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EU Accession and Foreign Owned Firms in Bulgaria
Feliciano, Zadia - 2016
Bulgaria signed the Europe Association Agreement (EAA) in 1995 and the European Union accession treaty in 2005 …. Accession had the effect of increasing FDI in Bulgaria. We analyze World Bank BEEPS firm level data for 2007 to better … understand characteristics and performance of foreign firms in Bulgaria. We estimate linear probability and logit models to …
Persistent link: https://www.econbiz.de/10013001768
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The Liquidation of Government Debt
Reinhart, Carmen M. - 2011
Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of "financial repression." Financial repression includes directed lending to government by captive...
Persistent link: https://www.econbiz.de/10013128286
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A Decade of Debt
Reinhart, Carmen M. - 2011
This paper presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those...
Persistent link: https://www.econbiz.de/10013129128
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Preventing a National Debt Explosion
Feldstein, Martin S. - 2010
The projected path of the U.S. national debt is the major challenge facing American economic policy. Without changes in tax and spending rules, the national debt will rise from 62 percent of GDP now to more than 100 percent of GDP by the end of the decade and nearly twice that level within 25...
Persistent link: https://www.econbiz.de/10013137028
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Recent Private Capital Inflows to Developing Countries : Is the Debt Crisis History?
Dooley, Michael P. - 2010
This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed access to international capital markets, changes in international interest rates have been the dominant factor. We calculate the effects of changes in...
Persistent link: https://www.econbiz.de/10013139243
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Sovereign Debt, Government Myopia, and the Financial Sector
Acharya, Viral V. - 2011
What determines the sustainability of sovereign debt? We develop a model where myopic governments seek popularity but can nevertheless commit credibly to service external debt. They do not default when debt is low because they would lose access to debt markets and be forced to reduce spending;...
Persistent link: https://www.econbiz.de/10013119044
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Endogenous Creditor Seniority and External Debt Values
Dooley, Michael P. - 2011
A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of domestic debt at the expense of foreign bank debt during the late 1980s. We argue that this was the revenue maximizing response of...
Persistent link: https://www.econbiz.de/10013124510
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Bank Size, Reputation, and Debt Renegotiation
Fernández, Raquel - 2011
This paper examines the effect that the coexistence of small and large banks, with different interests in the international market, has on the debt renegotiation process. Making use of a reputational model, we argue that the presence of small banks implies that debtor countries have a harder...
Persistent link: https://www.econbiz.de/10013124691
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Sovereign Debt, Reputation, and Credit Terms
Eaton, Jonathan - 2011
I develop a model in which sovereign debtors repay debt in order to maintain a reputation for repayment. Repayment gives creditors reason to think that the debtor will suffer adverse consequences if it defaults, so they continue to lend. I compare a situation in which competitive lenders earn a...
Persistent link: https://www.econbiz.de/10013125264
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Foreign Firms and Export Performance in Developing Countries : Lessons from the Debt Crisis
Blomstrom, Magnus - 2011
This paper compares U.S.-owned affiliates with other firms in developing countries with respect to the shifts in sales from home to export markets in response to the debt crisis of the early 1980s. The U.S. affiliates in heavily indebted countries increased their exports and the share of their...
Persistent link: https://www.econbiz.de/10013125855