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Sovereign Defaults in Court
Schumacher, Julian - 2018
For centuries, defaulting governments were immune from legal action by foreign creditors. This paper shows that this is no longer the case. Building a dataset covering four decades, we find that creditor lawsuits have become an increasingly common feature of sovereign debt markets. The legal...
Persistent link: https://www.econbiz.de/10012925866
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The Pricing of Sovereign Risk and Contagion During the European Sovereign Debt Crisis
Beirne, John - 2014
The paper analyses the drivers of sovereign risk for 31 advanced and emerging economies during the European sovereign debt crisis. It shows that a deterioration in countries' fundamentals and fundamentals contagion – a sharp rise in the sensitivity of financial markets to fundamentals – are...
Persistent link: https://www.econbiz.de/10013061742
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Serial Sovereign Default : The Role of Shocks and Fiscal Habits
Faria, Joao Ricardo; McAdam, Peter; Orrillo, J. - 2021
We confront five stylized facts related to sovereign default: 1) the presence of serial defaulters; 2) the prevalence of partial over complete default; 3) the counter-cyclicality of default; 4) non-linearity of sovereign spreads; and 5) heterogeneous outcomes among serial defaulters. In a model...
Persistent link: https://www.econbiz.de/10013310364
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Towards Expenditure Rules and Fiscal Sanity in the Euro Area
Hauptmeier, Sebastian - 2010
The study looks at primary expenditure developments in the euro area, its three largest members and four “macro-imbalances” countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...
Persistent link: https://www.econbiz.de/10013136395
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The Euro Area Sovereign Debt Crisis : Safe Haven, Credit Rating Agencies and the Spread of the Fever from Greece, Ireland and Portugal
De Santis, Roberto A. - 2012
from Greece. Specifically, higher risk aversion has increased the demand for the Bund and this is behind the pricing of all … key role in the developments of the spreads for Greece, Ireland, Portugal and Spain. Finally, the rating downgrade in … Greece has contributed to developments in spreads of countries with weaker fiscal fundamentals: Ireland, Portugal, Italy …
Persistent link: https://www.econbiz.de/10013111942
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Towards expenditure rules and fiscal sanity in the euro area
Hauptmeier, Sebastian; Sanchez Fuentes, Jesus; … - 2010
The study looks at primary expenditure developments in the euro area, its three largest members and four “macro-imbalances” countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...
Persistent link: https://www.econbiz.de/10011605312
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Credit Market Disequilibrium in Greece (2003-2011) - A Bayesian Approach
Vouldis, Angelos T. - 2015
financial crisis, this paper studies the evolution of credit demand and supply in Greece. A disequilibrium model of demand and …
Persistent link: https://www.econbiz.de/10013020634
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A Financial Systemic Stress Index for Greece
Louzis, Dimitrios P. - 2013
The paper develops a financial systemic stress index (FSSI) for Greece. We present a methodology for constructing and …, conducted among financial experts, in order to construct a benchmark chronology of financial crises for Greece, which in turn is …
Persistent link: https://www.econbiz.de/10013080092
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Skills and Wage Inequality in Greece : Evidence From Matched Employer-Employee Data, 1995-2002
Christopoulou, Rebekka; Kosma, Theodora - 2021
This paper examines changes in the Greek wage distribution over 1995-2002 and the role of skills in these changes using a matched employer-employee data set. This data set enables us to account for firm heterogeneity and obtain a more refined picture of the impact of skills. The methodology...
Persistent link: https://www.econbiz.de/10013316069
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Fiscal discipline and the cost of public dept service: some estiames for OECD countries
Ardagna, Silvia; Caselli, Francesco; Lane, Timothy - 2004
We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest...
Persistent link: https://www.econbiz.de/10011604457