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For multiple decades, activists have sought to institute an international legal regime that limits the ability of despotic governments to borrow money and then shift those obligations onto more democratic successor governments. Our goal in this article is to raise the possibility of an alternate...
Persistent link: https://www.econbiz.de/10012910990
Unnoticed in the literature on sovereign bonds, an innovation has been taking place over the past decade and a half. Starting with a single issuance in 2006 by Mexico and two issuances by Brazil in 2007, a small number of issuers have been using what are known as "doomsday" or "make whole" call...
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For multiple decades, activists have sought to institute an international legal regime that limits the ability of despotic governments to borrow money and then shift those obligations onto more democratic successor governments. Our goal in this article is to raise the possibility of an alternate...
Persistent link: https://www.econbiz.de/10011927544
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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This paper uses firm-level data to document and analyze international bond issuance by Chinese non … between domestic and foreign interest rates. This interest rate differential increases the likelihood of dollar bond issuance … by risky firms and decreases the likelihood of dollar bond issuance of exporters and profitable firms. Moreover, and most …
Persistent link: https://www.econbiz.de/10012921527
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