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Explaining foreign holdings of Asia’s debt securities
Horioka, Charles; Nomoto, Takaaki; Terada Hagiwara, Akiko - 2014
securities, with emphasis on Japan and developing Asia. We find that foreign residents generally increased their holdings of …
Persistent link: https://www.econbiz.de/10010336962
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Explaining foreign holdings of Asia's debt securities : the Feldstein-Horioka paradox revisited
Horioka, Charles; Terada Hagiwara, Akiko; Nomoto, Takaaki - 2015
the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan … capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia … reasons. The main reason in the case of advanced Asia (especially Japan) appears to be higher riskadjusted returns, whereas …
Persistent link: https://www.econbiz.de/10011379708
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Modelling monetary and fiscal governance in the wake of the sovereign debt crisis in Europe
Herzog, Bodo - In: Economies : open access journal 4 (2016) 2, pp. 1-11
This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First, patient countries repay debt, while impatient...
Persistent link: https://www.econbiz.de/10011499402
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Explaining Foreign Holdings of Asia's Debt Securities : The Feldstein-Horioka Paradox Revisited
Horioka, Charles Yuji - 2015
the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan … capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia … reasons. The main reason in the case of advanced Asia (especially Japan) appears to be higher risk-adjusted returns, whereas …
Persistent link: https://www.econbiz.de/10013012122
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Banks Matter in Eurozone Debt Crisis
Wind, Serge L. - 2011
The eurozone sovereign debt crisis, characterized by enormous debt burdens faced by its weakest economies, has also induced a parallel credit crunch and illiquidity concerns for European banks. Bank holdings of sovereign debt issued by peripheral eurozone countries have dropped in value and are...
Persistent link: https://www.econbiz.de/10013117156
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A viable insolvency procedure for sovereigns (VIPS) in the euro area
Fuest, Clemens; Heinemann, Friedrich; Schröder, Christoph - 2014
A mechanism to restructure the debt of an insolvent euro country is a missing element in the emerging institutional architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...
Persistent link: https://www.econbiz.de/10010394484
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The Risk of the Sovereign Debt Default : The Eurozone Crisis 2008-2013
Stamatopoulos, Theodoros V. - 2016
We investigate the relationship of the market pricing of sovereign risk to default, through CDS spreads for 16 Eurozone countries during 2008q1-2013q3. We take into account, through appropriate non-linear GMM estimations the endogeneity problem. We focus on “fiscal space” (DEBT or FISCAL),...
Persistent link: https://www.econbiz.de/10012976894
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The Impact of Sovereign Debt Exposure on Bank Lending : Evidence from the European Debt Crisis
Popov, Alexander A. - 2013
Using loan-level data, we find that syndicated lending by European banks with sizeable balance sheet exposures to impaired sovereign debt was negatively affected after the start of the euro area sovereign debt crisis. We also observe a reallocation away from foreign (especially US) markets. The...
Persistent link: https://www.econbiz.de/10013079572
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Saving Imbalances and the Euro Area Sovereign Debt Crisis
Higgins, Matthew - 2011
For several years prior to 2010, countries in the euro area periphery engaged in heavy borrowing from foreign private investors, allowing domestic spending to outpace incomes. Now these countries face debt crises reflecting a loss of investor confidence in the sustainability of their finances....
Persistent link: https://www.econbiz.de/10013120693
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How important was contagion through banks during the European sovereign crisis?
Gonçalves, Andrei S. - 2017
We use days with tail sovereign CDS spread changes of peripheral countries to identify the effects of shocks to the cost of borrowing of these countries on stock returns of banks from other countries. We find that tail sovereign GIIPS CDS changes have an asymmetric impact in that bank stocks...
Persistent link: https://www.econbiz.de/10011963385