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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
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Moral Hazard and Bail-Out in Fiscal Federations : Evidence for the German Länder
Heppke-Falk, Kirsten - 2016
We identify investor moral hazard in the German fiscal federation. Our identification strategy is based on a variable, which was used by the German Federal Constitutional Court as an indicator to determine eligibility of two German states (Länder) to a bail-out, the interest payments-to-revenue...
Persistent link: https://www.econbiz.de/10012991148
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Sovereign bond spreads and credit sensitivity
Schefer, Ricardo - 2020
Expectations of risky bond payments are unobservable and recovery rates for sovereigns are hard to estimate because they have no contractual claims to defined assets and samples of defaults are limited. A geometric version of credit spread is used to derive expected payments, dependent on...
Persistent link: https://www.econbiz.de/10012307696
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Testing the Tax-Loss Selling Explanation of the January Effect : Evidence from a 'Confiscatory' Tax Implemented in France in 1921
Le Bris, David - 2017
For almost a century, we document a significant January effect on the French equity market. We find strong evidences in favor of the tax-loss selling explanation for this phenomenon. Indeed, the January effect was insignificant before the introduction of a “confiscatory tax” on capital gains...
Persistent link: https://www.econbiz.de/10012954905
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The Price of Stability. The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)
Bazot, Guillaume - 2014
Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the “rules of the game …”? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …
Persistent link: https://www.econbiz.de/10013045945
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Transparency and emerging market bond spreads
Moretti, Laura - 2011
I investigate the effect of transparency on the borrowing costs of Emerging Markets Economies. Transparency is measured by whether or not the countries publish the IMF Article IV Staff report and the Reports on the Observance of Standards and Codes (ROSC). Using difference-in-difference...
Persistent link: https://www.econbiz.de/10009233429
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Systemic risk in European banking : evidence from bivariate GARCH models
Schröder, Michael; Schüler, Martin - 2003
This paper attempts to assess the Europe-wide systemic risk in banking. We employ a bivariate GARCH model to estimate conditional correlations between European bank stock indices. These correlations are used as an indication for the interdependencies amongst the banking business in Europe and...
Persistent link: https://www.econbiz.de/10011448270
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Does sovereign risk differ for domestic and foreign investors? : historical evidence from Scandinavian bond markets
Waldenström, Daniel (contributor) - 2005 - [Elektronische Ressource], Rev. February 18, 2005
literature argues that domestic creditors also affect borrowing governments' default decisions through channels of domestic …
Persistent link: https://www.econbiz.de/10002577962
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How Should We Bank with Foreigners? - An Empirical Assessment of Lending Behavior of International Banks to Six East Asian Economies
Pontines, Victor - 2012
The authors construct macro-and micro-panel data on international bank lending to six Asian economies - Indonesia, the Republic of Korea, Malaysia, Philippines, Singapore, and Thailand - to analyze a number of objectives. The paper first examines the influence of critical determinants not only...
Persistent link: https://www.econbiz.de/10013099617
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Quis Custodiet Quem? Sovereign Debt and Bondholders' Protection Before 1914
Esteves, Rui - 2012
The half-century before World War I has been characterized as the first age of financial globalization. This paper focuses on the role and significance of the bondholders' organizations for the governance of this market. I argue that the outcome of these institutions depended on two dimensions:...
Persistent link: https://www.econbiz.de/10013108952