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Courts and Sovereigns in the Pari Passu Goldmines

Gelpern, Anna - 2016

The pari passu clause in sovereign bond contracts has spawned an improbably huge academic literature and a fast-growing jurisprudence, culminating in recent U.S. federal court decisions, which used the clause to block payments on nearly $30 billion in Argentinian debt. The academic literature,...

Persistent link: https://www.econbiz.de/10012985848

State dissolution, sovereign debt and default: lessons from the UK and Ireland

Foley-Fisher, Nathan; McLaughlin, Eoin - 2014 - This draft: August 2014; First draft: March 2014

We study Irelandś inheritance of debt following its secession from the United Kingdom at the beginning of the twentieth century. Exploiting structural differences in bonds guaranteed by the UK and Irish governments, we can identify perceived uncertainty about fiscal responsibility in the...

Persistent link: https://www.econbiz.de/10010390083

Sovereign Debt Guarantees and Default : Lessons from the UK and Ireland, 1920-1938

Foley-Fisher, Nathan - 2020

We study the daily yields on Irish land bonds listed on the Dublin Stock Exchange during the years 1920–1938. We exploit Irish events during the period and structural differences in land bonds to tease out a measure of investors׳ credibility in a UK sovereign guarantee. Using Ireland׳s...

Persistent link: https://www.econbiz.de/10012841005

Debt diplomacy in the 1920s : the case of the French and Hellenic war debts

Carretta, Vincent - 2022

German reparations, France sought to obtain an international victory through the process of European reconstruction. On the …

Persistent link: https://www.econbiz.de/10013411869

Selective default expectations

Accominotti, Olivier; Albers, Thilo N. H.; Oosterlinck, Kim - 2023

This paper explores how selective default expectations affect the pricing of sovereign bonds in a historical laboratory: the German default of the 1930s. We analyze yield differentials between identical government bonds traded across various creditor countries before and after bond market...

Persistent link: https://www.econbiz.de/10014495920

Debt Crisis and the Welfare State in Greece

Sakellaropoulos, Theodoros - 2014

The current Greek fiscal or debt crisis -putting at risk the euro and the modern welfare state - as well as the policies developed as a response to the crisis can be understood only when taking into consideration firstly some specific characteristics of the development model adopted in Greece...

Persistent link: https://www.econbiz.de/10013055588

Indebtedness in the EU : a drag or a catalyst for growth?

Mika, Alina; Zumer, Tina - 2017

We study the relationship between debt and growth in EU countries in the years 1995-2015. We investigate the debt-growth nexus in two alternative empirical set-ups: the traditional cross-county panel regressions and mean group estimations. We find evidence of a positive long-run relationship...

Persistent link: https://www.econbiz.de/10011764407

Financial Vergangenheitsbewaeltigung : The 1953 London Debt Agreement

Guinnane, Timothy W. - 2015

The 1953 London Debt Agreement settled Germany's debts from the period between the two world wars and allowed the … percent, gave the debtors a much longer period to repay, and tied payments to export surpluses and Germany's ability to repay …. The Agreement also allowed Germany to postpone some payments until reunification. The Agreement reflected a subtle and …

Persistent link: https://www.econbiz.de/10012750732

Foreign debt, capital controls, and secondary markets : theory and evidence from Nazi Germany

Papadia, Andrea; Schioppa, Claudio A. - 2020

debt repatriations -in 1930s Germany. Authorities kept private repatriations under strict control -avoiding detrimental …

Persistent link: https://www.econbiz.de/10012304122

Foreign debt, capital controls, and secondary markets : theory and evidence from Nazi Germany

Papadia, Andrea; Schioppa, Claudio A. - 2022

historical evidence, we study one of history’s largest debt repatriations - that of 1930s Germany. We show that the authorities …

Persistent link: https://www.econbiz.de/10012801882

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