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

Corneli, Flavia - 2011

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 … anticipate that the country has an incentive to default after a liquidity shock. Indeed, in the event of such a shock, we show …

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

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

Corneli, Flavia - 2011

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 … the country has an incentive to default after a liquidity shock. Indeed, we show that the country may choose to retain …

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

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

Life after Default : Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia; Masi, Tania - 2019

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/10014119229

Life after Default? Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia - 2017

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

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

Chapter 12. International Financial Crises

Lorenzoni, Guido - In: Handbook of international economics : Volume 4, (pp. 689-740). 2014

This chapter surveys recent research on international financial crises. A financial crisis is characterized by a sudden, dramatic outflow of financial resources from an economy with an open capital account. This outflow may be primarily driven by the expectation of a large nominal devaluation,...

Persistent link: https://www.econbiz.de/10014025374

Sovereign debt and reserves with liquidity and productivity crises

Corneli, Flavia; Tarantino, Emanuele - In: Journal of international money and finance 65 (2016), pp. 166-194

Persistent link: https://www.econbiz.de/10011668416

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/10013240933

Knockin’ on H(e)aven’s Door. Financial Crises and Hidden Wealth

Marchesi, Silvia; Marcolongo, Giovanna - 2023

This paper investigates the link between financial crises in developing countries and the variation of bank deposits in offshore financial centers. Using both a two-way fixed effects and a stacked difference-in-differences estimator, we find that after three years since the beginning of the...

Persistent link: https://www.econbiz.de/10014355185