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Economic Risk and Political Risk in Fiscal Unions
Alesina, Alberto F.; Perotti, Roberto - 2021
A fiscal program that redistributes income from rich to poor individuals indirectly redistributes tax revenues from regions hit by a favorable shock to regions hit by an unfavorable one. Centralized fiscal redistribution has therefore been advocated as a way to insure individuals against...
Persistent link: https://www.econbiz.de/10013215334
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A Brazilian Debt-Crisis
Razin, Assaf; Sadka, Efraim - 2021
We develop a stylised model of multiple equilibria, with country risk spreads at the focus of the analysis. Fears that …
Persistent link: https://www.econbiz.de/10013219683
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World Income Components : Measuring and Exploiting International Risk Sharing Opportunities
Shiller, Robert J.; Athanasoulis, Stefano - 2021
the most important risk-sharing opportunities, and, therefore, the most important missing international risk markets to … establish. One method uses a total variance reduction criterion, and identifies risk-sharing opportunities in terms of … mean-variance utility-maximizing criterion and identifies risk-sharing opportunities in terms of eigenvectors of a variance …
Persistent link: https://www.econbiz.de/10013224942
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Country Risk and Capital Flow Reversals
Razin, Assaf; Sadka, Efraim - 2021
low country-specific risk premium to a 'bad' equilibrium with a high country-specific risk premium and no foreign credit …
Persistent link: https://www.econbiz.de/10013230584
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A Brazilian Debt-Crisis Model
Razin, Assaf; Sadka, Efraim - 2021
We develop a model that captures important features of debt crises of the Brazilian type. Its applicability to Brazil lies in the fact that (1) in Brazil the macro fundamentals were sound (e.g., a primary surplus, a relatively low debt/GDP ratio, etc.); and (2) in the Brazilian case the trigger...
Persistent link: https://www.econbiz.de/10013244094
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A Brazilian-Type Debt Crisis : Simple Analytics
Razin, Assaf; Sadka, Efraim - 2021
We develop a model that captures important features of debt crises of the Brazilian type. Its applicability to Brazil lies in the fact that (1) macro fundamentals were sound in the wake of the crisis (e .g., a non-negligible primary surplus, a relatively low debt/GDP ratio, low inflation, etc.);...
Persistent link: https://www.econbiz.de/10013235863
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New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability
Gray, Dale F. - 2010
national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used … today at the level of individual banks by managers, investors, and regulators. The basic analytical tool is the risk … to quantifying the effects of asset-liability mismatches within and across institutions. Risk-adjusted CCA balance sheets …
Persistent link: https://www.econbiz.de/10012759684
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New Activities, the Welfare Cost of Uncertainty and Investment Policies
Aizenman, Joshua - 2008
weight on downside risk [as modeled by Gul (1991)]. Policy uncertainty is induced by the Disappointment aversion implies that …
Persistent link: https://www.econbiz.de/10012774962
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Interest Rate Uncertainty and Sovereign Default Risk
Johri, Alok; Khan, Shahed; Sosa‐Padilla, César - 2022
Empirical studies suggest that fluctuations in the level and volatility of the world interest rate (as measured by the US treasury bill rate) affect sovereign spreads in emerging economies. We incorporate an estimated time-varying process for the world interest rate (with both level and...
Persistent link: https://www.econbiz.de/10013405012
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Attracting FDI in a Politically Risky World
Janeba, Eckhard - 2021
risk and host governments can offer upfront subsidies that compensate foreign investors for their sunk cost. This paper …
Persistent link: https://www.econbiz.de/10013232888