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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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The Costs of Favoritism : Is Politically-Driven Aid Less Effective?
Dreher, Axel; Klasen, Stephan; Vreeland, James Raymond; … - 2021
World Bank projects and generally find that projects that are potentially politically motivated – such as those granted to … governments holding a non-permanent seat on the United Nations Security Council or an Executive Directorship at the World Bank … Council members with higher short-term debt, however, a negative quality rating is more likely. So we find evidence that World …
Persistent link: https://www.econbiz.de/10013316223
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The Political Economy of Multilateral Aid Funds
Simon, Jenny - 2016
In 2014 over $60 billion was mobilized to help developing nations mitigate climate change, an amount equivalent to the GDP of Kenya. Interestingly, breaking from the traditional model of bilateral aid, donor countries distributed nearly fifty percent of their aid through multilateral aid funds...
Persistent link: https://www.econbiz.de/10012992608
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Optimal Fiscal Action in an Economy with Sovereign Premia and Without Monetary Independence : An Application to Italy
Philippopoulos, Apostolis - 2013
We welfare rank various tax-spending policies. The setup is a New Keynesian model of a semi-small open economy featuring sovereign risk premia and loss of monetary policy independence. The model is calibrated to match data from the Italian economy 2001-2011. We compute various optimized...
Persistent link: https://www.econbiz.de/10013082637
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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10013076729
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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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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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Sovereign Debt Relief and its Aftermath
Reinhart, Carmen - 2015
in advanced economies after World War I; and 1978-2010, focusing on emerging market debt crises with private external …
Persistent link: https://www.econbiz.de/10013019408
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Debt Sustainability in the Case of External Debt. An Analysis Based on Italy's Treasury Auctions
Cafiso, Gianluca - 2014
empirical and considers the case of Italy, one of the world's largest debt issuer. We study the potential effects on the …
Persistent link: https://www.econbiz.de/10013044665