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Government Bonds in Domestic and Foreign Currency: The Role of Macroeconomic and Institutional Factors
Claessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2003
, while smaller economies rely more on foreign currency bonds. Better institutional frameworks and macroeconomic fundamentals … enhance both domestic currency bond markets and increase countries’ ability to issue foreign currency bonds, while they raise … the share of foreign exchange bonds. …
Persistent link: https://www.econbiz.de/10005114199
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Fiscal Insurance and Debt Management in OECD Economies
Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2007
Assuming the role of debt management is to provide hedging against fiscal shocks we consider three questions: i) what …
Persistent link: https://www.econbiz.de/10005136566
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Public Confidence and Debt Management: A Model and a Case Study of Italy
Alesina, Alberto F; Prati, Alessandro; Tabellini, Guido - C.E.P.R. Discussion Papers - 1989
High-debt countries may face the risk of self-fulfilling debt crises. If the public expects that in the future the government will be unable to roll over the maturing debt, they may refuse to buy debt today and choose to hold foreign assets. This lack of confidence may then be self-fulfilling....
Persistent link: https://www.econbiz.de/10005497997
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Three Sisters: The Interlinkage between Sovereign Debt, Currency and Banking Crises
Eijffinger, Sylvester C W; Karatas, Bilge - C.E.P.R. Discussion Papers - 2013
The sovereign debt default and the linkages from banking and currency crisis have been rarely explored in the crisis literature. This study attempts to dive into this unexplored area by applying panel data binary choice model on a sample with 20 emerging countries having monthly observations for...
Persistent link: https://www.econbiz.de/10011084100
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Modelling Long Bonds - The Case of Optimal Fiscal Policy
Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2014
We show how to model portfolio models in the presence of long bonds. Specifically we study optimal fiscal policy under … incomplete markets where the government issues bonds of maturity N > 1. Assuming the existence of long bonds introduces an …, fiscal policy is secondary to debt management. Modelling optimal policy with long term bonds is computationally demanding …
Persistent link: https://www.econbiz.de/10011083295
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When the North Last Headed South: Revisiting the 1930s
Reinhart, Carmen M.; Reinhart, Vincent - C.E.P.R. Discussion Papers - 2010
The U.S recession of 2007 to 2009 is unique in the post-World-War-II experience by the broad company it kept. Activity contracted around the world, with the advanced countries of the North experiencing declines in spending normally the purview of the developing economies of the South. The last...
Persistent link: https://www.econbiz.de/10008468628
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Confidence Crises and Public Debt Management
Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1989
Under free capital mobility, confidence crises can lead to devaluations even when fixed exchange rates are viable, if fiscal authorities can obtain temporary money financing of deficits. During a crisis domestic interest rates increase, reflecting the expected devaluation. Rather than selling...
Persistent link: https://www.econbiz.de/10005791449
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Understanding Financial Crises: Causes, Consequences, and Policy Responses
Claessens, Stijn; Kose, Ayhan; Laeven, Luc; Valencia, Fabian - C.E.P.R. Discussion Papers - 2013
The global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions...
Persistent link: https://www.econbiz.de/10011083226
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Financial Crises: Explanations, Types, and Implications
Claessens, Stijn; Kose, Ayhan - C.E.P.R. Discussion Papers - 2013
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper...
Persistent link: https://www.econbiz.de/10011084455
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Sovereign Debt and Structural Reforms
Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015
Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under limited commitment. The government of a sovereign country which has fallen into a recession of an uncertain duration issues one-period debt and can renege on its obligations by...
Persistent link: https://www.econbiz.de/10011276380