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Sovereign CDS Spreads in Europe: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers
Heinz, Frigyes F; Sun, Yan - International Monetary Fund (IMF) - 2014
By analysing data from January 2007 to December 2012 in a panel GLS error correction framework we find that European … countries’ sovereign CDS spreads are largely driven by global investor sentiment, macroeconomic fundamentals and liquidity … drop in liquidity and a spike in risk aversion contributed to high spreads in Central and Eastern and South …
Persistent link: https://www.econbiz.de/10011142168
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Verschuldungskrise und Besteuerung der Banken
Junga, Siegfried - 1991 - 1. Aufl.
Persistent link: https://www.econbiz.de/10004112974
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Die Formeln fuer den Staatsbankrott : am Beisp. d. finanziellen Endes d. Republik Oesterreich
Lüftl, Walter; Martin, Paul Christoph - 1984
Persistent link: https://www.econbiz.de/10004623398
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Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis
Adler, Gustavo - International Monetary Fund (IMF) - 2012
Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence...
Persistent link: https://www.econbiz.de/10010878417
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Portugal; Request for a Three-Year Arrangement Under the Extended Fund Facility
International Monetary Fund (IMF); International … - 2011
Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability,...
Persistent link: https://www.econbiz.de/10011244580
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Debt Crises and the Development of International Capital Markets
Sy, Amadou N. R.; Pescatori, Andrea - International Monetary Fund (IMF) - 2004
, consequently, in fitting the post-1994 period. In particular, liquidity indicators are significant in explaining our definition of …
Persistent link: https://www.econbiz.de/10005263954
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Exchange Rate Policy and Debt Crises in Emerging Economies
Montiel, Peter; Jahjah, Samir - International Monetary Fund (IMF) - 2003
We explore a model intended to capture the interaction between exchange rate policy, fiscal policy, and outright default on foreign-currency denominated debt. We examine how the exchange rate affects the supply of short-term debt facing the government. We show that under a credible hard peg...
Persistent link: https://www.econbiz.de/10005826111
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Global Financial Crises; Institutions and Incentives
Kumar, Manmohan S.; Masson, Paul R.; Miller, Marcus - International Monetary Fund (IMF) - 2000
Increasing emphasis has been placed on the need for an effective lender of last resort for sovereign states and on procedures for sovereign debt restructuring to help cope with global financial crises. Where private creditors use short-term debt to check sovereign debtor’s moral hazard, there...
Persistent link: https://www.econbiz.de/10005826369
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The Costs of Sovereign Default
Borensztein, Eduardo; Panizza, Ugo - International Monetary Fund (IMF) - 2008
This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic...
Persistent link: https://www.econbiz.de/10005769045
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How Does Public External Debt Affect Corporate Borrowing Costs in Emerging Markets?
Celasun, Oya; Agca, Senay - International Monetary Fund (IMF) - 2009
Using data on syndicated loan issuances by emerging market firms, we find that an increase in the external debt of emerging market governments significantly raises the borrowing costs of the domestic corporate sector. This finding suggests that a higher level of public external debt "crowds out"...
Persistent link: https://www.econbiz.de/10008497605