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Why has Japan's massive government debt not wreaked havoc (yet)?
Horioka, Charles Yuji; Nomoto, Takaaki; … - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010332404
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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
supranational monetary union. Finally, I develop policy recommendations for the ongoing debate in the Eurozone. …
Persistent link: https://www.econbiz.de/10011499402
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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
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Why has Japan's massive government debt not wreaked havoc (yet)?
Horioka, Charles; Nomoto, Takaaki; Terada Hagiwara, Akiko - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010192947
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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
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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 … discrimination between South and West Euro Area Periphery (SWEAP) and the core Eurozone, highlighting asymmetries discovered either … words, the “fragility hypothesis of the Eurozone” …
Persistent link: https://www.econbiz.de/10012976894
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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
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The Impact of Sovereign Debt Exposure on Bank Lending : Evidence from the European Debt Crisis
Popov, Alexander A. - 2013
Using loan-level data, we find that syndicated lending by European banks with sizeable balance sheet exposures to impaired sovereign debt was negatively affected after the start of the euro area sovereign debt crisis. We also observe a reallocation away from foreign (especially US) markets. The...
Persistent link: https://www.econbiz.de/10013079572
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Why has Japan's massive government debt not wreaked havoc (yet)?
Horioka, Charles Yuji - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010333541
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The Future of Sovereign Borrowing in Europe
Balling, Morten; Gnan, Ernest; Holler, Johannes; … - 2013
In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to...
Persistent link: https://www.econbiz.de/10011689961