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Economic and political determinants of sovereign default and IMF credit use : a robustness assessment post 2010
Maddah, Lina; 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
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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
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Corporate-Sovereign Debt Nexus and Externalities
Kwak, Jun Hee - 2021
I show that corporate debt accumulation during booms can explain increases in sovereign risk during stress periods. Using idiosyncratic shocks to large firms as instruments for aggregate corporate leverage, I show that rising corporate leverage during the period 2002-2007 causally increases...
Persistent link: https://www.econbiz.de/10013249514
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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
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Fiscal adjustment in a panel of countries 1870-2016
Akhmadieva, Veronika - In: Journal of comparative economics : the journal of the … 50 (2022) 2, pp. 555-568
Persistent link: https://www.econbiz.de/10013347349
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The cyclicality of international public sector borrowing in developing countries : does the lender matter?
Galindo Andrade, Arturo José; Panizza, Ugo - 2017
driven by the behavior of the World Bank (borrowing from regional development banks tends to be acyclical). The paper also …
Persistent link: https://www.econbiz.de/10011715722
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The cyclicality of international public sector borrowing in developing countries : does the lender matter?
Galindo Andrade, Arturo José; Panizza, Ugo - 2017
driven by the behavior of the World Bank (borrowing from regional development banks tends to be acyclical). The paper also …
Persistent link: https://www.econbiz.de/10011784486
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Debt sustainability in the case of external debt : an analysis based on Italy's treasury auctions
Cafiso, Gianluca - 2014
empirical and considers the case of Italy, one of the world's largest debt issuer. We study the potential effects on the …
Persistent link: https://www.econbiz.de/10010418130
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The Composition of Sovereign Debt : A Description
Benczur, Peter - 2003
expectations, data from the World Bank suggests that the average spread on all forms of borrowing by developing countries is … move nearly one in one with world interest rates. All types of private lending significantly differ from each other in the … their disbursement portfolio in response to world interest rates, which leads to "interest rate smoothing" of commercial …
Persistent link: https://www.econbiz.de/10014076661
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Government Debt and Economic Growth : Estimating the Debt Thresholds and Debt Intolerance
Swamy, Vighneswara - 2015
The surge of government debt during the post-global financial crisis and the ongoing euro zone sovereign debt crisis has begun raising concerns whether government debt levels have hit the tipping points. This study offers to contribute in the following ways: First, we find out whether the...
Persistent link: https://www.econbiz.de/10013024298