Showing 41 - 50 of 6,030
This paper examines the influence of political risk guarantees of bilateral investment treaties on debt and equity flows using panel data on middle income countries for the period 1984-2011. Adopting system GMM methodology, the paper empirically finds that ratified bilateral investment treaties...
Persistent link: https://www.econbiz.de/10010506255
Die von der Asienkrise (1997-99) betroffenen Staaten wiesen im Vorfeld der Krise positive Fundamentaldaten auf. Traditionelle Krisentheorien konnten deshalb nicht zur Erklärung der Krise herangezogen werden. In diesem Paper wird ein alternativer Erklärungsansatz für Finanzkrisen in offenen...
Persistent link: https://www.econbiz.de/10010499896
This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...
Persistent link: https://www.econbiz.de/10010474855
Credit rating agencies are frequently criticized for producing sovereign ratings that do not accurately reflect the economic and political fundamentals of rated countries. This article discusses how the home country of rating agencies could affect rating decisions as a result of political...
Persistent link: https://www.econbiz.de/10010480669
Credit rating agencies are frequently criticized for producing biased sovereign ratings. This article discusses how the home country of rating agencies could affect rating decisions as a result of political economy influences and cultural distance. Using data from nine agencies based in six...
Persistent link: https://www.econbiz.de/10011284918
This study explores the determinants of corporate bond spreads in emerging markets economies. Using a largely unexploited dataset, the paper finds that corporate bond spreads are determined by firm-specific variables, bond characteristics, macroeconomic conditions, sovereign risk, and global...
Persistent link: https://www.econbiz.de/10003775823
Persistent link: https://www.econbiz.de/10003730736
Since 2002, spreads on emerging market sovereign debt have fallen to historical lows. Given the close links between sovereign spreads, capital flows to emerging markets, and economic growth, understanding the factors driving these spreads is very important. We address this issue in two stages....
Persistent link: https://www.econbiz.de/10003749240
We provide a comprehensive analysis of the determinants of trading in the sovereign credit default swaps (CDS) market, using weekly data for single-name sovereign CDS from October 2008 to September 2015. We describe the anatomy of the sovereign CDS market, derive a law of motion for gross...
Persistent link: https://www.econbiz.de/10011541398
This paper studies the influence of external financial factors on economic activity in emerging economies (EMEs) motivated by a considerable increase in foreign financing by the corporate sector in EMEs since the early 2000s, mainly in the form of bond issuance. A quarterly external financial...
Persistent link: https://www.econbiz.de/10011519092