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Is It Too Late to Bail Out the Troubled Countries in the Eurozone?
Conesa, Juan Carlos - 2014
In January 1995, U.S. President Bill Clinton organized a bailout for Mexico that imposed penalty interest rates and … Central Bank, and International Monetary Fund) organize similar bailouts for the troubled countries in the Eurozone? Our … analysis suggests that debt levels are so high that bailouts with penalty interest rates could induce the Eurozone governments …
Persistent link: https://www.econbiz.de/10012458755
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Target Loans, Current Account Balances and Capital Flows : The ECB's Rescue Facility
Sinn, Hans-Werner - 2011
The European Monetary Union is stuck in a severe balance-of-payments imbalance of a nature similar to the one that destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits whose accumulated value, as measured by the Target...
Persistent link: https://www.econbiz.de/10012461031
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Quantitative Sovereign Default Models and the European Debt Crisis
Bocola, Luigi - 2018
A large literature has developed quantitative versions of the Eaton and Gersovitz (1981) model to analyze default episodes on external debt. In this paper, we study whether the same framework can be applied to the analysis of debt crises in which domestic public debt plays a prominent role. We...
Persistent link: https://www.econbiz.de/10012480634
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History Remembered : Optimal Sovereign Default on Domestic and External Debt
D'Erasmo, Pablo - 2018
. Calibrated to Eurozone data, the model is consistent with key long-run and debt-crisis statistics. Defaults are rare (1.2 percent …
Persistent link: https://www.econbiz.de/10012480724
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Kicking the Can Down the Road : Government Interventions in the European Banking Sector
Acharya, Viral V. - 2020
We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector … an econometric approach that addresses the endogeneity associated with governmental bailout decisions in identifying …
Persistent link: https://www.econbiz.de/10012481392
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Our currency, your problem? : the global effects of the euro debt crisis
Stracca, Livio - In: European economic review : EER 74 (2015), pp. 1-13
Persistent link: https://www.econbiz.de/10011522584
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The Euro and The Geography of International Debt Flows
Hale, Galina - 2014
Greater financial integration between core and peripheral EMU members not only had an effect on both sets of countries but also spilled over beyond the euro area. Lower interest rates allowed peripheral countries to run bigger deficits, which inflated their economies by allowing credit booms....
Persistent link: https://www.econbiz.de/10012458631
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China as an International Lender of Last Resort
Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - National Bureau of Economic Research - 2023
together, China's overseas bailouts correspond to more than 20 percent of total IMF lending over the past decade and bailout …
Persistent link: https://www.econbiz.de/10014250123
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Sovereign Defaults and Debt Sustainability : The Debt Recovery Channel
Diarra, Ibrahima; Guillard, Michel; Kempf, Hubert - 2022
This paper focuses on the debt recovery channel linking the dynamics of public debt to partial sovereign defaults. We build a simple model which incorporates sovereign default and a debt recovery rule. It depends on a parameter that allows for partial debt recovery. We show that the maximum...
Persistent link: https://www.econbiz.de/10013292498
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Asymmetric Information and Sovereign Debt : Theory Meets Mexican Data
Cole, Harold L.; Neuhann, Daniel; Ordoñez, Guillermo - National Bureau of Economic Research - 2021
Using a novel data set containing all bids by all bidders for Mexican government bonds from 2001 to 2017, we demonstrate that asymmetric information about default risk is a key determinant of primary market bond yields. Empirically, large bidders do not pay more for bonds than the average bidder...
Persistent link: https://www.econbiz.de/10012482676