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This paper explores the effects of fiscal transparency on the borrowing costs of 33 emerging and developing economies (EMs), and on foreign demand for their sovereign debt. Using multiple indicators, including a constructed one based on the published data in the IMF's Government Finance...
Persistent link: https://www.econbiz.de/10012910360
This paper examines key determinants of the distance between the sovereign's credit rating and the ratings of sub-sovereign foreign currency bonds, such as bond issuers' type, debt characteristics, and global and country's economic conditions. Using a comprehensive international bond-level...
Persistent link: https://www.econbiz.de/10012971168
With the announcement to intervene on the financial markets in case of need to keep the Eurozone intact, the ECB has attenuated the pressure of the markets on the endangered peripheral countries of the Eurozone. Critics argue that by eliminating the market’s disciplining interest mechanism,...
Persistent link: https://www.econbiz.de/10010489227
Since the onset of the eurozone sovereign debt crisis, credit risk spreads in Europe have diverged. Despite this divergence, credit risk comoves strongly within certain country groups such as the eurozone periphery. We seek to answer what the determinants of the observed pattern of credit risk...
Persistent link: https://www.econbiz.de/10010486057
important EU economies (Germany, France, the UK, Italy, Spain) during the European debt crisis. The cross-correlation function … dimensions, the BRICS CDS prices tend to Granger cause those of the EU counterparts with the exception of Germany. Italy and …
Persistent link: https://www.econbiz.de/10010247460
important EU economies (Germany, France, the UK, Italy, Spain) during the European debt crisis. The cross-correlation function …
Persistent link: https://www.econbiz.de/10010370922
Persistent link: https://www.econbiz.de/10013131146
This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries but risky in others. The answers relate to the unique power of the sovereign. One the one hand,...
Persistent link: https://www.econbiz.de/10014081238
This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing Economies (EMDEs). An overview of the ESG financing options available to sovereign issuers is followed by an analysis of the operational requirements and costs that the issuance...
Persistent link: https://www.econbiz.de/10014350469
empirical and considers the case of Italy, one of the world's largest debt issuer. We study the potential effects on the …
Persistent link: https://www.econbiz.de/10010418130