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Restructuring sovereign bonds : holdouts, haircuts and the effectiveness of CACs
Fang, Chuck; Schumacher, Julian; Trebesch, Christoph - 2020
Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new dataset of 23 bond restructurings with external...
Persistent link: https://www.econbiz.de/10012150129
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Fiscal multipliers and foreign holdings of public debt
Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, … - 2019
This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic...
Persistent link: https://www.econbiz.de/10011994640
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Sovereign defaults in court
Schumacher, Julian; Trebesch, Christoph; Enderlein, Henrik - 2018
For centuries, defaulting governments were immune from legal action by foreign creditors. This paper shows that this is no longer the case. Building a dataset covering four decades, we find that creditor lawsuits have become an increasingly common feature of sovereign debt markets. The legal...
Persistent link: https://www.econbiz.de/10011802203
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Gambling traps
Ari, Anil - 2018
alleviating banks’ funding conditions and strengthening risk-taking incentives. Liquidity provision to banks may perpetuate …
Persistent link: https://www.econbiz.de/10011959253
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I (don't) owe you : sovereign default and borrowing behavior
Georgarakos, Dimitris; Popov, Alexander - 2024
Using microdata from a U.S. household survey, we document that immigrants who lived through a sovereign default episode are 7% less likely to hold debt relative to otherwise similar immigrants who reside in the same U.S. state and come from the same foreign country but who did not experience a...
Persistent link: https://www.econbiz.de/10014484390
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International capital flows at the security level : evidence from the ECB's Asset Purchase Programme
Bergant, Katharina; Fidora, Michael; Schmitz, Martin - 2020
We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Pro- gramme at the security level. Based on net transactions of domestic and foreign securities, we observe euro area sectors' capital ows into individual securities, cleaned from valuation effects. Our...
Persistent link: https://www.econbiz.de/10012197845
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Serial sovereign default : the role of shocks and fiscal habits
Faria, João Ricardo; McAdam, Peter; Orrillo, Jaime - 2021
, assuming incomplete financial markets, we demonstrate that default is habit and shock driven as well as non-strategic and …
Persistent link: https://www.econbiz.de/10012705538
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Monetary policy shocks in the euro area and global liquidity spillovers
Sousa, João; Zaghini, Andrea - 2004
including a global liquidity aggregate. The impulse responses obtained show that a positive shock to extra-euro area liquidity … money ("global liquidity") on the euro area. We estimate structural VAR models for the euro area and the global economy … temporary appreciation of the real effective exchange rate of the euro. Moreover, we find that innovations in global liquidity …
Persistent link: https://www.econbiz.de/10009636532
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Monetary policy shocks in the euro area and global liquidity spillovers
Sousa, João (contributor); Zaghini, Andrea (contributor) - 2004
Persistent link: https://www.econbiz.de/10002124855
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Global liquidity glut or global savings glut? : a structural VAR approach
Bracke, Thierry (contributor); Fidora, Michael (contributor) - 2008
"liquidity glutʺ may have been a more important driver of real and financial imbalances in the US and emerging Asia than a …
Persistent link: https://www.econbiz.de/10003782658