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Hatchondo, Juan; Martinez, Leonardo; Önder, Yasin Kürşat - 2022

We study a model of equilibrium sovereign default in which the government issues cocos (contingent convertible bonds) that stipulate a suspension of debt payments when the government faces liquidity shocks in the form of an increase of the bondholders' risk aversion. We find that in spite of...

Persistent link: https://www.econbiz.de/10013289445

Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics

Asonuma, Tamon - 2016

Emerging countries experience real exchange rate depreciations around defaults. In this paper, we examine this observed pattern empirically and through the lens of a dynamic stochastic general equilibrium model. The theoretical model explicitly incorporates bond issuances in local and foreign...

Persistent link: https://www.econbiz.de/10012996064

Drivers of Cross-Border Banking in Sub-Saharan Africa

Mathieu, Paul - 2019

Using data collected from pan-African banks' (PABs), balance sheets and other sources (Orbis, Fitch), this study identifies some key patterns of cross-border investment in bank subsidiaries by key banking groups in sub-Saharan Africa (SSA) and discusses some of the determinants of this...

Persistent link: https://www.econbiz.de/10012865119

Determinants of Pre-Pandemic Demand for the IMF's Concessional Financing

Hills, Timothy; Nguyen, Huy Le; Sab, Randa - 2021

This study focuses on identifying the main factors that influenced country-specific and aggregate demand for IMF …

Persistent link: https://www.econbiz.de/10013243069

Evolution of Bilateral Swap Lines

Tokuoka, Kiichi; Rao, Yudong; Perks, Michael; Shin, Jongsoon - 2022

This paper makes contributions to the study of bilateral swap lines (BSLs). First, this paper fills a BSL information gap by constructing a comprehensive database of BSLs based on publicly available information, including after the onset of the COVID-19 pandemic. Second, the paper provides the...

Persistent link: https://www.econbiz.de/10013305630

Renminbi Usage in Cross-Border Payments : Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks

Perez Saiz, Hector; Zhang, Longmei - 2023

The paper examines the usage of the Renminbi (RMB) as an international payment currency. Globally, the use of RMB remains small, accounting for 2 percent of total cross-border transactions. Using country-level transaction data from Swift** for 2010–21, we find significant regional variations...

Persistent link: https://www.econbiz.de/10014355350

The International Monetary System : Where are We and Where Do We Need to Go?

Patra, Michael - 2013

The North Atlantic financial crisis of 2008-2009 has spurred renewed interest in reforming the international monetary system, which has been malfunctioning in many aspects. Large and volatile capital flows have promoted greater volatility in financial markets, leading to recurrent financial...

Persistent link: https://www.econbiz.de/10013071929

The Mussa Theorem (and Other Results on Imf-Induced Moral Hazard)

Jeanne, Olivier - 2006

Using a simple model of international lending, we show that as long as the IMF lends at an actuarially fair interest … borrowing costs in response to IMF crisis lending are efficient. Thus, under these assumptions, the IMF cannot cause moral … hazard, as argued by Michael Mussa (1999, 2004). It follows that examining the effects of IMF lending on capital flows or …

Persistent link: https://www.econbiz.de/10012783093

Friedman Redux : External Adjustment and Exchange Rate Flexibility

Ghosh, Atish R. - 2014

Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or aggregate) exchange rate regime classifications, which often mask very...

Persistent link: https://www.econbiz.de/10013047975

Fix vs. Float : Evaluating the Transition to a Sustainable Equilibrium in Bolivia

Gonzalez Gomez, Andres; Jafarov, Etibar; Rodriguez … - 2022

Bolivia has achieved noteworthy success over the past 15 years in raising incomes, reducing poverty, and maintaining macroeconomic stability by deploying commodity revenues to finance transfers, public investment, and state-led development, using an exchange rate peg as a policy anchor. However,...

Persistent link: https://www.econbiz.de/10013295002

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