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A Opening Addresses -- I International Lending in a Fragile World Economy -- II International Lending in a Fragile … World Economy: The Point of View of a Commercial Banker -- III International Lending in a Fragile World Economy: A …
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We study the sovereign debt duration chosen by the government in the context of a standard model of sovereign default. The government balances off increasing the duration of its debt to mitigate rollover risk and lowering duration to mitigate the debt dilution problem. We present two main...
Persistent link: https://www.econbiz.de/10013078048
estimation, a news shock has a larger contemporaneous impact on sovereign credit spreads than a comparable shock to labor … and a variance decomposition similar to the empirical VAR estimates. The dynamics of the economy after a bad news shock … share some features of a productivity shock and others of sudden stop events. However, unlike episodes of sudden stops, long …
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This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic...
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What is the role for supply and demand forces in determining movements in international banking flows? And what role might a common factor — the global financial cycle highlighted by Rey (Dilemma not trilemma: the global financial cycle and monetary policy independence, 2018) and others —...
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This paper explores the empirical determinants of external crises on a world panel dataset of 62 countries over the …
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