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On the benefits of repaying
Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; … - 2021
This paper studies whether countries benefit from servicing their debts during times of widespread sovereign defaults. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival research and formal econometric estimates of Colombia's...
Persistent link: https://www.econbiz.de/10012621318
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On the benefits of repaying
Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; … - 2021
This paper studies whether countries benefit from servicing their debts during times of widespread sovereign defaults. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival research and formal econometric estimates of Colombia's...
Persistent link: https://www.econbiz.de/10012617658
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Do countries default in bad times? : the role of alternative detrending techniques
Panizza, Ugo - 2022
Quantitative models of sovereign debt predict that countries should default during deep recessions. However, empirical research on sovereign debt has found a surprisingly large share of "good times" defaults (i.e., defaults that happen when GDP is above trend). Existing evidence also indicates...
Persistent link: https://www.econbiz.de/10013173175
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Long-term debt sustainability in emerging market economies : a counterfactual analysis
Panizza, Ugo - 2022
The 2015 Addis Ababa Action Agenda recognized the need for policies aimed at maintaining longterm debt sustainability …. This paper describes a set of commonly used definitions of debt sustainability and shows that none of them focuses on long …-term debt sustainability. It then discusses concept and several practical and conceptual difficulties linked to assessing …
Persistent link: https://www.econbiz.de/10013175072
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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/10011715722
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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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Can countries rely on foreign saving for investment and economic development?
Cavallo, Eduardo A.; Eichengreen, Barry; Panizza, Ugo - 2016
A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using foreign finance for extended periods. While many of these episodes are in low-income countries where official finance is more important than private finance, we also identify a...
Persistent link: https://www.econbiz.de/10011516713
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Can countries rely on foreign saving for investment and economic development?
Cavallo, Eduardo A.; Eichengreen, Barry; Panizza, Ugo - 2016
A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using foreign finance for extended periods. While many of these episodes are in low-income countries where official finance is more important than private finance, this paper also...
Persistent link: https://www.econbiz.de/10011519098
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Corporate foreign bond issuance and interfirm loans in China
Huang, Yi; Panizza, Ugo; Portes, Richard - 2018
This paper uses firm-level data to document and analyze international bond issuance by Chinese non-financial corporations and the use of the proceeds of issuance. We find that dollar issuance is positively correlated with the differential between domestic and foreign interest rates. This...
Persistent link: https://www.econbiz.de/10012049280
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The cyclicality of international public sector borrowing in developing countries: Does the lender matter?
Galindo, Arturo J.; 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/10011926766