This paper develops a framework to study the management of international reserves when a government faces the risk of a …

Emerging economies that are large oil producers have sizable external debt, their country risk rises when oil prices … risk on impact and in the long-run, oil reserves reduce it marginally on impact but increase it in the long-run. We propose … dynamics of reserves and country risk in response to oil-price shocks switch from negatively correlated on impact to positively …

about default risk before trading in primary and secondary markets. If primary markets are structured as multi … result, shocks to default risk in one country may trigger crisis episodes with widespread information acquisition, sharp …

debt has adverse effects on default risk, debt-carrying capacity and asset prices and is therefore welfare detrimental …

-household income insurance mechanism strongly biases upward the welfare losses from idiosyncratic wage risk as well as the desired …

We propose several econometric measures of systemic risk to capture the interconnectedness among the monthly returns of … find that all four sectors have become highly interrelated over the past decade, increasing the level of systemic risk in … of market dislocation, and systemic risk arises from a complex and dynamic network of relationships among hedge funds …