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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

Banks, Government Bonds, and Default : What Do the Data Say?

Gennaioli, Nicola - 2014

We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, banks...

Persistent link: https://www.econbiz.de/10013049802

Banks, Government Bonds, and Default : What Do the Data Say?

Gennaioli, Nicola - 2014

Persistent link: https://www.econbiz.de/10013063291

Economic and political determinants of sovereign default and IMF credit use : a robustness assessment post 2010

Sherry, Hassan; Zeaiter, Hussein - In: Economies : open access journal 12 (2024) 7, pp. 1-36

According to the IMF, the current public debt makes up nearly 40 percent of the global debt, marking the highest share since the mid-1960s. Despite the vast research on alarming levels of sovereign default, the literature remains inconclusive. This paper investigates macroeconomic, financial,...

Persistent link: https://www.econbiz.de/10014636157

An analysis of Romania's short-run sovereign rating determinants

Miricescu, Emilian Constantin - In: Romanian journal of fiscal policy : RJFP 3 (2012) 2, pp. 48-57

For most European Union countries the government expenditure exceeds government revenue which could lead in the long run to an increase in the government debt to GDP ratio. Considering the distortions generated by the financial and economic crisis, followed by the debt crisis, both local and...

Persistent link: https://www.econbiz.de/10010199903

Moral Hazard and Bail-Out in Fiscal Federations : Evidence for the German Länder

Heppke-Falk, Kirsten - 2016

(Länder) to a bail-out, the interest payments-to-revenue ratio. While risk premia measured in the German sub-national bond … receiving a bail-out payment. Quantitatively, the effects are, however, quite small. Our findings are robust to a variety of … markets' bail-out expectations. In sum, our results indicate significant investor moral hazard in the sub-national German bond …

Persistent link: https://www.econbiz.de/10012991148

Foreign aid and developing countries' creditworthiness

Harms, Philipp; Rauber, Michael - 2004

We explore whether foreign aid affects developing countries' creditworthiness, as proxied by the Institutional Investor's measure of country credit risk. Based on a simple model of international borrowing and lending, we develop the hypothesis that current aid reduces the likelihood of future...

Persistent link: https://www.econbiz.de/10011397590

The Effects of IMF on Income Inequality : A Semi-Parametric Treatment Effects Approach

Chletsos, Michael - 2020

In this paper, we examine the effect of IMF (imposed) programs on countries income inequality for the period 1963-2015. To deal with selection bias, we use a potential outcomes framework, which does not rely on the selection of matching variables and has the further advantage of uncovering the...

Persistent link: https://www.econbiz.de/10012844571

The Revolving Door : Duration and Recidivism in IMF Programs

Conway, Patrick J. - 2006

Quarterly evidence on participation in IMF programs for the period 1974-2003 is examined statistically using the techniques of hazard analysis and error-correction estimation. Three hypotheses are proposed and tested, and the results support a quot;revolving doorquot; explanation of...

Persistent link: https://www.econbiz.de/10012734345

On the Impact of Foreign Aid in Education on Growth : How Relevant is the Heterogeneity of Aid Flows and the Heterogeneity of Aid Recipients?

Asiedu, Elizabeth; Nandwa, Boaz - 2007

This paper examines whether foreign aid in education has a significant effect on growth. We take into consideration the heterogeneous nature of aid as well as the heterogeneity of aid recipients - we disaggregate the aid data into primary, secondary and higher education, and run separate...

Persistent link: https://www.econbiz.de/10014051214

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