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Sovereign default risk premia and state-dependent twin deficits : conference paper
Hürtgen, Patrick; Rühmkorf, Ronald - 2013 - This version: August 7, 2013
This paper studies the impact of the state-dependent risk of a government default on the correlation of the scal balance and current account. We use a small open economy model where nonlinear risk premia arise endogenously when the government operates close to its scal limit, i.e. the maximum...
Persistent link: https://www.econbiz.de/10010341080
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Defaultable Debt, Interest Rates, and the Current Account
Aguiar, Mark; Gopinath, Gita - 2008
World capital markets have experienced large-scale sovereign defaults on a number of occasions, the most recent being Argentina's default in 2002. In this paper, we develop a quantitative model of debt and default in a small open economy. We use this model to match four empirical regularities...
Persistent link: https://www.econbiz.de/10014028493
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Target-Kredite, Leistungsbilanzsalden und Kapitalverkehr: Der Rettungsschirm der EZB
Sinn, Hans-Werner; Wollmershäuser, Timo - In: Ifo Schnelldienst 64 (2011) 06, pp. 01-29
Target-Kredite im Eurosystem – Die Stellungnahmen der Bundesbank – Was sind Target-Salden? – Kreditverlagerung – Zur ökonomischen Interpretation der Kreditverlagerung – Target-Kredite, Leistungsbilanz und Kapitalverkehr – Fünf vor zwölf – Target-Salden in den USA – Anhang:...
Persistent link: https://www.econbiz.de/10009293517
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Target-Kredite, Leistungsbilanzsalden und Kapitalverkehr: Der Rettungsschirm der EZB
Sinn, Hans-Werner; Wollmershäuser, Timo - In: ifo Schnelldienst 64 (2011) Sonderausgabe Juni 2011, pp. 1-29
Target-Kredite im Eurosystem – Die Stellungnahmen der Bundesbank – Was sind Target-Salden? – Kreditverlagerung – Zur ökonomischen Interpretation der Kreditverlagerung – Target-Kredite, Leistungsbilanz und Kapitalverkehr – Fünf vor zwölf – Target-Salden in den USA – Anhang:...
Persistent link: https://www.econbiz.de/10011693126
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Current account adjustment in EU countries : does euro-area membership make a difference?
Herrmann, Sabine; Jochem, Axel - 2013
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10010211960
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Current Account Adjustment in EU Countries : Does Euro-Area Membership Make a Difference?
Herrmann, Sabine - 2016
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10012988643
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Regional and global financial safety nets : the recent European experience and its implications for regional cooperation in Asia
Darvas, Zsolt M. - 2017
/08 global financial and economic crisis-which were supported by the International Monetary Fund (IMF) and various European …, such as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of …, including the coexistence of the IMF and regional safety nets, cooperation issues, systemic spillovers, and social implications …
Persistent link: https://www.econbiz.de/10011715721
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Regional and global financial safety nets : the recent European experience and its implications for regional cooperation in Asia
Darvas, Zsolt M. - 2017
/08 global financial and economic crisis - which were supported by the International Monetary Fund (IMF) and various European … as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of a … lessons from European experiences, including the coexistence of the IMF and regional safety nets, cooperation issues, systemic …
Persistent link: https://www.econbiz.de/10011635367
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The Implications of TARGET2 in the European Balance of Payments Crisis and Beyond
Cesaratto, Sergio - 2015
The paper provides an account of the meaning and implications of TARGET2 in the eurozone (EZ) balance of payments crisis. In this context, it discusses Hans-Werner Sinn's thesis about a stealth bail-out of the EZ periphery by the ECB from a heterodox perspective. Financial liberalisation, a...
Persistent link: https://www.econbiz.de/10013017589
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A framework for assessing global imbalances
Bracke, Thierry; Bussière, Matthieu; Fidora, Michael; … - 2008
In this paper, we take a systematic look at global imbalances. First, we provide a definition of the phenomenon, and relate global imbalances to widening external positions of systemically important economies that reflect distortions or entail risks for the global economy. Second, we provide an...
Persistent link: https://www.econbiz.de/10011606230