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Reserve Management and Sovereign Debt Cost in a World with Liquidity Crises

Corneli, Flavia - 2011

the country has an incentive to default after a liquidity shock. Indeed, we show that the country may choose to retain … world with liquidity crises and strategic default, we model a contracting game between international lenders and a country … probability of liquidity shocks is high enough; however the cost of debt increases in reserves when the lenders anticipate that …

Persistent link: https://www.econbiz.de/10013125687

Reserve Management and Sovereign Debt Cost in a World with Liquidity Crises

Corneli, Flavia - 2011

anticipate that the country has an incentive to default after a liquidity shock. Indeed, in the event of such a shock, we show … world with liquidity crises and strategic default, we model a contracting game between international lenders and a country … reserves if the probability of liquidity shocks is high enough; however the cost of debt increases in reserves when the lenders …

Persistent link: https://www.econbiz.de/10013132969

Life after Default? Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia - 2017

This paper studies the relationship between sovereign debt default and annual GDP growth taking into account the depth of a debt restructuring and distinguishing between commercial and official sovereign debt restructurings. Analyzing 73 default episodes in 117 countries over the period...

Persistent link: https://www.econbiz.de/10012965600

Restructuring sovereign bonds : holdouts, haircuts and the effectiveness of CACs

Fang, Chuck; Schumacher, Julian; Trebesch, Christoph - 2021 - This version: November 2020

Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new dataset of 23 bond restructurings with external...

Persistent link: https://www.econbiz.de/10012405397

Life After Default : Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia - 2018

This paper studies the relationship between sovereign debt default and annual GDP growth taking into account the depth of a debt restructuring and distinguishing between private and official deals, as well as between debt flow and stock reduction. Analyzing 520 restructuring episodes, over the...

Persistent link: https://www.econbiz.de/10012908137

Life after Default : Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia; Masi, Tania - 2019

Persistent link: https://www.econbiz.de/10014119229

Sovereign haircuts : 200 years of creditor losses

Luckner, Clemens von <Graf>; Meyer, Josefin; Reinhart, … - 2024

We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or "haircuts". Our sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor losses vary widely (from none to 100%), but the...

Persistent link: https://www.econbiz.de/10014557831

Die Schuldenkrise des Globalen Südens : Verfahren zu ihrer Bewältigung schaffen

Liebal, Mara; Rehbein, Kristina - In: Vierteljahrshefte zur Wirtschaftsforschung 88 (2019) 4, pp. 67-76

Ausgelöst durch das Zusammentreffen niedriger Zinsen in reichen Ländern und einem hohen Finanzierungsbedarf für Infrastruktur in vielen ärmeren Ländern befindet sich die Verschuldung der Länder des Globalen Südens seit Jahren auf einem dramatisch hohen Niveau. Hohe Schuldendienstzahlungen...

Persistent link: https://www.econbiz.de/10012155264

Pricing Sovereign Debt in Resource-Rich Economies

McGregor, Thomas - 2019

How do oil price movements affect sovereign spreads in an oil-dependent economy? I develop a stochastic general equilibrium model of an economy exposed to co-moving oil price and output processes, with endogenous sovereign default risk. The model explains a large proportion of business cycle...

Persistent link: https://www.econbiz.de/10012858384

International transmission of interest rates : the role of international reserves and sovereign debt

Afonso, António; Huart, Florence; Jalles, João Tovar; … - 2021

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level...

Persistent link: https://www.econbiz.de/10012504452

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