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Do Fiscal Rules Cause Fiscal Discipline Over the Electoral Cycle?
Eklou, Kodjovi - 2020
This paper estimates the causal effect of fiscal rules on political budget cycles in a sample of 67 developing countries over the period 1985-2007. We exploit the geographical pattern in the adoption of fiscal rules to isolate an exogenous source of variation in the adoption of national fiscal...
Persistent link: https://www.econbiz.de/10012843304
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Measuring Liquidity of Spanish Debt
Cambón, María Isabel - 2019
Assessing liquidity in fixed-income markets is becoming very important in the cur-rent context of extremely low interest rates which, in general terms, is encouraging the acquisition of riskier and (potentially) less liquid assets. Although there is the perception that bond market liquidity...
Persistent link: https://www.econbiz.de/10012868730
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Beyond spreadsmeasuring sovereign market stress in the euro area
Garcia de Andoain, Carlos; Kremer, Manfred - 2018
In this paper we propose a composite indicator that measures multidimensional sovereign bond market stress in the euro area as a whole and in individual euro area member states. It integrates measures of credit risk, volatility and liquidity at short-term and long-term bond maturities into a...
Persistent link: https://www.econbiz.de/10011921004
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Sovereign Debt and Sustainable Development Culture
Hoepner, Andreas G. F. - 2013
with new information sets. One of this new information sets could be indicators of a sustainability focused national … yields and the longest established rating of national sustainability culture: the "oekom country rating" of oekom research AG …, which was launched in 2001. We hypothesize that sustainability culture reduces government bond yields. Based on an eleven …
Persistent link: https://www.econbiz.de/10013078885
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Sovereign Default Risk and Climate Change : Is it Hot Enough ?
Diarra, Ibrahima; Jaber, Adham - 2022
We estimate the effects of temperature anomalies – temperature’s deviation from its long-run mean – on sovereign default risk and explore the transmission channels. We use cross-country panel data covering 76 countries over the period 1999-2017. Our results suggest that an increase of...
Persistent link: https://www.econbiz.de/10013492460
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The Global Debt Restructuring Architecture Debate and a Proposal for an Environmental Sovereign Debt Restructuring Mechanism (E-SDRM)
Savvopoulou, Ersi Iliana - 2023
This paper provides an overview of the ongoing debate on the international Sovereign Debt Restructuring Mechanism (SDRM) architecture by highlighting two key aspects, the contractual and the statutory approach, while also alluding to alternatives that have been set forth, such as arbitration,...
Persistent link: https://www.econbiz.de/10014356355
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Finanzierung von Staatsaufgaben : nachhaltige Finanzpolitik und Schuldenbremse
Kurz, Rudi - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 104 (2024) 1, pp. 29-32
Multiple crises and ecological transformation are driving an intense debate about government credit financing and its restriction by the constitutional debt brake. The Board of Academic Advisors at the BMWK has presented a proposal on how more flexibility would be possible without undermining...
Persistent link: https://www.econbiz.de/10014474329
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The dynamycs of the volume and structure of interest on the public debt of the Republic of Serbia
Petković, Dragana; Đurović Todorović, Jadranka; … - In: Ekonomika : međunarodni časopis za ekonomsku teoriju … 60 (2014) 4, pp. 253-262
Persistent link: https://www.econbiz.de/10010493132
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The fundamentals of sovereign debt sustainability : evidence from 15 OECD countries
Schoder, Christian - 2013
We study the sustainability of sovereign debt accumulation in 15 OECD countries using quarterly data from 1980 to 2010 … with a focus on how and in what countries debt sustainability changed after the commencement of the Euro Convergence … Criteria in 1997 as well as after the financial meltdown in 2007. We define sustainability as the validity of the inter …
Persistent link: https://www.econbiz.de/10009746993
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Sovereign debt and economic growth revisited : the role of (non-)sustainable debt thresholds
Antonakakis, Nikolaos - 2014
Persistent link: https://www.econbiz.de/10010478057