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Inequality, Leverage and Crises
Ranciere, Romain; Kumhof, Michael - International Monetary Fund (IMF) - 2010
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial...
Persistent link: https://www.econbiz.de/10008777032
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Why Do Emerging Economies Borrow Short Term?
Broner, Fernando; Lorenzoni, Guido; Schmukler, Sergio L. - Barcelona Graduate School of Economics (Barcelona GSE) - 2011
We argue that one reason why emerging economies borrow short term is that it is cheaper than borrowing long term. This is especially the case during crises, as in these episodes the relative cost of long-term borrowing increases. We construct a unique database of sovereign bond prices, returns,...
Persistent link: https://www.econbiz.de/10010851419
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Why Do Emerging Economies Borrow Short Term?
Broner, Fernando A.; Lorenzoni, Guido; Schmukler, Sergio L. - Barcelona Graduate School of Economics (Barcelona GSE) - 2004
We argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. First, we present a model where the debt maturity structure is the outcome of a risk sharing problem between the government and bondholders. By issuing...
Persistent link: https://www.econbiz.de/10010547257
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Why do emerging economies borrow short term?
Broner, Fernando; Lorenzoni, Guido; Schmukler, Sergio L. - Department of Economics and Business, Universitat … - 2003
We argue that one reason why emerging economies borrow short term is that it is cheaper than borrowing long term. This is especially the case during crises, as in these episodes the relative cost of long-term borrowing increases. We construct a unique database of sovereign bond prices, returns,...
Persistent link: https://www.econbiz.de/10005772447
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Why Do Emerging Economies Borrow Short Term?
Broner, Fernando A; Lorenzoni, Guido; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2007
We argue that emerging economies borrow short term due to the high risk premium charged by bondholders on long-term debt. First, we present a model where the debt maturity structure is the outcome of a risk sharing problem between the government and bondholders. By issuing long-term debt, the...
Persistent link: https://www.econbiz.de/10005789190
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Term Structure Persistence
Abbritti, Mirko; Gil-Alana, Luis; Lovcha, Yuliya; … - School of Economics and Business Administration, … - 2012
Stationary I(0) models employed in yield curve analysis typically imply an unrealistically low degree of volatility in long-run short-rate expectations due to fast mean reversion. In this paper we propose a novel multivariate affine term structure model with a two-fold source of persistence in...
Persistent link: https://www.econbiz.de/10010599199
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The bond yield conundrum: alternative hypotheses and the state of the economy
Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2010
We study the bond yield conundrum in a macro-finance framework. Building upon a flexible and non-structural macro-finance model, we test the hypothesis that the bond yield conundrum is connected to various sources of uncertainty in the financial markets. Moreover we explicitly test for the role...
Persistent link: https://www.econbiz.de/10008682889
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Nominal Term Structure and Term Premia. Evidence from Chile
Ceballos, Luis; Naudon, Alberto; Romero, Damian - Volkswirtschaftliche Fakultät, … - 2014
The downward trend exhibited in Chile’s nominal term structure since 2003 has been a common pattern shared by other developed and developing economies. To understand the behavior of the nominal yield curve in Chile, we rely on an affine dynamic term structure model (DTMS) which allows to...
Persistent link: https://www.econbiz.de/10011108020
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The Bond Yield Conundrum : Alternative Hypotheses and the State of the Economy
Eijffinger, Sylvester; Mahieu, Ronald; Raes, Louis - Tilburg University, Center for Economic Research - 2010
We study the bond yield conundrum in a macro-finance framework. Building upon a exible and non-structural macro-finance model, we test the hypothesis that the bond yield conundrum is connected to various sources of uncertainty in the financial markets. Moreover we explicitly test for the role of...
Persistent link: https://www.econbiz.de/10011090282
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Low Inequality with Low Redistribution? An analysis of income distribution in Japan, South Korea and Taiwan compared to Britain
Jacobs, Didier - Centre for Analysis of Social Exclusion, LSE - 2000
This article is a comparative analysis of the sources of income inequality in four countries, namely Japan, South Korea …, Taiwan and the United Kingdom. It relies upon decompositions of inequality measures by population groups and income sources … (except for Japan because of data limitations). According to national family income and expenditure surveys, income inequality …
Persistent link: https://www.econbiz.de/10009201209