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The Greek Debt Crisis : Likely Causes, Mechanics and Outcomes
Arghyrou, Michael - 2010
We use insights from the literature on currency crises to offer an analytical treatment of the crisis in the market for Greek government bonds. We argue that the crisis itself and its escalating nature are very likely to be the result of: (a) steady deterioration of Greek macroeconomic...
Persistent link: https://www.econbiz.de/10013135455
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Debt Maturity without Commitment
Niepelt, Dirk - 2021
I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by … maturity structure with positive gross positions and a shortening of the maturity structure when debt issuance is high, output …
Persistent link: https://www.econbiz.de/10013316425
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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
significantly after debt relief operations, but only if these involve debt write-offs. Softer forms of debt relief, such as maturity …
Persistent link: https://www.econbiz.de/10013019408
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Debt Recovery in Firm Liquidations : Do Liquidation Trustees Matter?
Cepec, Jaka - 2016
Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the functioning of insolvency regimes worldwide is sparse. We investigate whether creditors' recovery of outstanding claims, a measure of ex-post efficiency of an insolvency regime,...
Persistent link: https://www.econbiz.de/10012982336
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External Sovereign Debt in a Monetary Union : Bailouts and the Role of Corruption
Achury, Carolina - 2011
We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent fiscal impatience which leads to excessive issuing of...
Persistent link: https://www.econbiz.de/10013121867
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Debt Stabilization and Debt Mutualization in a Monetary Union with Endogenous Risk Premia
Engwerda, Jacob C. - 2015
In this paper we analyse debt stabilization in a monetary union that features endogenous risk premia. In particular, we analyse debt stabilization in two diametrically opposed regimes. In the first regime, the “national fiscal discipline regime”, financial markets impose sovereign risk...
Persistent link: https://www.econbiz.de/10013011725
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Curbing Corporate Debt Bias : Do Limitations to Interest Deductibility Work?
De Mooij, Ruud A. - 2017
Tax provisions favoring corporate debt over equity finance (“debt bias”) are widely recognized as a risk to financial stability. This paper explores whether and how thin-capitalization rules, which restrict interest deductibility beyond a certain amount, affect corporate debt ratios and...
Persistent link: https://www.econbiz.de/10012962609
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Long-Term Interest Rates and Public Debt Maturity
Sakalauskaite, Ieva - 2013
the maturity of the public debt by one year lowers its long-term interest rate by around 20-30 basis points. This effect …
Persistent link: https://www.econbiz.de/10013075134
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The Economic Consequences of Rising U.S. Government Debt : Privileges at Risk
Bohn, Henning - 2021
maturity of U.S. public debt – over $2.5 trillion maturing in 2010 – investor expectations are critical. Excessive debts …
Persistent link: https://www.econbiz.de/10013316205