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A Unified Italy? - Sovereign Debt and Investor Scepticism
Collet, Stéphanie - 2017
How do investors react to the issuance of common sovereign debt? This question is particularly relevant regarding the European sovereign debt crisis. The paper empirically studies the issuance of common debt during Italy's unification. Based on an original database of Italian bonds, this paper...
Persistent link: https://www.econbiz.de/10012975355
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Policy interventions in sovereign debt restructurings
Dvorkin, Maximiliano A.; Sanchez, Juan M.; Sapriza, Horacio - 2019
The wave of sovereign defaults in the early 1980s and the string of debt crises in the decades that followed have fostered proposals involving policy interventions in sovereign debt restructurings. A key question about these proposals that has proved hard to handle is how they in influence the...
Persistent link: https://www.econbiz.de/10012139015
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Sovereign debt restructurings
Dvorkin, Maximiliano A.; Sanchez, Juan M.; Sapriza, Horacio - 2018
extensions upon restructurings: income recovery after default, credit exclusion after restructuring, and regulatory costs of book …
Persistent link: https://www.econbiz.de/10011911551
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News, sovereign debt maturity, and default risk
Dvorkin, Maximiliano A.; Sanchez, Juan M.; Sapriza, Horacio - 2018
productivity. A quantitative model of news and sovereign debt default with endogenous maturity choice generates impulse responses …-term debt does not shield the country from bad news shocks, and it may even exacerbate default risk. Finally, an increase in the …
Persistent link: https://www.econbiz.de/10011950496
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Sovereign bonds since Waterloo
Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph - 2019
foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering 91 … to compensate for risk. Real ex-post returns averaged 7% annually across two centuries, including default episodes, major … and with the degree of credit risk in this market, as measured by historical default and recovery rates. Based on our …
Persistent link: https://www.econbiz.de/10012159952
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Hidden defaults
Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2022
China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also the associated defaults remain “hidden”, as missed payments and restructuring details are not disclosed. We construct an encompassing dataset of...
Persistent link: https://www.econbiz.de/10012807855
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Dealing with risk : underwriting sovereign bond issues in London 1870 - 1914
Mikkelsen, Anders L. - 2014
Using the records of several leading 19th century issuing houses, this paper analyses the transformation of underwriting practices in London's primary sovereign bond market from 1870 to 1914. It shows how underwriting risk developed from being a liability, which market intermediaries sought to...
Persistent link: https://www.econbiz.de/10010358271
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Risk Sharing with the Monarch : Contingent Debt and Excusable Defaults in the Age of Philip II, 1556-1598
Drelichman, Mauricio; Voth, Hans-Joachim - 2011
Contingent sovereign debt has the potential to create important welfare gains – but actual issuance is rare. Using hand-collected archival data, we examine the first known case of large-scale issuance of contingent sovereign debt in history. Philip II of Spain entered into hundreds of...
Persistent link: https://www.econbiz.de/10014180396
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Serial Defaults, Serial Profits : Returns to Sovereign Lending in Habsburg Spain, 1566-1600
Drelichman, Mauricio - 2010
Philip II of Spain accumulated debts equivalent to 60% of GDP. He also defaulted four times on his short-term loans, thus becoming the first serial defaulter in history. Contrary to a common view in the literature, we show that lending to the king was profitable even under worst-case scenario...
Persistent link: https://www.econbiz.de/10013137652
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Lending to the Borrower from Hell : Debt and Default in the Age of Philip II
Drelichman, Mauricio - 2012
accumulated towering debts while stopping all payments to his lenders four times. How could the sovereign borrow much and default …
Persistent link: https://www.econbiz.de/10013116884