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Sovereign risk, interbank freezes, and aggregate fluctuations

Engler, Philipp; Große Steffen, Christoph - 2014

This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank...

Persistent link: https://www.econbiz.de/10010457126

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: the German default of the 1930s. We analyze yield differentials between identical government bonds traded across various creditor countries before and after bond market...

Persistent link: https://www.econbiz.de/10014495920

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

Verschuldungsanreize in der Wirtschafts- und Währungsunion

Heinemann, Friedrich - 1994

Die Bestimmungen zur europäischen Wirtschafts- und Währungsunion (WWU) im Unionsvertrag haben die Anreize für öffentliche Verschuldung verändert. Die Analyse zeigt, daß trotz der Bemühungen, die nationale Eigenverantwortlichkeit zu bewahren, nicht mit einer effektiven Disziplinierung...

Persistent link: https://www.econbiz.de/10011621819

Verschuldungsanreize in der Wirtschafts- und Währungsunion

Heinemann, Friedrich - 1994

Persistent link: https://www.econbiz.de/10013427969

Pre-emptive sovereign debt restructuring and holdout litigation

Anand, Kartik; Gai, Prasanna - 2018

optimal to prioritise the rights of holdout creditors during litigation so that they are always paid in full. We clarify how …

Persistent link: https://www.econbiz.de/10011874276

The fiscal footprint of macroprudential policy

Reis, Ricardo - 2020

Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint,...

Persistent link: https://www.econbiz.de/10012222608

Optimal sovereign default

Adam, Klaus; Grill, Michael - 2013

When is it optimal for a government to default on its legal repayment obligations? We answer this question for a small open economy with domestic production risk in which contracting frictions make it optimal for the government to finance itself by issuing non-contingent debt. We show that...

Persistent link: https://www.econbiz.de/10009733001

Sovereign default swap market efficiency and country risk in the eurozone

Gündüz, Yalın; Kaya, Orcun - 2013

sovereign CDSs of 10 eurozone countries to test the evidence of long memory behavior during the financial crisis. Our analysis … eurozone countries by estimating dynamic conditional correlations. -- Credit default swaps ; long memory ; sovereign risk … ; eurozone economies ; FIGARCH ; dynamic conditional correlation …

Persistent link: https://www.econbiz.de/10009731982

Race to the debt trap? : spatial econometric evidence on debt in German municipalities

Fossen, Frank M.; Freier, Ronny; Martin, Thorsten - 2014

Through an intertemporal budget constraint, jurisdictions may gain advantages in tax and spending competition by 'competing' on debt. While the existing spatial econometric literature focuses on tax and spending competition, very little is known about spatial interaction via public debt. This...

Persistent link: https://www.econbiz.de/10010233999

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