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Sovereign default risk premia and state-dependent twin deficits : conference paper

Hürtgen, Patrick; Rühmkorf, Ronald - 2013 - This version: August 7, 2013

This paper studies the impact of the state-dependent risk of a government default on the correlation of the scal balance and current account. We use a small open economy model where nonlinear risk premia arise endogenously when the government operates close to its scal limit, i.e. the maximum...

Persistent link: https://www.econbiz.de/10010341080

Defaultable Debt, Interest Rates, and the Current Account

Aguiar, Mark; Gopinath, Gita - 2008

World capital markets have experienced large-scale sovereign defaults on a number of occasions, the most recent being Argentina's default in 2002. In this paper, we develop a quantitative model of debt and default in a small open economy. We use this model to match four empirical regularities...

Persistent link: https://www.econbiz.de/10014028493

Sovereign default risk and state-dependent twin deficits

Hürtgen, Patrick; Rühmkorf, Ronald - In: Journal of International Money and Finance 48 (2014) PB, pp. 357-382

This paper analyzes the impact of the government debt-to-GDP ratio on the correlation of the fiscal balance and the current account. Above a government debt-to-GDP ratio of 90 percent the correlation of the two balances decreases by 0.16 in a sample of 12 euro area countries and by 0.17 for...

Persistent link: https://www.econbiz.de/10011077087

The Implications of TARGET2 in the European Balance of Payments Crisis and Beyond

Cesaratto, Sergio - 2015

The paper provides an account of the meaning and implications of TARGET2 in the eurozone (EZ) balance of payments crisis. In this context, it discusses Hans-Werner Sinn's thesis about a stealth bail-out of the EZ periphery by the ECB from a heterodox perspective. Financial liberalisation, a...

Persistent link: https://www.econbiz.de/10013017589

Current Account Adjustment in EU Countries : Does Euro-Area Membership Make a Difference?

Herrmann, Sabine - 2016

The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...

Persistent link: https://www.econbiz.de/10012988643

Current account adjustment in EU countries : does euro-area membership make a difference?

Herrmann, Sabine; Jochem, Axel - 2013

Persistent link: https://www.econbiz.de/10010211960

Regional and global financial safety nets : the recent European experience and its implications for regional cooperation in Asia

Darvas, Zsolt M. - 2017

/08 global financial and economic crisis-which were supported by the International Monetary Fund (IMF) and various European …, such as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of …, including the coexistence of the IMF and regional safety nets, cooperation issues, systemic spillovers, and social implications …

Persistent link: https://www.econbiz.de/10011715721

Regional and global financial safety nets : the recent European experience and its implications for regional cooperation in Asia

Darvas, Zsolt M. - 2017

/08 global financial and economic crisis - which were supported by the International Monetary Fund (IMF) and various European … as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of a … lessons from European experiences, including the coexistence of the IMF and regional safety nets, cooperation issues, systemic …

Persistent link: https://www.econbiz.de/10011635367

Macroeconomic Policy Making and Current Account Imbalances in the Euro Area

Murai, Taiki; Schnabl, Gunther - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 3, pp. 347-373

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10014521523

Global imbalances and the revised Bretton Woods hypothesis : wrong before the crisis and wrong after

Palley, Thomas I. - 2013

This paper explores and contrasts the revised Bretton Woods hypothesis (BW II) with the structural Keynesian hypothesis. Whereas the former sees the growing global imbalances of the three decades prior to the financial crisis of 2008 as beneficial, the latter sees them as problematic and...

Persistent link: https://www.econbiz.de/10009746989

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