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Budget Deficits and Interest Rates; A Fresh Perspective
Aisen, Ari; Hauner, David - International Monetary Fund (IMF) - 2008
We extend the literature on budget deficits and interest rates in three ways: we examine both advanced and emerging economies and for the first time a large emerging market panel; explore interactions to explain some of the heterogeneity in the literature; and apply system GMM. There is overall a...
Persistent link: https://www.econbiz.de/10005605315
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Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel
Dell'Erba, Salvatore; Sola, Sergio - International Monetary Fund (IMF) - 2013
This paper reconsiders the effects of fiscal policy on long-term interest rates employing a Factor Augmented Panel (FAP) to control for the presence of common unobservable factors. We construct a real-time dataset of macroeconomic and fiscal variables for a panel of OECD countries for the period...
Persistent link: https://www.econbiz.de/10010790255
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Fiscal Deficits, Public Debt, and Sovereign Bond Yields
Kumar, Manmohan S.; Baldacci, Emanuele - International Monetary Fund (IMF) - 2010
fiscal deficits and public debts are likely to put substantial upward pressures on sovereign bond yields in many advanced … and public debt on long-term interest rates during 1980 - 2008, taking into account a wide range of country …-specific factors, for a panel of 31 advanced and emerging market economies. It finds that higher deficits and public debt lead to a …
Persistent link: https://www.econbiz.de/10008646420
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How Private Creditors Fared in Emerging Debt Markets, 1970-2000
Zettelmeyer, Jeromin; Weder, Beatrice; Klingen, Christoph - International Monetary Fund (IMF) - 2004
We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the combined effect of the 1980s...
Persistent link: https://www.econbiz.de/10005264003
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The Sub-Saharan African Debt Problem: An Update
Greene, Joshua E. - International Monetary Fund (IMF) - 1992
This paper provides updated information on the external debt problem of sub-Saharan Africa. Between 1980 and 1990 the region’s external debt more than tripled, to US$171 billion, while debt service payments and rescheduling rose by more than 150 percent to US$20 billion. In addition, the...
Persistent link: https://www.econbiz.de/10005264073
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Debt Relief Under the HIPC Initiative; Context and Outlook for Debt Sustainability and Resource Flow
Ross, Doris C.; Abrego, Lisandro - International Monetary Fund (IMF) - 2001
This paper discusses the Heavily Indebted Poor Countries (HIPC) Initiative in the perspective of sizable historical debt relief and large positive net resource flows to HIPCs. It argues that, by substantially reducing HIPCs’ debt stocks and debt service payments, the Initiative provides a...
Persistent link: https://www.econbiz.de/10005264094
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A Model of the Imf As a Coinsurance Arrangement
Chami, Ralph; Shim, Ilhyock; Sharma, Sunil - International Monetary Fund (IMF) - 2004
The paper shows that a coinsurance arrangement among countries can, in principle, play a useful role in helping countries bear the risks involved in developing their economies and integrating into the global financial system. The operation of the coinsurance arrangement is examined under...
Persistent link: https://www.econbiz.de/10005264158
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Fiscal Rules and the Sovereign Default Premium
Hatchondo, Juan Carlos; Roch, Francisco; Martinez, Leonardo - International Monetary Fund (IMF) - 2012
This paper finds optimal fiscal rule parameter values and measures the effects of imposing fiscal rules using a default model calibrated to an economy that in the absence of a fiscal rule pays a significant sovereign default premium. The paper also studies the case in which the government...
Persistent link: https://www.econbiz.de/10009650638
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Mortgage Defaults
Martinez, Leonardo; Hatchondo, Juan Carlos; Sanchez, Juan M. - International Monetary Fund (IMF) - 2012
This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the...
Persistent link: https://www.econbiz.de/10009650640
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The Dynamic Implications of Debt Relief for Low-Income Countries
Bulir, Ales; Romero-Barrutieta, Alma; … - International Monetary Fund (IMF) - 2011
The effects of debt relief on incentives to accumulate debt, consume, and invest are an important concern for donors and recipients. Using a dynamic stochastic general equilibrium model of a small open economy with a minimum consumption requirement and an endogenous relief probability, we show...
Persistent link: https://www.econbiz.de/10009203529