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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

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

Modelling monetary and fiscal governance in the wake of the sovereign debt crisis in Europe

Herzog, Bodo - In: Economies : open access journal 4 (2016) 2, pp. 1-11

This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First, patient countries repay debt, while impatient...

Persistent link: https://www.econbiz.de/10011499402

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

A viable insolvency procedure for sovereigns (VIPS) in the euro area

Fuest, Clemens; Heinemann, Friedrich; Schröder, Christoph - 2014

A mechanism to restructure the debt of an insolvent euro country is a missing element in the emerging institutional architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...

Persistent link: https://www.econbiz.de/10010394484

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

The Risk of the Sovereign Debt Default : The Eurozone Crisis 2008-2013

Stamatopoulos, Theodoros V. - 2016

We investigate the relationship of the market pricing of sovereign risk to default, through CDS spreads for 16 Eurozone countries during 2008q1-2013q3. We take into account, through appropriate non-linear GMM estimations the endogeneity problem. We focus on “fiscal space” (DEBT or FISCAL),...

Persistent link: https://www.econbiz.de/10012976894

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