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The costs of favoritism : is politically-driven aid less effective?

Dreher, Axel; Klasen, Stephan; Vreeland, James Raymond; … - 2010

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/10003948233

What explains sovereign debt litigation

Schumacher, Julian; Trebesch, Christoph; Enderlein, Henrik - 2015

We study the occurrence of holdout litigation in the context of sovereign defaults. The number of creditor lawsuits against foreign governments has strongly increased over the past decades, but there is a large variation across crisis events. Why are some defaults followed by a "run to the...

Persistent link: https://www.econbiz.de/10010512583

Sovereign debt relief and its aftermath

Reinhart, Carmen M.; Trebesch, Christoph - 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/10011288795

Boom-bust cycles in middle income countries : facts and explanation

Tornell, Aaron; Westermann, Frank - 2002

In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have witnessed...

Persistent link: https://www.econbiz.de/10011410453

Debt relief and good governance : new evidence

Freytag, Andreas; Pettersson, Jonatan; Schmied, Julian - 2017

Initiative (MDRI), the World Bank has refrained from this policy, and that debt relief decisions are rather politically driven …

Persistent link: https://www.econbiz.de/10011611187

Stigma or cushion? : IMF programs and sovereign creditworthiness

Gehring, Kai; Lang, Valentin - 2018

IMF programs are often considered to carry a "stigma" that triggers adverse market reactions. We show that such a negative IMF effect disappears when accounting for endogenous selection into programs. To proxy for a country's access to financial markets, we use credit ratings and investor...

Persistent link: https://www.econbiz.de/10011931328

The global financial cycle and capital flow episodes : a wobbly link?

Scheubel, Beatrice; Stracca, Livio; Tille, Cédric - 2019

We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a...

Persistent link: https://www.econbiz.de/10012129742

Sovereign debt in the 21st century : looking backward, looking forward

Mitchener, Kris; Trebesch, Christoph - 2021

How will sovereign debt markets evolve in the 21st century? We survey how the literature has responded to the eurozone debt crisis, placing "lessons learned" in historical perspective. The crisis featured: (i) the return of debt problems to advanced economies; (ii) a bank-sovereign "doom-loop"...

Persistent link: https://www.econbiz.de/10012489670

Exorbitant privilege : a safe-asset view

Jiang, Zhengyang - 2024

I propose a model of the reserve currency paradigm that centers on liquidity demand for safe assets. In global recessions, the demand for U.S. safe assets increases and raises their convenience yields, giving rise to stronger dollar and countercyclical seigniorage revenues. The seigniorage...

Persistent link: https://www.econbiz.de/10015048365

United States current account deficits : a stochastic optimal control analysis

Stein, Jerome L. (contributor) - 2006

Persistent link: https://www.econbiz.de/10003377247

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