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Trust What You Hear : Policy Communication, Expectations, and Fiscal Credibility
End, Nicolas; Hong, Gee Hee - 2022
of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy … good policy track record, contribute to magnifying this effect, thereby improving fiscal credibility. Conversely, empirical … analysis suggests that markets reward credibility with more favorable sovereign financing conditions …
Persistent link: https://www.econbiz.de/10013295113
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Capital Markets, COVID-19 and Policy Measures
ElFayoumi, Khalid; Hengge, Martina - 2021
The COVID-19 pandemic and associated policy responses triggered a historically large wave of capital reallocation between markets and asset classes. Using high-frequency country-level data, this paper examines if and how the number of COVID cases, the stringency of the lockdown, and the fiscal...
Persistent link: https://www.econbiz.de/10013234704
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Financial Integration in Asia : Estimating the Risk-Sharing Gains for Australia and Other Nations
Mercereau, Benoît - 2007
Holding foreign assets reduces the volatility of a country's income by allowing countries to share risk. Yet, financial integration is limited in Asia. This paper estimates how much Australia and other countries in the Asia-Pacific region would gain from greater financial integration. The...
Persistent link: https://www.econbiz.de/10012777956
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Monetary Policy Credibility and Exchange Rate Pass-Through
Carriere-Swallow, Yan - 2017
price stability and central bank credibility have reduced the second component …
Persistent link: https://www.econbiz.de/10012950431
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The Nonlinear Relationship between Public Debt and Sovereign Credit Ratings
Hadzi-Vaskov, Metodij - 2019
This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher public debt lowers the probability of being placed in a higher rating category; ii)...
Persistent link: https://www.econbiz.de/10012864106
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A Primer on Managing Sovereign Debt-Portfolio Risks
Jonasson, Thordur - 2018
efficient government bond markets …
Persistent link: https://www.econbiz.de/10012918566
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Does Gross or Net Debt Matter More for Emerging Market Spreads?
Hadzi-Vaskov, Metodij - 2017
Does gross or net debt matter for long-term sovereign spreads in emerging markets? The topic is important for understanding the borrowing cost implications of public asset liability management decisions (e.g. using assets to lower debt). We investigate this question using data on emerging market...
Persistent link: https://www.econbiz.de/10012962144
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Inflation Targeting and Country Risk : An Empirical Investigation
Fouejieu, Armand - 2013
The sovereign debt crisis in Europe has highlighted the role of country risk premia as a link between countries' fiscal and external balances, financial conditions and monetary policy. The purpose of this paper is to estimate how adoption of inflation targeting (IT) affects spreads. It is...
Persistent link: https://www.econbiz.de/10013086328
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Inflation Targeting and Country Risk : An Empirical Investigation
Fouejieu, Armand - 2013
The sovereign debt crisis in Europe has highlighted the role of country risk premia as a link between countries' fiscal and external balances, financial conditions and monetary policy. The purpose of this paper is to estimate how adoption of inflation targeting (IT) affects spreads. It is...
Persistent link: https://www.econbiz.de/10013087779
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Modeling Banking, Sovereign, and Macro Risk in a CCA Global VAR
Gray, Dale F. - 2013
The purpose of this paper is to develop a model framework for the analysis of interactions between banking sector risk, sovereign risk, corporate sector risk, real economic activity, and credit growth for 15 European countries and the United States. It is an integrated macroeconomic systemic...
Persistent link: https://www.econbiz.de/10013072601