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The determinants of ‘domestic’ original sin in emerging market economies
Mehl, Arnaud; Reynaud, Julien - 2005
domestic debt composition, which encompasses maturity mismatches, rollover risk and interest payment contingency. The paper …This paper explains why domestic debt composition in emerging economies is risky. It carries out an analysis of the … investor base are instrumental to reduce domestic debt riskiness and tilt its composition towards safer, long-term, unindexed …
Persistent link: https://www.econbiz.de/10011604606
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On Corporate Borrowing, Credit Spreads and Economic Activity in Emerging Economies: An Empirical Investigation
Caballero, Julián; Fernández, Andrés; Park, Jongho - 2016
sovereign to corporate risk, among other considerations. …
Persistent link: https://www.econbiz.de/10011535791
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International Debt Deleveraging
Fornaro, Luca - 2013
I provide a framework for understanding debt deleveraging in a group of _nancially integrated countries. During an episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reecting a high propensity to save. If exchange rates are allowed to...
Persistent link: https://www.econbiz.de/10013370099
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International Credit Flows and Pecuniary Externalities
Brunnermeier, Markus; Sannikov, Yuliy - 2015
This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...
Persistent link: https://www.econbiz.de/10010480876
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Contagion and Spillovers: New Insights from the Crisis
Backé, Peter; Feldkircher, Martin; Gnan, Ernest; … - 2010
On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New...
Persistent link: https://www.econbiz.de/10011689946
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Funding under borrowing limits in international portfolios
Trani, Tommaso - 2012
liability side, allowing investors sell domestic and foreign bonds and capturing changes in counterparty risk in a stylized way … prices are mainly affected by financiers' concern for counterparty risk: impact effects are deep and in line with the terms …
Persistent link: https://www.econbiz.de/10010316721
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Trade in secured debt, adjustment in haircuts and international portfolios
Trani, Tommaso - 2011
I study the composition of international portfolios under collateral constraints and the implied cross … economy, reflecting borrowers' credit risk. The new analytical results are as follows. First, agents choose endogenously how …' funding. As for portfolios, secured bonds have particularly effective hedging properties in managing the terms of trade risk …
Persistent link: https://www.econbiz.de/10010316807
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The meltdown of the global economy: A Keynes-Minsky episode?
Sen, Sunanda - 2010
The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues to the appropriate remedial measures needed to prevent future occurrences of similar developments. The...
Persistent link: https://www.econbiz.de/10010286548
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2008 global crisis: Is foreign currency denominated debt an important indicator?
Akca, Ozden - 2011
Foreign currency denominated debt as an influence of exchange rate pressure during the 2008 global crisis is explored across 58 countries. Countries with higher ratios of foreign currency denominated debt to total international debt experienced significant currency depreciation during the global...
Persistent link: https://www.econbiz.de/10010287765
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Fiscal multipliers and foreign holdings of public debt
Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, … - 2019
This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic...
Persistent link: https://www.econbiz.de/10012142099