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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
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Reserve Management and Sovereign Debt Cost in a World with Liquidity Crises
Corneli, Flavia - 2011
anticipate that the country has an incentive to default after a liquidity shock. Indeed, in the event of such a shock, we show … 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 …
Persistent link: https://www.econbiz.de/10013132969
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Reserve Management and Sovereign Debt Cost in a World with Liquidity Crises
Corneli, Flavia - 2011
the country has an incentive to default after a liquidity shock. Indeed, we show that the country may choose to retain … 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 …
Persistent link: https://www.econbiz.de/10013125687
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Developing Countries’ Vulnerability to Debt Crisis; a Multi-County Empirical Analysis of Shocks
Nissah, Baseerit - 2019
This paper proposes the use of a more realistic alternative for estimating debt sustainability so that the continuum nature of the debt ratio is accommodated. Using the data for Latin America and Caribbean (LAC) and Sub Saharan African (SSA) countries, the study measures the degree of these...
Persistent link: https://www.econbiz.de/10012862820
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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
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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
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Exposure to international crises : trade vs. financial contagion
Grant, Everett - 2016
I identify new patterns in countries' economic performance over the 2007-2014 period based on proximity through distance, trade, and finance to the US subprime mortgage and Eurozone debt crisis areas. To understand the causes of the cross-country variation, I develop an open economy model with...
Persistent link: https://www.econbiz.de/10011975657
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External crisis vulnerability in Latin America and the Caribbean
Cavallo, Eduardo A.; Fernández Arias, Eduardo - 2023
This paper assesses the vulnerability of Latin American and Caribbean (LAC) economies to external crises. It shows that while the average LAC economy has made significant strides to reduce vulnerability to crises to its historical minimum, there is still considerable room for improvement,...
Persistent link: https://www.econbiz.de/10014536612
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Long-term debt sustainability in emerging market economies : a counterfactual analysis
Panizza, Ugo - 2022
The 2015 Addis Ababa Action Agenda recognized the need for policies aimed at maintaining longterm debt sustainability. This paper describes a set of commonly used definitions of debt sustainability and shows that none of them focuses on long-term debt sustainability. It then discusses concept...
Persistent link: https://www.econbiz.de/10013175072
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Currency, Liquidity and Debt Crises
Gurdgiev, Constantin - 2008
liquidity reserves necessary to finance short-term debt services. As a result, the concept of a solvent, illiquid sovereign … debtor has generated significant literature on debt crises' links with currency and liquidity crises. In this chapter, I … consider the two major forces interacting with liquidity and debt crises: the role of self-fulfilling expectations, plus inter …
Persistent link: https://www.econbiz.de/10014219825