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Spain), and the Target claims of the German Bundesbank increased significantly. If the Eurozone collapses, the German …
Persistent link: https://www.econbiz.de/10009764406
is described using a stochastic regime-switching model; second, the euro area governments' responses to uncertain … macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area … understand key drivers of the long-winded negotiations between the Syiza government and the euro area governments …
Persistent link: https://www.econbiz.de/10012999786
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We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent fiscal impatience which leads to excessive issuing of...
Persistent link: https://www.econbiz.de/10013121867
We analyze how concerns for model misspecification on the part of international lenders affect the desirability of issuing state-contingent debt instruments in a standard sovereign default model à la Eaton and Gersovitz (1981). We show that for the commonly used threshold state-contingent bond...
Persistent link: https://www.econbiz.de/10014030625
, which are disproportionately affected by climate change, raises significant concerns. This study shows that sovereign risk …. Countries with elevated risk levels are disproportionately vulnerable to climate change compared to their lower-risk … vulnerability to climate change, in terms of sovereign risk, particularly for countries with low spreads and long-term debt …
Persistent link: https://www.econbiz.de/10014529900
this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this … financial sector may have exacerbated the emergence of macroeconomic imbalances within the euro area. Additionally, we show the …
Persistent link: https://www.econbiz.de/10011299044
this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this … financial sector may have exacerbated the emergence of macroeconomic imbalances within the euro area. Additionally, we show the …
Persistent link: https://www.econbiz.de/10010497607