of the risky debt instruments. First we introduce a formal definition of the default. It somewhat close but does not … coincide with the reduced form of the default setting. …

about the high interest rates, economists complain about the default rates and banks complain about the amnesties. After all …

In [10] we presented a reduced form of risky bond pricing. At the default date a bond seller fail to continue fulfill … his obligation and the price of the bond sharply drops down. If the face value of the defaulted bond for no-default … scenarios is $1 then the bond price just after default is called its recovery rate (RR). Rating agencies and theoretical models …

developed a model with heterogeneous agents and an active interbank market, characterized by an endogenous default probability …. The key feature of the analysis is that the probability of default evolves endogenously and is taken into account by banks …, of their surplus funds on loans to other financial institutions, if the probability of default is high enough, preferring …

The pedestrian narrative about the Greek financial crisis and default is that the country was fiscally mismanaged for a … the country’s creditworthiness. Therefore, a default and debt restructuring were inevitable sooner or later—and certainly …, for example, by a prominent economic historian: “Since independence in the 1830s, Greece has been in a state of default …

public sector pressure for more efficient procedures to cope with sovereign default and restructuring. A second policy …

sovereign debtor was a major exception that would not soon be repeated, the case of Ecuador’s latest default on shaky claims of …

This paper develops a model of debt and default for small open economies that interact with risk averse international … investors. The model developed here extends the recent work on the analysis of endogenous default risk to the case in which … preferences, then the emerging economy's default risk, capital flows, bond prices and consumption are a function not only of the …

secondary market bond spreads and information on default status, this paper assesses empirically whether sovereign bonds issued … under a trust structure indeed carry a higher default risk. It finds no systematic evidence of either a spread premium or … higher actual default rates for bonds with collective enforcement rights. …

characteristics are important predictors of default behavior, even after controlling for an extensive set of controls for loan and … borrower characteristics. First, default rates increase with the rate of foreclosure notices and the number of lender …-owned properties (REOs) in the tract. Second, default rates on home purchase mortgages are higher in census tracts with larger shares …