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Regional and global financial safety nets : the recent European experience and its implications for regional cooperation in Asia
Darvas, Zsolt M. - 2017
/08 global financial and economic crisis-which were supported by the International Monetary Fund (IMF) and various European …, such as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of …, including the coexistence of the IMF and regional safety nets, cooperation issues, systemic spillovers, and social implications …
Persistent link: https://www.econbiz.de/10011715721
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What international monetary system for a fast-changing world economy
Bénassy-Quéré, Agnès; Pisani-Ferry, Jean - 2011
Though the renminbi is not yet convertible, the international monetary regime has already started to move towards a 'multipolar' system, with the dollar, the Chinese currency and the euro as its key likely pillars. This shift corresponds to the long-term evolution of the balance of economic...
Persistent link: https://www.econbiz.de/10008933422
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Capital flows : isues and polices
Montiel, Peter - 2013
This paper presents an analytical overview of recent contributions to the literature on the policy implications of capital flows in emerging and developing countries, focusing specifically on capital inflows as well as on the links between inflows and subsequent capital-flow reversals. The...
Persistent link: https://www.econbiz.de/10010244171
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The cyclicality of international public sector borrowing in developing countries : does the lender matter?
Galindo Andrade, Arturo José; Panizza, Ugo - 2017
The paper shows that international government borrowing from multilateral development banks is countercyclical while international government borrowing form private sector lenders is procyclical. The countercyclicality of official lending is mostly driven by the behavior of the World Bank...
Persistent link: https://www.econbiz.de/10011784486
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The cyclicality of official bilateral lending : which cycle do flows follow?
Avellán, Leopoldo; Galindo Andrade, Arturo José; … - 2022
Using a large panel of official bilateral loan data for 111 borrowing countries and 78 lending countries between 1980 and 2020, this paper shows that international government borrowing from bilateral sources is acyclical with respect to the economic cycle of the borrower, but procyclical with...
Persistent link: https://www.econbiz.de/10014477205
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Is the Eurozone on the mend? : Latin American examples to analyze the euro question
Cavallo, Eduardo A.; Fernández Arias, Eduardo; Powell, … - 2014
Several European countries face challenges reminiscent of those faced by the emerging economies of Latin America. The economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and then the busts including Sudden Stops in capital...
Persistent link: https://www.econbiz.de/10011286667
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From debt collection to relief provision : 60 years of official debt restructurings through the Paris Club
Cheng, Gong; Díaz Cassou, Javier; Erce, Aitor - 2017
Despite the frequency of official debt restructurings, little systematic evidence has been produced on their characteristics and implications. Using a dataset covering more than 400 Paris Club agreements, this paper aims to fill that gap. It provides a comprehensive description of the evolving...
Persistent link: https://www.econbiz.de/10011581662
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Sudden stops, sovereign risk, and fiscal rules
Gómez González, José Eduardo; Valencia, Oscar M.; … - 2021
This paper studies the effect of implementing fiscal rules on sovereign default risk and on the probability of large capital ow reversals for a large sample of countries including both developed and emerging market economies. Results indicate that fiscal rules are beneficial for macroeconomic...
Persistent link: https://www.econbiz.de/10012586437
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Preferred and non-preferred creditors
Cordella, Tito; Powell, Andrew - 2021
International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely appears in legal contracts, when sovereigns restructure bilateral or commercial debts, they normally pay IFIs in full. This paper presents a model where a creditor, such as an...
Persistent link: https://www.econbiz.de/10012586734
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News, sovereign debt maturity, and default risk
Dvorkin, Maximiliano A.; Sanchez, Juan M.; Sapriza, Horacio - 2018
Leading into a debt crisis, interest rate spreads on sovereign debt rise before the economy experiences a decline in productivity, suggesting that news about future economic developments may play an important role in these episodes. In a VAR estimation, a news shock has a larger contemporaneous...
Persistent link: https://www.econbiz.de/10011950496