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Fiscal Austerity, Growth Prospects, and Sovereign CDS Spreads : The Eurozone and Beyond
Yuan, Chunming - 2014
This paper applies both conventional panel data models and a dynamic simultaneous equations model to analyze the impact of fiscal austerity and growth prospects along with other macro fundamentals on the pricing of sovereign credit default swaps (CDS) for a panel of 36 countries including the...
Persistent link: https://www.econbiz.de/10013062276
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The Elusive Costs of Sovereign Defaults
Levy-Yeyati, Eduardo Levy - 2006
Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses. However, most of the evidence supporting this conventional wisdom, based on annual observations, suffers from serious measurement and identification problems. To address...
Persistent link: https://www.econbiz.de/10012732706
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Resource curse or blessing? : sovereign risk in resource-rich emerging economies
Hamann S., Franz A.; Mendoza, Enrique G.; … - 2018
In this paper we document the stylized facts about the relationship between international oil price swings, sovereign risk and macroeconomic performance of oil-exporting economies. We show that even though being a bigger oil producer decreases sovereign risk–because it increases a...
Persistent link: https://www.econbiz.de/10011950480
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Do country fundamentals explain emerging market bond spreads?
Beck, Roland - 2001
Persistent link: https://www.econbiz.de/10001596256
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Austerity
Ntellas, Charēs; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10010494118
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Austerity
Ntellas, Charēs; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10010463597
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Die Entwicklungschancen Lateinamerikas : ein Blick über die Argentinien-Krise hinaus
Schweickert, Rainer - 2002
Der Beitrag analysiert die Argentinien-Krise, vergleicht die makroökonomische Entwicklung von Argentinien, Brasilien … Argentinien wie für Brasilien, Chile und Mexiko zeigt sich im Zeitraum 1994-2002 kein eindeutiger Zusammenhang zwischen … für Argentinien wichtiger als Sparprogramme und ein flexibler Wechselkurs. Die Indikatoren "Makroökonomische Perspektiven …
Persistent link: https://www.econbiz.de/10011491158
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Should easier access to international credit replace foreign aid?
Bandyopadhyay, Subhayu; Lahiri, Sajal; Younas, Javed - 2011
We examine the interaction between foreign aid and binding borrowing constraint for a recipient country. We also analyze how these two instruments affect economic growth via non-linear relationships. First of all, we develop a two-country, two-period trade-theoretic model to develop testable...
Persistent link: https://www.econbiz.de/10009488418
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Stochastic optimal control modeling of debt crises
Stein, Jerome L. - 2003
What is an optimal or a sustainable external debt - for a country, region or sector? How should one monitor and evaluate debt to preclude a crisis? We use stochastic optimal control/dynamic programming to derive an optimal debt. The deviation of the actual from the optimal will serve as a...
Persistent link: https://www.econbiz.de/10011509487
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Should Easier Access to International Credit Replace Foreign Aid?
Bandyopadhyay, Subhayu - 2011
We examine the interaction between foreign aid and binding borrowing constraint for a recipient country. We also analyze how these two instruments affect economic growth via non-linear relationships. First of all, we develop a two-country, two-period trade-theoretic model to develop testable...
Persistent link: https://www.econbiz.de/10013119295