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Debt Relief
Arslanalp, Serkan - 2006
The G-8 Multilateral Debt Relief Initiative (MDRI) is the next step of the Highly Indebted Poor Countries Initiative (HIPC). There are two reasons why MDRI is unlikely to help poor countries. First, the amount of money at stake is trivial. The roughly $2 billion of annual debt payments to be...
Persistent link: https://www.econbiz.de/10012780225
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Take the Short Route : How to Repay and Restructure Sovereign Debt with Multiple Maturities
Aguiar, Mark - 2013
We address the question of whether and how a sovereign should reduce its external indebtedness when default is a significant possibility, with a particular focus on whether a sovereign should buy back or dilute existing long-term sovereign bonds. Our main finding is that when reduction of debt...
Persistent link: https://www.econbiz.de/10013071800
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Sovereign Debt
Eaton, Jonathan - 2010
We review the literature on sovereign debt. We organize our survey around three central questions: (1) Why do sovereign debtors ever repay their debts? (2) What burdens, in the form of distortions and inefficiencies, does sovereign debt impose? and (3) How might debt be restructured to reduce...
Persistent link: https://www.econbiz.de/10012763742
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Debt Restructuring
Friedman, Benjamin M. - 2021
What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of...
Persistent link: https://www.econbiz.de/10013248231
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Sovereign Debt Restructurings : Panacea or Pangloss?
Bulow, Jeremy; Rogoff, Kenneth - 2021
The most widely proposed LDC debt plans are flawed by their failure to recognize the fundamental differences between corporate and sovereign debt. Consequently, many plans intended to help highly-indebted countries mainly aid their foreign creditors. This paper emphasizes the crucial distinction...
Persistent link: https://www.econbiz.de/10013212596
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Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
Du, Wenxin - 2016
-cyclical inflation ex post, which leads risk-averse lenders to require a risk premium ex ante. This makes local currency debt too …
Persistent link: https://www.econbiz.de/10012983672
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Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach
Calomiris, Charles W. - 2011
In 1936-37, the Federal Reserve doubled the reserve requirements imposed on member banks. Ever since, the question of whether the doubling of reserve requirements increased reserve demand and produced a contraction of money and credit, and thereby helped to cause the recession of 1937-1938, has...
Persistent link: https://www.econbiz.de/10013131502
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Take the Short Route : Equilibrium Default and Debt Maturity
Aguiar, Mark - 2016
We study the interactions between sovereign debt default and maturity choice in a setting with limited commitment for repayment as well as future debt issuances. Our main finding is that under a wide range of conditions the sovereign should, as long as default is not preferable, remain passive...
Persistent link: https://www.econbiz.de/10012978844
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Should Central Banks Raise Their Inflation Targets? Some Relevant Issues
McCallum, Bennett T. - 2011
Should central banks, because of the zero-lower-bound problem, raise their inflation-rate targets? Several arguments … are relevant. (1) In the absence of the ZLB, the optimal steady-state inflation rate, according to standard New Keynesian … currency is feasible (even arguably attractive) and would remove the ZLB constraint on policy. (5) Increasing target inflation …
Persistent link: https://www.econbiz.de/10013125586
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Target Loans, Current Account Balances and Capital Flows : The Ecb's Rescue Facility
Sinn, Hans-Werner - 2011
The European Monetary Union is stuck in a severe balance-of-payments imbalance of a nature similar to the one that destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits whose accumulated value, as measured by the Target...
Persistent link: https://www.econbiz.de/10013118098