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IMF programs and borrowing costs : does size matter?
Chahine, Salim; Panizza, Ugo; Suedekum, Guilherme - 2024
This paper studies whether IMF programs and their size affect borrowing costs by comparing the coupon of bonds issued around an IMF arrangement. By comparing bonds issued immediately before the inset of the program with bonds issued immediately after the program, we show that, on average, the...
Persistent link: https://www.econbiz.de/10014520753
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IMF programs and borrowing costs: Does size matter?
Chahine, Salim; Panizza, Ugo; Suedekum, Guilherme - 2024
This paper studies whether IMF programs and their size affect borrowing costs by comparing the coupon of bonds issued around an IMF arrangement. By comparing bonds issued immediately before the inset of the program with bonds issued immediately after the program, we show that, on average, the...
Persistent link: https://www.econbiz.de/10014540043
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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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Enough potential repudiation : economic and legal aspects of sovereign debt in the pandemic era
Gelpern, Anna; Panizza, Ugo - 2022
outside the scope of this literature before the euro area debt crisis, have shown themselves to be far more …
Persistent link: https://www.econbiz.de/10013186711
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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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Sovereign debt puzzles
Bolton, Patrick; Gulati, Mitu; Panizza, Ugo - 2022 - Draft Date: December 5, 2022
We review the state of the sovereign debt literature and point out that the canonical model of sovereign debt cannot be easily reconciled with several facts about sovereign debt pricing and servicing. We identify and classify twenty puzzles. Some are well known and documented, others are less so...
Persistent link: https://www.econbiz.de/10013536301
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Lessons Unlearned? Corporate Debt in Emerging Markets
Alfaro, Laura - 2017
sector in emerging markets since the Global Financial Crisis (GFC). Corporate debt vulnerability indicators prior to the … Asian Financial Crisis (AFC) attributed to corporate financial roots provide a benchmark for comparison. The firm-level data … suggest that emerging markets post-GFC have lower leverage ratios than the five Asian crisis countries (Asian Five) in the run …
Persistent link: https://www.econbiz.de/10012956862
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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/10013179407
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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/10012658428