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A Mechanism to Regulate Sovereign Debt Restructuring in the Euro Area
Andritzky, Jochen R. - 2016
To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a two-stage...
Persistent link: https://www.econbiz.de/10012982263
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Credit Booms, Debt Overhang and Secular Stagnation
Illing, Gerhard - 2018
Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit … which we incorporate financial imperfections to study the interactions between debt, liquidity and asset prices. We show … that financially more deregulated economies are more likely to experience persistent stagnation. In the short run, credit …
Persistent link: https://www.econbiz.de/10012927578
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Resolving Sovereign Debt Crises : The Role of Political Risk
Trebesch, Christoph - 2018
Sovereign defaults are bad news for investors and debtor countries, in particular if a default becomes messy and protracted. Why are some debt crises resolved quickly, in a matter of months, while others take many years to settle? This paper studies the duration of sovereign debt crises based on...
Persistent link: https://www.econbiz.de/10012910995
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Sovereign Debt Relief and its Aftermath
Reinhart, Carmen - 2015
extensions and interest rate reductions, are not generally followed by higher economic growth or improved credit ratings …
Persistent link: https://www.econbiz.de/10013019408
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Target Loans, Current Account Balances and Capital Flows : The ECB's Rescue Facility
Sinn, Hans-Werner - 2013
The Target liabilities of the GIPS countries (Greece, Ireland, Portugal and Spain) amounted to 314 billion euros in March 2011. They measure the additional central bank money that their corresponding National Central Banks (NCBs) have loaned in excess of the money needed to cover their domestic...
Persistent link: https://www.econbiz.de/10013092688
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Private Debt Overhang and the Government Spending Multiplier : Evidence for the United States
Bernardini, Marco - 2015
-debt states, more (less) government purchases also reduce (increase) the government debt-to-GDP ratio. These results are robust …
Persistent link: https://www.econbiz.de/10013024365
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Public Debt Sustainability and Defaults
Guillard, Michel - 2017
We offer a new methodology for the assessment of public debt sustainability in a stochastic economy when sovereign default taken into account. The default threshold differs from the no-Ponzi condition and depends on the post-default debt recovery rule. We distinguish sustainability and...
Persistent link: https://www.econbiz.de/10012950605
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The Greek Crisis : Causes and Consequences
Garcia Pascual, Antonio I. - 2011
Greece has reached a point where, under any plausible macroeconomic scenario, public debt will continue growing faster than GDP. Fiscal consolidation alone cannot close the solvency gap. A substantial reduction in the stock of debt is needed. Even post-debt restructuring, there is no guarantee...
Persistent link: https://www.econbiz.de/10013117780
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China's Current Account and Exchange Rate
Cheung, Yin-Wong - 2013
is on the order of 10 percent. Second, we find that Chinese multilateral trade flows respond to relative prices - as …
Persistent link: https://www.econbiz.de/10012753166
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Sovereign Defaults in Court
Schumacher, Julian - 2018
For centuries, defaulting governments were immune from legal action by foreign creditors. This paper shows that this is no longer the case. Building a dataset covering four decades, we find that creditor lawsuits have become an increasingly common feature of sovereign debt markets. The legal...
Persistent link: https://www.econbiz.de/10012920182