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Hedger of Last Resort: Evidence from Brazil on FX Interventions, Local Credit and Global Financial Cycles

Barbone Gonzalez, Rodrigo; Khametshin, Dmitry; Peydró, … - 2022

We show that FX interventions attenuate global financial cycle (GFC)’s spillovers. We exploit GFC shocks and Brazilian central bank interventions in FX derivatives using three matched administrative registers: credit, foreign credit to banks, and employer-employee. After U.S. Taper Tantrum...

Persistent link: https://www.econbiz.de/10014279950

Strengthening the post-crisis fiscal rules - the case of Spain, Slovakia and Sweden

Mozdzierz, Anna - 2014

The purpose of this article is to identify changes in the development of national fiscal rules in response to the crisis, in terms of the new economic governance in the EU. In-depth analysis was carried out on the example of the three countries that have the highest Fiscal Rule Strength Index,...

Persistent link: https://www.econbiz.de/10012232267

Supervision of the Irish Banking System: A Critical Perspective

O’Sullivan, K.P.V.; Kennedy, Tom - In: CESifo DICE Report 06 (2008) 3, pp. 20-26

Persistent link: https://www.econbiz.de/10011696647

A reconsideration of multiple equilibria in the analysis of one-period government bonds with default risk

Guo, Yanling - In: Economics: The Open-Access, Open-Assessment E-Journal 9 (2015) 2015-33, pp. 1-52

In this paper, the author considers sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the "good equilibrium" is the only stable equilibrium under some quite general assumptions,...

Persistent link: https://www.econbiz.de/10011371997

The role of lenders' trust in determining borrowing conditions for sovereign debt: An analysis of one-period government bonds with default risk

Guo, Yanling - 2015

In this paper, the author considers the sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the weight assigned to the lenders' interest by the borrowing government at the time of...

Persistent link: https://www.econbiz.de/10010512956

The impact of government debt on economic growth in Nigeria

Yusuf, Abdulkarim - In: Cogent Economics & Finance 9 (2021) 1, pp. 1-19

This study investigated the effect of government debt on Nigeria's economic growth using annual data from 1980 to 2018 and the Autoregressive Distributed Lag technique. The empirical results showed that external debt constituted an impediment to long-term growth while its short-term effect was...

Persistent link: https://www.econbiz.de/10014001593

Does excessive sovereign debt really hurt growth? A critique of This time is different, by Reinhart and Rogoff

Nersisyan, Yeva; Wray, L. Randall - 2010

The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal policy. With notable exceptions, most economists accept the desirability of...

Persistent link: https://www.econbiz.de/10010333044

How long can austerity persist? The factors that sustain fiscal consolidations

Lodge, David; Rodriguez-Vives, Marta - In: European Journal of Government and Economics (EJGE) 2 (2013) 1, pp. 5-24

To put public debt on a sustainable path, many governments face the task of enacting large fiscal consolidation followed by years of sustained primary surpluses. By estimating hazard functions for the duration of consolidations, we analyse the features of past consolidation efforts across a...

Persistent link: https://www.econbiz.de/10012217948

Fiscal consolidation strategy

Cogan, John F.; Taylor, John B.; Wieland, Volker; … - 2012

In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In...

Persistent link: https://www.econbiz.de/10010311794

Government decentralization program in Indonesia

Nasution, Anwar - 2016

development planning with a wide range of decentralization programs. The reforms gave greater authority, political power, and …, unlike in many developing and transition countries, the decentralization program in Indonesia has not caused major political … or economic problems. However, the decentralization program was ill prepared and not carried out in a logical order for …

Persistent link: https://www.econbiz.de/10011688624

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