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Euro Area Sovereign Risk During the Crisis

Zoli, Edda - 2009

While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign...

Persistent link: https://www.econbiz.de/10012677887

The Economics of Sovereign Debt, Bailouts, and the Eurozone Crisis

Gourinchas, Pierre-Olivier - 2023

Cyprus, Greece, Ireland, Portugal, and Spain, ranging from roughly 0.5% (Ireland) to a whopping 43% (Greece) of 2010 output … during the Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed … bailout was to prevent an exit from the eurozone and possible contagion. Bailouts to avoid sovereign default were …

Persistent link: https://www.econbiz.de/10015059348

Sovereign Debt

Martinez, Leonardo - 2022

This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries but risky in others. The answers relate to the unique power of the sovereign. One the one hand,...

Persistent link: https://www.econbiz.de/10015060335

Sovereign Debt Repatriation During Crises

Arslanalp, Serkan - 2022

We use a new, comprehensive data set on the sovereign debt investor base to document three novel empirical facts: (i) sovereign debt is repatriated - that is, shifted from external private to domestic investors - prior to sovereign defaults; (ii) not all crises are equal: evidence for...

Persistent link: https://www.econbiz.de/10015060461

The Systemic Regulation of Credit Rating Agencies and Rated Markets

Sy, Amadou N. R. - 2009

Credit ratings have contributed to the current financial crisis. Proposals to regulate credit rating agencies focus on micro-prudential issues and aim at reducing conflicts of interest and increasing transparency and competition. In contrast, this paper argues that macro-prudential regulation is...

Persistent link: https://www.econbiz.de/10012677795

Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets

Gupta, Sanjeev - 2008

Using a panel of 30 emerging market economies from 1997 to 2007, this paper investigates the determinants of country risk premiums as measured by sovereign bond spreads. Unlike previous studies, the results indicate that both fiscal and political factors matter for credit risk in emerging...

Persistent link: https://www.econbiz.de/10012677688

Sovereign ESG Bond Issuance: A Guidance Note for Sovereign Debt Managers

Lindner, Peter - 2023

This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing Economies (EMDEs). An overview of the ESG financing options available to sovereign issuers is followed by an analysis of the operational requirements and costs that the issuance...

Persistent link: https://www.econbiz.de/10015059620

Sovereign Cocos

Hatchondo, Juan Carlos - 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/10015060459

Are We Heading for Another Debt Crisis in Low-Income Countries? Debt Vulnerabilities: Today vs the pre-HIPC Era

Chuku, Chuku - 2023

There are growing concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are again facing high debt vulnerabilities. This paper compares debt vulnerabilities in LICs today versus those on the eve of the HIPC Initiative and examines challenges to a...

Persistent link: https://www.econbiz.de/10015059536

Government bonds and their investors : what are the facts and do they matter?

Andritzky, Jochen R. - 2012

This paper introduces a new dataset on the composition of the investor base for government securities in the G20 advanced economies and the euro area. During the last decades, investors from abroad have increased their presence in government bond markets. The financial crisis broke this trend....

Persistent link: https://www.econbiz.de/10009618531

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