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Juvenal, Luciana; Petrella, Ivan - 2011

(FAVAR) model. We analyze the role of speculation in comparison to supply and demand forces as drivers of oil prices. The … main results are as follows: (i) While global demand shocks account for the largest share of oil price fluctuations …, speculative demand shocks are the second most important driver. (ii) The comovement between oil prices and the price of other …

Persistent link: https://www.econbiz.de/10009312825

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

Seigniorage and sovereign default : the response of emerging markets to COVID-19

Espino, Emilio; Kozlowski, Julian; Martin, Fernando M.; … - 2020

Persistent link: https://www.econbiz.de/10012306883

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

Sovereign debt restructurings

Dvorkin, Maximiliano A.; Sanchez, Juan M.; Sapriza, Horacio - 2018

Sovereign debt crises involve debt restructurings characterized by a mix of face-value haircuts and maturity extensions. The prevalence of maturity extensions has been hard to reconcile with economic theory. We develop a model of endogenous debt restructuring that captures key facts of sovereign...

Persistent link: https://www.econbiz.de/10011911551

Policy interventions in sovereign debt restructurings

Dvorkin, Maximiliano A.; Sanchez, Juan M.; Sapriza, Horacio - 2019

The wave of sovereign defaults in the early 1980s and the string of debt crises in the decades that followed have fostered proposals involving policy interventions in sovereign debt restructurings. A key question about these proposals that has proved hard to handle is how they in influence the...

Persistent link: https://www.econbiz.de/10012139015

Financial Sector Legislative Reforms Commission (FSLRC) & financial sector regulation in India

Bhagwati, Jaimini; Khan, M. Shuheb; Bogathi, … - 2016

The Financial Sector Reforms Commission (FSLRC) which was set up in 2011 by the Ministry of Finance was mandated to study existing legislation and financial sector regulatory practices in India and to propose improvements. The FSLRC submitted its report in 2013 and four of its members recorded...

Persistent link: https://www.econbiz.de/10011483647

Climate and finance systemic risks, more than an analogy? : the climate fragility hypothesis

Aglietta, Michel; Espagne, Étienne - 2016

Persistent link: https://www.econbiz.de/10011507274

Bank solvency stress tests with fire sales

Breuer, Thomas; Summer, Martin; Urošević, Branko - 2021

Persistent link: https://www.econbiz.de/10012605950

Systematic systemic stress tests

Breuer, Thomas; Summer, Martin - 2018

Persistent link: https://www.econbiz.de/10011984002

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