanchard, Olivier J. - 2017

Debt sustainability is fundamentally a probabilistic concept: Debt is rarely sustainable with probability one. We … propose an index of external debt sustainability that reflects this uncertainty. Namely we construct the index as the … strong measures are potentially needed to reestablish sustainability. Exchange rates that appear overvalued in the baseline …

Persistent link: https://www.econbiz.de/10012453645

A Debt Puzzle

Laibson, David - 2000

Over 60% of US households with credit cards are currently borrowing -- i.e., paying interest -- on those cards. We attempt to reconcile the high rate of credit card borrowing with observed levels of life cycle wealth accumulation. We simulate a lifecycle model with five properties that create...

Persistent link: https://www.econbiz.de/10012470858

Debt Restructuring

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

Sovereign Debt and Consumption Smoothing

Grossman, Herschel I. - 1997

This paper shows that whether or not a sovereign can borrow to smooth consumption depends both on how consumption smoothing is achieved, whether by contingent debt issuance or by contingent debt servicing, and on the exact nature of the penalty for debt repudiation. If a sovereign that...

Persistent link: https://www.econbiz.de/10012472821

Sovereign Debt

Eaton, Jonathan - 1995

We review the literature on sovereign debt. We organize our survey around three central questions: (1) Why do sovereign debtors ever repay their debts? (2) What burdens, in the form of distortions and inefficiencies, does sovereign debt impose? and (3) How might debt be restructured to reduce...

Persistent link: https://www.econbiz.de/10012473755

Endogenous Creditor Seniority and External Debt Values

Dooley, Michael - 1992

A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of domestic debt at the expense of foreign bank debt during the late 1980s. We argue that this was the revenue maximizing response of...

Persistent link: https://www.econbiz.de/10012474796

The Debt Burden and Debt Maturity

Missale, Alessandro - 1991

At low and moderate levels of government debt, there appears to be little relation between the level of debt and its maturity. But at high levels of debt, a strong inverse relation emerges. We start the paper by documenting this inverse relation for those OECD Countries which have reached very...

Persistent link: https://www.econbiz.de/10012475040

Sovereign Debt, Reputation, and Credit Terms

Eaton, Jonathan - 1990

I develop a model in which sovereign debtors repay debt in order to maintain a reputation for repayment. Repayment gives creditors reason to think that the debtor will suffer adverse consequences if it defaults, so they continue to lend. I compare a situation in which competitive lenders earn a...

Persistent link: https://www.econbiz.de/10012475607

Dealing With Debt : The 1930s and the 1980s

Eichengreen, Barry - 1989

This paper analyzes the sovereign defaults of the 1930s and their implications for the debt crisis of the 1980s. It reports nine major findings. There is little evidence that financial markets have grown more sophisticated' over time, or that banks have a comparative advantage over the bond...

Persistent link: https://www.econbiz.de/10012476189

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