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Lambert, Claudia; König, Philipp; Fratzscher, Marcel - In: DIW Wochenbericht 80 (2013) 44, pp. 19-28

Die Debatte über Target 2 - das Zahlungsverkehrssystem des Europäischen Systems der Zentralbanken - hat in den vergangenen Jahren zu kontroversen Diskussionen in Deutschland geführt. Die vorliegende Studie des DIW Berlin kommt zu dem Ergebnis, dass die in diesem Zusammenhang vielfach...

Persistent link: https://www.econbiz.de/10010324333

Sub-Saharan African Eurobond yields: What really matters beyond global factors?

Senga, Christian; Cassimon, Danny; Essers, Dennis - In: Review of Development Finance 8 (2018) 1, pp. 49-62

This study explores the drivers of secondary market yields of Sub-Saharan African (SSA) sovereign Eurobonds from 2008 to mid-2017. Our results indicate that, beyond global 'push' factors, country-specific 'pull' factors such as inflation and GDP growth matter too for SSA Eurobond performance. A...

Persistent link: https://www.econbiz.de/10015331380

Failed attempt to break up the oligopoly in sovereign credit rating market after financial crises

Malewska, Alicja - In: Contemporary Economics 15 (2021) 2, pp. 153-163

For decades, the credit rating market has been dominated by three major agencies (Moody's, S&P and Fitch Ratings). Their oligopolistic dominance is especially strong in sovereign credit ratings industry, where they hold a collective global share of more than 99%. Global financial crisis and the...

Persistent link: https://www.econbiz.de/10014544630

The interactions and trade-offs of sovereign Credit Default SWAP (CDS) and bond spreads in a dynamic context

Tampakoudis, Ioannis A.; Tamošiūnas, Andrius; … - In: Journal of Business Economics and Management (JBEM) 20 (2019) 3, pp. 466-488

This study provides a dynamic analysis of the lead-lag relationship between sovereign Credit Default Swap (CDS) and bond spreads of the highly indebted southern European countries, considering an extensive time sample from the period before the global financial crisis to the latest developments...

Persistent link: https://www.econbiz.de/10015401700

Eigentum und Haftung zusammenbringen

Rocholl, Jörg - In: Vierteljahrshefte zur Wirtschaftsforschung 82 (2013) 2, pp. 149-156

Das Ziel der Einheit von Eigentum und Haftung, dem bei der Einführung des Euro unter anderem durch das No-Bailout …-Prinzip Rechnung getragen wurde, hat sich während der Finanzkrise nicht erfüllt. Viel zu häufig ist Bail-out an die Stelle von Bail …The goal of unifying ownership and liability was addressed by the no-bailout principle as part of the introduction of …

Persistent link: https://www.econbiz.de/10010464606

Debt restructuring in the euro area: How can sovereign debt be restructured more effectively?

Große Steffen, Christoph; Schumacher, Julian - In: DIW Economic Bulletin 4 (2014) 10, pp. 19-27

restructuring operations and make the no-bailout rule more credible, thus re-activating the disciplinary effect of interest rates on …

Persistent link: https://www.econbiz.de/10010427271

Umschuldungen im Euroraum: Wie lassen sich Staatsschulden effizienter restrukturieren?

Große Steffen, Christoph; Schumacher, Julian - In: DIW Wochenbericht 81 (2014) 39, pp. 923-931

erleichtert und zudem die No-Bailout-Regel glaubwürdiger gestaltet, womit Anleihezinsen wieder ihre disziplinierende Wirkung auf … the event of a debt restructuring. This approach would simplify future debt restructuring operations and make the no-bailout …

Persistent link: https://www.econbiz.de/10010427284

Foreign-Law Bonds: Can They Reduce Sovereign Borrowing Costs?

Chamon, Marcos; Schumacher, Julian; Trebesch, Christoph - In: Journal of International Economics 114 (2018), pp. 164-179

Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-á-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds trade at a premium compared to domestic-law bonds. We use...

Persistent link: https://www.econbiz.de/10012489263

Early-Warning Warning Systems in Light of the International Debt Crisis

Amelung, Torsten; Mehltretter, Thorsten - In: Konjunkturpolitik, Zeitschrift für angewandte … 32 (1986) 5, pp. 257-281

The paper analyzes and tests various quantitative models to assess the probability of default of sovereign debt, such as scoring models, univariate analysis as well as logit models.The outcomes of the different models are not at a level that they could be used for forecasting or rating. There...

Persistent link: https://www.econbiz.de/10012590182

The impact of the Russo-Ukrainian war on the international sovereign debt market: The role of trade channel

Mielcarz, Paweł; Struciński, Adrian; Osiichuk, Dmytro; … - In: Contemporary Economics 18 (2024) 3, pp. 352-364

The paper quantifies the impact of the outbreak of the Russo-Ukrainian war on sovereign bond yields for 58 countries. Our findings based on event study methodology and multivariate cross-sectional regression analysis highlight the salient role of trade channel in shaping the markets' reaction to...

Persistent link: https://www.econbiz.de/10015326033