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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

Explaining foreign holdings of Asia's debt securities: The Feldstein-Horioka paradox revisited

Horioka, Charles Yuji; Terada-Hagiwara, Akiko; Nomoto, … - 2015

Persistent link: https://www.econbiz.de/10011421476

Chapter 12. International Financial Crises

Lorenzoni, Guido - In: Handbook of international economics : Volume 4, (pp. 689-740). 2014

This chapter surveys recent research on international financial crises. A financial crisis is characterized by a sudden, dramatic outflow of financial resources from an economy with an open capital account. This outflow may be primarily driven by the expectation of a large nominal devaluation,...

Persistent link: https://www.econbiz.de/10014025374

Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out Effects

Broner, Fernando - 2014

In 2007, countries in the euro periphery were enjoying stable growth, low deficits and low spreads. Then the financial crisis erupted and pushed them into deep recession, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and, surprisingly,...

Persistent link: https://www.econbiz.de/10013058811

Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out

Broner, Fernando - 2014

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010,they were facing severe debt problems. Spreads increased and, surprisingly,...

Persistent link: https://www.econbiz.de/10013059093

Heading into trouble : a comparison of the Latin American crises and the Euro area's current crisis

Ramos-Francia, Manuel; Aguilar-Argaez, Ana María; … - 2014

We compare the experience of Latin American external debt crises, in particular the one in the 80s, with the current European one. We do so with the aim of shedding some light on the needed adjustment mechanisms. We argue for the need of much larger debt relief in Europe. To address the moral...

Persistent link: https://www.econbiz.de/10010402569

Rating Sovereign Debt in a Monetary Union – Original Sin by Transnational Governance

Körner, Finn Marten - 2016

It is frequently argued that credit rating agencies (CRAs) have acted procyclically in their rating of sovereign debt in the European Monetary Union (EMU). They are believed to have under-rated sovereign risk in the early years of EMU, when integrated financial markets provided easier access to...

Persistent link: https://www.econbiz.de/10013006266

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

Sovereign Debt Crises and Low Interest Rates

Bloise, Gaetano; Vailakis, Yiannis - 2021

We revisit the occurrence of self-fulfilling crises in sovereign debt markets under time-varyinginterest rates and growth. We show that, when long-term interest rates exceed growth, insolvencyis solely caused by the exhaustion of the sovereign’s debt repayment capacity subject to...

Persistent link: https://www.econbiz.de/10013227628

Who Owes Whom? Citizens’ Audit as a Response to the Sovereign Debt Crisis

Scott Cato, Molly - 2012

At the level of public discourse the debate surrounding European sovereign debt crises has become polarised between the need for greater levels of public spending cuts and privatisation (‘austerity') and the need to use government investment or reductions in regulatory policies to bring about...

Persistent link: https://www.econbiz.de/10013105777