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Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Desgranges, Gabriel; Rochon, Céline - International Monetary Fund (IMF) - 2014

We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under … uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a … uncertainty about future fundamentals is then a source of default through its effect on long term interest rates and the optimal …

Persistent link: https://www.econbiz.de/10010959469

Sudden stops, time inconsistency, and the duration of sovereign debt

Hatchondo, Juan Carlos; Martinez, Leonardo - International Monetary Fund (IMF) - 2013

We study the sovereign debt duration chosen by the government in the context of a standard model of sovereign default …

Persistent link: https://www.econbiz.de/10010790324

Macroeconomic and welfare costs of U.S. fiscal imbalances

Gruss, Bertrand; Torres, José L. - 2012

In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal...

Persistent link: https://www.econbiz.de/10009488208

Systemic banking crises database : an update

Laeven, Luc; Valencia, Fabian - 2012

We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. fiscal costs, output losses, and increases in public debt). We also update our dating of...

Persistent link: https://www.econbiz.de/10009618518

Threshold effects of sovereign debt : evidence from the Caribbean

Greenidge, Kevin C. D.; Craigwell, Roland C.; Thomas, … - 2012

This paper addresses the issue of threshold effects between public debt and economic growth in the Caribbean. The main finding is that there exists a threshold debt to gross domestic product (GDP) ratio of 55-56 percent. Moreover, the debt dynamics begin changing well before this threshold is...

Persistent link: https://www.econbiz.de/10009618534

Fiscal transparency, fiscal performance and credit ratings

Arbatli, Elif; Escolano, Julio - 2012

This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between...

Persistent link: https://www.econbiz.de/10009618538

Public investment, growth, and debt sustainability : putting together the pieces

Buffie, Edward E.; Berg, Andrew; Pattillo, Catherine A.; … - 2012

We develop a model to study the macroeconomic effects of public investment surges in low-income countries, making explicit: (i) the investment-growth linkages; (ii) public external and domestic debt accumulation; (iii) the fiscal policy reactions necessary to ensure debt-sustainability; and (iv)...

Persistent link: https://www.econbiz.de/10009618586

Sovereign debt restructurings 1950 – 2010 : literature survey, data, and stylized facts

Das, Udaibir S.; Papaioannou, Michael G.; Trebesch, … - 2012

This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950-2010; it includes 186 debt exchanges with foreign banks and...

Persistent link: https://www.econbiz.de/10009621663

Bond yields in emerging economies : it matters what state you are in

Jaramillo, Laura; Weber, Anke - 2012

While many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance. This paper finds that the extent to which fiscal variables affect domestic...

Persistent link: https://www.econbiz.de/10009621689

Public debt dynamics : the effects of austerity, inflation, and growth shocks

Cherif, Reda; Hasanov, Fuad - 2012

We study how macroeconomic shocks affect U.S. public debt dynamics using a VAR with debt feedback. Following a fiscal austerity shock, the debt ratio initially declines and then returns to its pre-shock path. Yet, the effect is not statistically significant. In a weak economic environment, the...

Persistent link: https://www.econbiz.de/10009622446

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