We analyze the optimal pricing of government-sponsored bank debt guarantees within the context of an asset substitution …

debt. The resulting losses worsened debt overhang in to debt-ridden firms and eroded bank capital. Therefore, although … ensuing debt overhang in borrowing firms exposed the banks to elevated credit risk. Firms, households and banks had run up the … DSGE model that accounts for the implications of domestic currency depreciation for corporate debt overhang and …

This paper investigates the international spillovers of government debt and the associated risk of inflation within a … can shift part of its long-term debt burden to the funded country. Moreover, the PAYG country gains from unexpected … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …

This paper uses longitudinal survey data to assess factors affecting the duration of unemployment in Russia. We examine …