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The political economy of euro area sovereign debt restructuring
Heinemann, Friedrich - 2021
The establishment of a sovereign debt restructuring mechanism (SDRM) is one of the important issues in the academic debate on a viable constitution for the European Monetary Union (EMU). Yet the topic seems to be taboo in official reform contributions to the debate. Against this backdrop, the...
Persistent link: https://www.econbiz.de/10012421950
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Pre-emptive sovereign debt restructuring and holdout litigation
Anand, Kartik; Gai, Prasanna - 2018
We offer an analytical framework for studying "pre-emptive" debt exchanges. Countries can tailor a sovereign bankruptcy framework by choosing provisions (or "haircuts") ex ante, but must contend with the market discipline of holdout litigation ex post. Secondary markets play a role in shaping...
Persistent link: https://www.econbiz.de/10011874276
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Fiscal fatigue and public debt limit in Brazil : are we on sustainable path?
Pereira, Rodrigo Mendes - 2020
In this paper I use Ghosh et al. (2013) approach to assess Brazil's fiscal sustainability, fiscal fatigue, and public debt limit. Using monthly data for the last 21 years, I estimate Brazil's fiscal reaction function and an eventual fiscal fatigue effect, which is a lack of government's will (or...
Persistent link: https://www.econbiz.de/10012266960
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Fiscal sustainability duringthe COVID-19 pandemic
Hürtgen, Patrick - 2020
The "Great Lockdown" implemented in response to the COVID-19 pandemic has led to a severe world-wide economic crisis. In euro area countries, sovereign debt-to-GDP ratios are on the rise and reductions in expected fiscal surpluses raise sustainability concerns amongst investors. This paper...
Persistent link: https://www.econbiz.de/10012250617
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In search of a theory of debt management
Faraglia, Elisa; Marcet, Albert; Scott, Andrew - 2011
Persistent link: https://www.econbiz.de/10009356696
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Current account adjustment in EU countries : does euro-area membership make a difference?
Herrmann, Sabine; Jochem, Axel - 2013
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10010211960
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The IMF to the rescue : did the euro area benefit from the fund's experience in crisis fighting?
Dullien, Sebastian; Fritz, Barbara; Mühlich, Laurissa - 2016
The paper analyses how the IMF brought its experience gained in emerging market sovereign debt crises in the troika’s handling of the euro crisis. We link models of multiple equilibria with the IMF's experience made in Latin American crises in the 2000s. We examine subsequent changes in the...
Persistent link: https://www.econbiz.de/10011548057
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Selective default expectations
Accominotti, Olivier; Albers, Thilo N. H.; Oosterlinck, Kim - 2023
This paper explores how selective default expectations affect the pricing of sovereign bonds in a historical laboratory …
Persistent link: https://www.econbiz.de/10014495920
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Communal responsibility and the coexistence of money and credit under anonymous matching
Boerner, Lars; Ritschl, Albrecht - 2010
Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European …. Enforceability within each village's centralized afternoon market ensures collateralization of credit in decentralized markets. In … the resulting equilibrium, money and credit coexist in decentralized markets if the use of credit is costly. Our analysis …
Persistent link: https://www.econbiz.de/10008772851
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Convenient but risky government bonds
Kaldorf, Matthias; Röttger, Joost - 2023
sovereign debt and default in which convenience yield arises because investors are able to pledge government bonds as collateral … on financial markets. Convenience yield is dependent on the valuation of collateral, which is negatively dependent on the … results. Decomposing it into the debt elasticity of a collateral valuation and a haircut component, we find that, under …
Persistent link: https://www.econbiz.de/10014320773