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The Welfare Cost of Sovereign Default and Liquidity Injections
Liu, Guangling - Economic Research Southern Africa (ERSA) - 2014
borrowed from the central bank (liquidity injections) and investigates the welfare cost of sovereign default. The results show … variability of the output gap and hence the welfare loss. Liquidity injections reduce the variability of the output gap and …
Persistent link: https://www.econbiz.de/10010885330
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Money and Production, and Liquidity Trap
Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2006
, then the economy will fall into a liquidity trap today. …
Persistent link: https://www.econbiz.de/10005762579
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Why do governments default, and why don't they default more often?
Buiter, Willem H.; Rahbari, Ebrahim - C.E.P.R. Discussion Papers - 2013
This paper considers the economic and political drivers of sovereign default, focusing on countries rich enough to render sovereign default a ‘won’t pay’ rather than a ‘can’t pay’ phenomenon. Unlike many private contracts, sovereign debt contracts rely almost exclusively on...
Persistent link: https://www.econbiz.de/10011084128
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Long Term Debt and the Political Support of a Monetary Union
Uhlig, Harald - C.E.P.R. Discussion Papers - 1997
This paper examines the role of long-term debt in political support for a monetary union or, more generally, an inflation-reduction policy. The central idea is that the decision on membership of the union leads to a redistribution between debtors and creditors, if they are holding long-term debt...
Persistent link: https://www.econbiz.de/10005123670
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Challenges in the Mexican Financial Sector
Bonturi, Marcos - Economics Department, Organisation de Coopération et … - 2002
The Mexican banking crisis of 1994/95 necessitated a major government rescue operation - estimated to have cost about 20 per cent of GDP. Since then, financial sector reforms have been implemented and the performance of the Mexican financial system has markedly improved, as shown by indicators...
Persistent link: https://www.econbiz.de/10005045621
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Post-Crisis Bank Liquidity Risk Management Disclosure
Asongu, Asongu Simplice - African Governance and Development Institute (AGDI) - 2010
Purpose – This work seeks to investigate post-crisis measures banks have adopted in a bid to manage liquidity risk. It … is based on the fact that the financial liquidity market was greatly affected during the recent economic turmoil and … financial meltdown. During the crisis, liquidity risk management disclosure was crucial for confidence building in market …
Persistent link: https://www.econbiz.de/10010693292
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Target-Salden und die deutsche Kapitalbilanz im Zeichen der europäischen Zahlungsbilanzkrise
Sinn, Hans-Werner; Wollmershäuser, Timo - ifo Leibniz-Institut für Wirtschaftsforschung an der … - 2012
Die Europäische Währungsunion steckt in einer tiefen Zahlungsbilanzkrise. Privates Kapital fließt imgroßen Stil von den Peripherieländern in die Kernländer. Um den Fortbestand des Euro zugewährleisten treten öffentliche, intergouvernementale Kredite und Target-Kredite der...
Persistent link: https://www.econbiz.de/10010877587
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Target-Salden und die deutsche Kapitalbilanz im Zeichen der europäischen Zahlungsbilanzkrise
Sinn, Hans-Werner; Wollmershäuser, Timo - In: Credit and Capital Markets 45 (2012) 4, pp. 465-487
The European Monetary Union is experiencing a serious balance-of-payments crisis. Private capital is flowing from the periphery countries into the core countries on a large scale. Public, inter-government credit and Target credit granted by national central banks is replacing private capital to...
Persistent link: https://www.econbiz.de/10010883553
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Fiscal Policy in a Monetary Union in the Presence of Uncertainty about the Central Bank Preferences.
DAI, Meixing; SIDIROPOULOS, Moïse - Bureau d'Économie Théorique et Appliquée (BETA), … - 2009
In this paper, we examine the link between political transparency of a common central bank (CCB) and decentralized supply-side fiscal policies in a monetary union. We find that the opacity of a conservative CCB has a restrictive effect on national fiscal policies since each government...
Persistent link: https://www.econbiz.de/10005385247
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Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility
Sinn, Hans-Werner; Wollmershaeuser, Timo - National Bureau of Economic Research (NBER) - 2011
The European Monetary Union is stuck in a severe balance-of-payments imbalance of a nature similar to the one that destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits whose accumulated value, as measured by the Target...
Persistent link: https://www.econbiz.de/10009372441