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Why has Japan's massive government debt not wreaked havoc (yet)?
Horioka, Charles; Nomoto, Takaaki; Terada Hagiwara, Akiko - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on … saving) caused by population aging, will make it necessary for Japan to get its fiscal house in order. Thus, Japan's massive …
Persistent link: https://www.econbiz.de/10010192947
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Explaining foreign holdings of Asia’s debt securities
Horioka, Charles; Nomoto, Takaaki; Terada Hagiwara, Akiko - 2014
securities, with emphasis on Japan and developing Asia. We find that foreign residents generally increased their holdings of …
Persistent link: https://www.econbiz.de/10010336962
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Why Has Japan's Massive Government Debt Not Wreaked Havoc (Yet)?
Horioka, Charles Yuji - 2016
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on … saving) caused by population aging, will make it necessary for Japan to get its fiscal house in order. Thus, Japan's massive …
Persistent link: https://www.econbiz.de/10013007066
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Explaining foreign holdings of Asia's debt securities : the Feldstein-Horioka paradox revisited
Horioka, Charles; Terada Hagiwara, Akiko; Nomoto, Takaaki - 2015
the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan … capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia … reasons. The main reason in the case of advanced Asia (especially Japan) appears to be higher riskadjusted returns, whereas …
Persistent link: https://www.econbiz.de/10011379708
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Fiscal multipliers and foreign holdings of public debt
Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, … - 2019
smaller than one when the foreign share is low, such as in the U.S. in the 1950's and 1960's and Japan today, and larger than …
Persistent link: https://www.econbiz.de/10011994640
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Fiscal Multipliers and Foreign Holdings of Public Debt
Broner, Fernando - 2019
smaller than one when the foreign share is low, such as in the U.S. in the 1950's and 1960's and Japan today, and larger than …
Persistent link: https://www.econbiz.de/10012889807
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Sovereign Cocos
Hatchondo, Juan; Martinez, Leonardo; Önder, Yasin Kürşat - 2022
We study a model of equilibrium sovereign default in which the government issues cocos (contingent convertible bonds) that stipulate a suspension of debt payments when the government faces liquidity shocks in the form of an increase of the bondholders' risk aversion. We find that in spite of...
Persistent link: https://www.econbiz.de/10013289445
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Domestic and external sovereign debt
Di Casola, Paola; Sichlimiris, Spyridon - 2017
Why do countries tend to repay their domestic and external debt, even though the legal enforcement of the sovereign debt contract is limited? Contrary to conventional wisdom, we argue that temporary market exclusion after default is costly. When the domestic financial market is characterized by...
Persistent link: https://www.econbiz.de/10011747831
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Belize's 2016-17 sovereign debt restructuring : third time lucky?
Asonuma, Tamon; Papaioannou, Michael G.; Togo, Eriko; … - In: Journal of banking and financial economics 2 (2020) 14, pp. 47-67
This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006-07 and in 2012-13, the 2016-17 debt restructuring was executed through collaborative...
Persistent link: https://www.econbiz.de/10012887757
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Domestic and External Sovereign Debt
Di Casola, Paola - 2018
Why do countries tend to repay their domestic and external debt, even though the legal enforcement of the sovereign debt contract is limited? Contrary to conventional wisdom, we argue that temporary market exclusion after default is costly. When the domestic financial market is characterized by...
Persistent link: https://www.econbiz.de/10012928713