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Life After Default : Private vs. Official Sovereign Debt Restructurings
Marchesi, Silvia - 2018
This paper studies the relationship between sovereign debt default and annual GDP growth taking into account the depth of a debt restructuring and distinguishing between private and official deals, as well as between debt flow and stock reduction. Analyzing 520 restructuring episodes, over the...
Persistent link: https://www.econbiz.de/10012908137
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Allocation of Implementing Power : Evidence from World Bank Projects
Marchesi, Silvia - 2019
In this paper we explore the factors that determine the level at which World Bank projects are implemented. In … dataset that provides information on more than 5800 World Bank projects for the period 1995-2014, and controlling for … probability that a World Bank project will be implemented locally by 3 percent …
Persistent link: https://www.econbiz.de/10012894970
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The price of haircuts : private and official default
Marchesi, Silvia; Masi, Tania; Bomprezzi, Pietro - 2021
Persistent link: https://www.econbiz.de/10012873363
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Sovereign Risk after Sovereign Restructuring. Private and Official Defaults
Marchesi, Silvia - 2019
This paper studies the relationship between sovereign debt default and sovereign credit risk by taking into account the depth of a debt restructuring and by distinguishing between commercial and official debt. We take different proxies for credit risk measures, such as rating agencies and...
Persistent link: https://www.econbiz.de/10012858601
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Life after default : private and official deals
Marchesi, Silvia; Masi, Tania - In: Journal of international money and finance 113 (2021), pp. 1-23
Persistent link: https://www.econbiz.de/10012797741
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The Price of Haircuts : Private and Official Default
Marchesi, Silvia; Masi, Tania; Bomprezzi, Pietro - 2021
In this paper we examine the link between sovereign defaults and credit risk, by taking into account the depth of a debt restructuring (haircut) and by distinguishing between commercial and official debt. The focus is on debt restructuring events, which take place at the end of a default, or...
Persistent link: https://www.econbiz.de/10013252276
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A Firm-level Approach on the Effects of IMF Programs
Bomprezzi, Pietro; Marchesi, Silvia - 2021
This paper evaluates the effects of IMF programs at the firm level, using a panel of about 130,000 firms, over the period 2003-2018. We consider the different dimensions of a Fund program, namely participation, loan size, and number and scope of conditions, and we look at their effects on growth...
Persistent link: https://www.econbiz.de/10013213928
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A firm level approach on the effects of IMF programs
Bomprezzi, Pietro; Marchesi, Silvia - 2021
Persistent link: https://www.econbiz.de/10012878855
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The Cost of Defaults : The Impact of Haircuts on Economic Growth
Marchesi, Silvia - 2014
This paper studies the impact of debt default on economic growth taking into account the depth of a debt restructuring. More specifi cally, creditors losses (or haircuts) are used as proxies of the severity of the default episoded. Analyzing 89 defaults in 72 countries over the period 1979-2005,...
Persistent link: https://www.econbiz.de/10013061548
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Agency and Communication in IMF Conditional Lending : Theory and Empirical Evidence
Marchesi, Silvia - 2014
We focus on the role that the transmission of information between a multilateral (the IMF) and a country has for the optimal design of conditional reforms. Our model predicts that when agency problems are especially severe, and/or IMF information is valuable, a centralized control is indeed...
Persistent link: https://www.econbiz.de/10012750944