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What do we know about the global financial safety net? : a new comprehensive data set

Scheubel, Beatrice; Stracca, Livio - 2016

provide a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank …

Persistent link: https://www.econbiz.de/10011565481

Reform of the international financial architecture : an Asian perspective

Kawai, Masahiro - 2009

powerful Financial Stability Board, and augmenting the financial resources of the IMF. However, the international financial … architecture remains inadequate for the needs of many emerging market economies. The effectiveness of IMF surveillance …

Persistent link: https://www.econbiz.de/10003901587

IMF-supported adjustment programs : welfare implications and the catalytic effect

De Resende, Carlos (contributor) - 2007

The author studies the welfare implications of adjustment programs supported by the International Monetary Fund (IMF … joining a program is driven by IMF conditionality: to be able to borrow from the IMF, the country has to submit to limits on … the consumption of public goods. The benefits derive from the additional borrowing from the IMF (at a lower interest rate …

Persistent link: https://www.econbiz.de/10003462980

Sovereign default risk premia and state-dependent twin deficits : conference paper

Hürtgen, Patrick; Rühmkorf, Ronald - 2013 - This version: August 7, 2013

This paper studies the impact of the state-dependent risk of a government default on the correlation of the scal balance and current account. We use a small open economy model where nonlinear risk premia arise endogenously when the government operates close to its scal limit, i.e. the maximum...

Persistent link: https://www.econbiz.de/10010341080

Short-term and long-term growth effects of exchange rate adjustment

Kočenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - 2012 - Version: 22 November 2012

The European sovereign debt crisis revived the discussion concerning the pros and cons of exchange rate adjustment in the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate stability with structural reforms could be beneficial for...

Persistent link: https://www.econbiz.de/10009683152

Welfare gains of bailouts in a sovereign default model

Pancrazi, Roberto; Seoane, Hernán D.; Vukotic, Marija - 2019

We examine the welfare effects of bailouts in economies exposed to sovereign default risk. When a government of a small open economy requests a bailout from an international financial institution, it receives a non-defaultable loan of size G that comes with imposed debt limits. The government...

Persistent link: https://www.econbiz.de/10012160653

Default risk and economic activity : a small open economy model with sovereign debt and default

Roldán-Peña, Jessica - 2012

Empirical evidence shows that sovereign defaults are associated with significant downturns in economic activity in defaulting countries. However, the existing literature on sovereign debt and default mainly analyzes endowment economies and, therefore, does not address the relationship between...

Persistent link: https://www.econbiz.de/10009705418

Contagion of Sovereign Default Risk : The Role of Two Financial Frictions

Park, Jungjae - 2014

This paper develops a quantitative general equilibrium model of sovereign default with heterogeneous agents to account for spillover of default risk across countries. Borrowers (sovereign governments) and foreign lenders (investors) in the model face financial frictions, which endogenously...

Persistent link: https://www.econbiz.de/10013043457

Sovereign Default and Capital Accumulation

Park, Jungjae - 2014

I introduce endogenous capital accumulation into an otherwise standard quantitative sovereign default model in the tradition of Eaton and Gersovitz (1981), and find that conditional on a level of debt, default incentives are U shaped in the capital stock: the economy with too small or too large...

Persistent link: https://www.econbiz.de/10013043458

Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics

Asonuma, Tamon - 2016

Emerging countries experience real exchange rate depreciations around defaults. In this paper, we examine this observed pattern empirically and through the lens of a dynamic stochastic general equilibrium model. The theoretical model explicitly incorporates bond issuances in local and foreign...

Persistent link: https://www.econbiz.de/10012996064

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