In the present paper an empirical analysis will point out that shadow economy tends to push up house prices, distorting real estate market. The sample covers EU, Japan and The United States. Data are taken from OECD and (Schneider et al., 2010); (Schneider, 2013). The elaboration of these panel...

This paper assesses the sensitivity of U.S. Treasury yields to supply shocks that may be triggered by massive sell-offs of U.S. Treasuries. A VAR model is estimated to analyze the supply elasticity of U.S. Treasury yields over the 2000-2008 period. The results suggest that China has the...

This paper investigates how a rise in US long-term interest rates would have an effect on other international markets. We document that a significant portion of long-term interest rates is due to term premium, which can be interpreted as compensation for inflation risk. Based on an assumed...

This paper estimates a VAR model to assess the sensitivity of U.S. Treasury yields to supply shocks that may be triggered by massive sell-offs of Treasury securities by foreign holders. The results suggest that the Treasury yield was not very susceptible to changes in supply and that if China,...

This paper evaluates the financial spillovers between the US and emerging market economies (EMEs) using the methodology advocated by Diebold and Yilmaz (2009). Based on (i) cross-asset returns of sovereign bond, equity, and foreign exchange, and (ii) 27 individual long-term sovereign bond...

Unnoticed in the literature on sovereign bonds, an innovation has been taking place over the past decade and a half. Starting with a single issuance in 2006 by Mexico and two issuances by Brazil in 2007, a small number of issuers have been using what are known as "doomsday" or "make whole" call...

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...

This article presents a computer-assisted analysis of the first large-scale mass litigation of sovereign debt claims. Between 2002 and 2016, hundreds of lawsuits were filed against Argentina in the United States, virtually all in the Southern District of New York. Historically, litigation...