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Reserve Management and Sovereign Debt Cost in a World with Liquidity Crises

Corneli, Flavia - 2011

world with liquidity crises and strategic default, we model a contracting game between international lenders and a country … reserves if the probability of liquidity shocks is high enough; however the cost of debt increases in reserves when the lenders … anticipate that the country has an incentive to default after a liquidity shock. Indeed, in the event of such a shock, we show …

Persistent link: https://www.econbiz.de/10013132969

Reserve Management and Sovereign Debt Cost in a World with Liquidity Crises

Corneli, Flavia - 2011

world with liquidity crises and strategic default, we model a contracting game between international lenders and a country … probability of liquidity shocks is high enough; however the cost of debt increases in reserves when the lenders anticipate that … the country has an incentive to default after a liquidity shock. Indeed, we show that the country may choose to retain …

Persistent link: https://www.econbiz.de/10013125687

Sovereign haircuts : 200 years of creditor losses

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

We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or "haircuts". Our sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor losses vary widely (from none to 100%), but the...

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

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 and reserves with liquidity and productivity crises

Corneli, Flavia; Tarantino, Emanuele - In: Journal of international money and finance 65 (2016), pp. 166-194

Persistent link: https://www.econbiz.de/10011668416

Knockin’ on H(e)aven’s Door. Financial Crises and Hidden Wealth

Marchesi, Silvia; Marcolongo, Giovanna - 2023

This paper investigates the link between financial crises in developing countries and the variation of bank deposits in offshore financial centers. Using both a two-way fixed effects and a stacked difference-in-differences estimator, we find that after three years since the beginning of the...

Persistent link: https://www.econbiz.de/10014355185

Debt, Defaults and Crises : A Historical Perspective

Kotze, Antonie - 2015

The financial crisis that has been wreaking havoc in markets across the world since August 2007 had its origins in an …

Persistent link: https://www.econbiz.de/10013025173

Die Schuldenkrise des Globalen Südens : Verfahren zu ihrer Bewältigung schaffen

Liebal, Mara; Rehbein, Kristina - In: Vierteljahrshefte zur Wirtschaftsforschung 88 (2019) 4, pp. 67-76

Ausgelöst durch das Zusammentreffen niedriger Zinsen in reichen Ländern und einem hohen Finanzierungsbedarf für Infrastruktur in vielen ärmeren Ländern befindet sich die Verschuldung der Länder des Globalen Südens seit Jahren auf einem dramatisch hohen Niveau. Hohe Schuldendienstzahlungen...

Persistent link: https://www.econbiz.de/10012155264

Chapter 21. Quantitative Models of Sovereign Debt Crises

Aguiar, M.; Chatterjee, S.; Cole, H.; Stangebye, Z. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 1697-1755). 2016

This chapter is on quantitative models of sovereign debt crises in emerging economies. We interpret debt crises broadly to cover all of the major problems a country can experience while trying to issue new debt, including default, sharp increases in the spread and failed auctions. We examine the...

Persistent link: https://www.econbiz.de/10014024275

The Impact of Debt Sustainability and the Level of Debt on Emerging Markets Spreads

Belhocine, Nazim - 2013

How do financial markets respond to concerns over debt sustainability and the level of public debt in emerging markets? We introduce a measure of debt sustainability – the difference between the debt stabilizing primary balance and the primary balance – in an otherwise standard spread...

Persistent link: https://www.econbiz.de/10013080852