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Policy interventions in sovereign debt restructurings

Dvorkin, Maximiliano A.; Sanchez, Juan M.; Sapriza, Horacio - 2019

The wave of sovereign defaults in the early 1980s and the string of debt crises in the decades that followed have fostered proposals involving policy interventions in sovereign debt restructurings. A key question about these proposals that has proved hard to handle is how they in influence the...

Persistent link: https://www.econbiz.de/10012139015

News, sovereign debt maturity, and default risk

Dvorkin, Maximiliano A.; Sanchez, Juan M.; Sapriza, Horacio - 2018

productivity. A quantitative model of news and sovereign debt default with endogenous maturity choice generates impulse responses …-term debt does not shield the country from bad news shocks, and it may even exacerbate default risk. Finally, an increase in the …

Persistent link: https://www.econbiz.de/10011950496

Hidden defaults

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2022

China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also the associated defaults remain “hidden”, as missed payments and restructuring details are not disclosed. We construct an encompassing dataset of...

Persistent link: https://www.econbiz.de/10012807855

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

Sovereign haircuts : 200 years of creditor losses

Luckner, Clemens von <Graf>; Meyer, Josefin; Reinhart, … - 2024

sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor … exchanges in the same default spell, are on the rise. To account for this trend toward serial renegotiation, we introduce the … all record significantly higher haircuts in case of a default. Geopolitical shocks – such as wars, revolutions, or the …

Persistent link: https://www.econbiz.de/10014557831

A unified approach to investigate pure and wake-up-call contagion: Evidence from the Eurozone's first financial crisis

Ludwig, Alexander - In: Journal of International Money and Finance 48 (2014) PA, pp. 125-146

This paper simultaneously analyzes wake-up-call and pure contagion of sovereign risk in the Eurozone during its recent financial crisis. Pure contagion of sovereign risk means the transmission of negative effects after a shock to a country which are not reflected in the risk pricing of...

Persistent link: https://www.econbiz.de/10010939662

Sovereign bond spreads determinants in Latin American countries: Before and during the XXI financial crisis

Martinez, Lisana B.; Terceño, Antonio; Teruel, Mercedes - In: Emerging Markets Review 17 (2013) C, pp. 60-75

This paper aims to identify the main determinants of sovereign bond spreads in seven Latin American countries and verify the existence of contagion effect over these markets during the last financial crisis. We apply a panel data framework and find that the inflation, terms of trade ratio and...

Persistent link: https://www.econbiz.de/10011056987

Financial Crisis and Foreign Exchange Exposure of Korean Exporting Firms

Ratti, Ronald A.; Yoon, Sung-Wook; Choi, Jae-Young - Economics Department, University of Missouri - 2006

During the Asian crisis, a rise in short-term for debt relative to short-term debt denominated in domestic currency results in a significant decline in negative exposure of Korean firms, with Chaebol firms able to benefit more. Exposure of non-Chaebol firms is significantly affected by maturity...

Persistent link: https://www.econbiz.de/10005628053

Why do investors buy sovereign default insurance?

Augustin, Patrick; Sokolovski, Valeri; Subrahmanyam, … - 2016

We provide a comprehensive analysis of the determinants of trading in the sovereign credit default swaps (CDS) market …

Persistent link: https://www.econbiz.de/10011541398

The European Stability Mechanism - bastion of calm or crisis accelerant?

Hild, Alexandra; Herz, Bernhard; Bauer, Christian - 2016

The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for euro area countries. We analyze the costs of the current (suboptimal) refinancing design of the ESM and evaluate an alternative asset-backed securities (ABS) structure under different scenarios. Our...

Persistent link: https://www.econbiz.de/10011664198

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