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Don't Stop Me Now: The Impact of Credit Market Segmentation on Firms' Financing Constraints

Bremus, Franziska Maria; Neugebauer, Katja - 2015

In this paper, we investigate how the withdrawal of banks from their cross-border business has impacted on firms' borrowing costs since the recent crisis. We combine aggregate information on total and cross-border credit with firm-level data from the Survey on the Access to Finance of SMEs in...

Persistent link: https://www.econbiz.de/10011301453

Foreign Law Bonds: Can They Reduce Sovereign Borrowing Costs?

Schumacher, Julian; Chamon, Marcos; Trebesch, Christoph - 2015

The Greek debt restructuring of 2012 showed that the legal terms of sovereign bonds can protect creditors against losses, in particular the type of governing law. This paper studies whether sovereign bonds that are issued in foreign jurisdictions trade at a premium vis-a-vis domestic-law bonds....

Persistent link: https://www.econbiz.de/10011301795

Designing the ESM—Who Profits, Who Pays?

Herz, Bernhard; Bauer, Christian; Hild, Alexandra - 2016

The European Stability Mechanism (ESM) is the permanent crisis prevention mechanism of the euro area. It was established in 2012 under considerable time pressure in an environment dominated by the financial crisis in the euro area. We analyze the costs of the current (suboptimal) design of the...

Persistent link: https://www.econbiz.de/10011527836

IMF and Economic Growth: The Effects of Programs, Loans, and Compliance with Conditionality

Dreher, Axel - 2005

In theory, the IMF could influence economic growth via several channels, among them advice to policy makers, money disbursed under its programs, and its conditionality. This paper tries to disentangle those effects empirically. Using panel data for 98 countries over the period 1970-2000 it...

Persistent link: https://www.econbiz.de/10010295964

The debt-growth nexus in poor countries: a reassessment

Presbitero, Andrea F. - 2006

This paper investigates the relationship between external indebtedness and economic growth, with a particular attention to LICs, for which the theoretical arguments of debt overhang and liquidity constraint have to be reconsidered. The estimation of a growth model, with a panel of 121 developing...

Persistent link: https://www.econbiz.de/10010296007

Default, Electoral Uncertainty and the Choice of Exchange Regime

Hefeker, Carsten - 2007

crisis depends on the level of debt that has to be serviced, a default makes a devaluation less likely. Expected devaluation … depends thus on expectations about default which is also a function of the type of policymaker. Therefore, the decision to … devalue can be forced upon the government by adverse expectations about default and the type of policymaker in office. I also …

Persistent link: https://www.econbiz.de/10010296027

The Impact of Political Risk on Sovereign Bond Spreads - Evidence from Latin America

Moser, Christoph - 2007

Sovereign risk is defined as a country?s ability-to-pay and willingness-to-pay its debt. This paper examines how cabinet reshuffles affecting the ministry of finance or economics are perceived by sovereign bond holders in twelve Latin American countries from 1992 to 2005. We find that such...

Persistent link: https://www.econbiz.de/10010296045

Boon or Burden? The Effect of Private Sector Debt on the Risk of Sovereign Default in Developing Countries

Celasun, Oya; Harms, Philipp - 2008

likelihood of sovereign default in developing countries. While there are theoretical arguments both in favor and against a … in total external debt is associated with a reduced likelihood of sovereign default. …

Persistent link: https://www.econbiz.de/10010301428

Delays in Sovereign Debt Restructurings. Should we really blame the creditors?

Trebesch, Christoph - 2008

Disorderly debt restructurings can be detrimental for debtor countries and creditors alike. This paper investigates delays in sovereign debt restructurings using a comprehensive new dataset since 1980. Why are some debt crises settled in just a few months, while others take many years? Have...

Persistent link: https://www.econbiz.de/10010301447

Do IMF and World Bank programs induce government crises An empirical analysis

Dreher, Axel; Gassebner, Martin - 2008

We examine whether and under which circumstances World Bank projects and IMF programs affect the likelihood of major government crises. Using a sample of more than 90 developing countries over the period 1970-2002, we find that crises are on average more likely in the presence of Bank and Fund...

Persistent link: https://www.econbiz.de/10010301454

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