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Innovation after the Revolution: Foreign Sovereign Bond Contracts Since 2003

Gulati, Mitu; Gelpern, Anna - 2009

For over a decade, contracts literature has focused on standardization. Scholars asked how terms become standard, and why they change so rarely. This line of inquiry painted a world where a standard term persists until it is dislodged by another standard term, perhaps after a brief window of...

Persistent link: https://www.econbiz.de/10009471577

Feel-Good Formalism

Gulati, Mitu; Gelpern, Anna - 2009

This essay highlights a phenomenon that has no place in the conventional theory of sophisticated business contracts: the term that makes no sense as an enforceable promise, one that defies functional explanation, one that drafters blush to rationalize in retrospect or chalk up to honest mistake....

Persistent link: https://www.econbiz.de/10009471591

Political Risk and Sovereign Debt Contracts

Gulati, Mitu; Choi, Stephen J.; Posner, Eric A. - 2011

Default on sovereign debt is a form of political risk. Issuers and creditors have responded to this risk both by strengthening the terms in sovereign debt contracts that enable creditors to enforce their debts judicially and by creating terms that enable sovereigns to restructure their debts....

Persistent link: https://www.econbiz.de/10009471592

Does the US Government Hedge against Fiscal Risk?

Berndt, Antje; Lustig, Hanno; Yeltekin, Sevin - 2009

We develop a method for measuring the amount of insurance the portfolio of government liabilities provides against scal shocks, and apply it to postwar US data. We dene scal shocks as surprises in defense spending. Our results indicate that the US federal government is partially hedged against...

Persistent link: https://www.econbiz.de/10009441130

Signalling fiscal stress in the euro area : a country-specific early warning system

Hernández de Cos, Pablo; Koester, Gerrit B.; …

La crisis de deuda soberana en la zona del euro ha aumentado el interés por los indicadores de alerta temprana. El principal objetivo de estos indicadores es anticipar la acumulación de desequilibrios fiscales para facilitar la prevención de crisis con las políticas fi scales y...

Persistent link: https://www.econbiz.de/10012530446

A framework for debt-maturity management

Bigio, Saki; Nuño Barrau, Galo; Passadore, Juan - 2019

En este trabajo se determina el problema de la gestión óptima de la deuda pública en una pequeña economía abierta. El Gobierno emite un continuo de bonos de vencimiento finito sujeto a restricciones de liquidez. Hallamos que la solución puede ser descentralizada: la emisión óptima de un...

Persistent link: https://www.econbiz.de/10012532221

A Structural Analysis of the European Monetary Union and its Effect on Greece in Light of the European Financial Crisis

Ramos, Stephanie C - 2011

for the European Financial Crisis, specifically with respect to Greece. This analysis will be driven by a trend analysis … Greek government. The ECB’s inability to enforce the Maastricht Criteria and independent fiscal policy, as well as Greece … loss of competitiveness and irresponsible rise in sovereign debt for Greece. It is inferred that the EMU was ineffective in …

Persistent link: https://www.econbiz.de/10009468765

Modeling the economic growth of Greece

Alexakos, Karolos A. - 1998

The objective of this project is to use an econometric model to examine economic growth in Greece. Using a growth model …

Persistent link: https://www.econbiz.de/10009474963

Responsible Sovereign Lending and Borrowing

Gulati, Mitu; Buchheit, Lee C. - 2010

There are three reasons for attempting to reach a common understanding of the responsibilities of sovereign borrowers and their lenders. First, the flow of capital to sovereign debtors is exceptionally important to the world economy. Industrialized countries rely on it to finance their budget...

Persistent link: https://www.econbiz.de/10009471550

Essays on Fiscal Policy and Economic Growth

Christie, Tamoya A. L. - 2011

This dissertation comprises two essays. The first essay explores how the size of government, as measured by the level of spending, affects growth. Theoretical models suggest a nonlinear relationship; however, testing this hypothesis empirically in cross-country studies is complicated by the...

Persistent link: https://www.econbiz.de/10009480801