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The European sovereign debt crisis : what have we learned?
Kräussl, Roman; Lehnert, Thorsten; Stefanova, Denitsa - 2016
Persistent link: https://www.econbiz.de/10011565485
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The European sovereign debt crisis : what have we learned?
Kräussl, Roman; Lehnert, Thorsten; Stefanova, Denitsa - 2017
This paper sets the background for the Special Issue of the Journal of Empirical Finance on the European Sovereign Debt Crisis. It identifies the channel through which risks in the financial industry leaked into the public sector. It discusses the role of the bank rescues in igniting the...
Persistent link: https://www.econbiz.de/10011588156
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Gambling traps
Ari, Anil - 2018
I propose a dynamic general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and slow recovery from crises. When banks' investment decisions are not contractible, depositors form expectations about bank risk-taking and demand a...
Persistent link: https://www.econbiz.de/10011959253
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Sovereign debt in the 21st century : looking backward, looking forward
Mitchener, Kris; Trebesch, Christoph - 2021
How will sovereign debt markets evolve in the 21st century? We survey how the literature has responded to the eurozone debt crisis, placing "lessons learned" in historical perspective. The crisis featured: (i) the return of debt problems to advanced economies; (ii) a bank-sovereign "doom-loop"...
Persistent link: https://www.econbiz.de/10012489670
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China as an international lender of last resort
Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - 2023 - First draft: March 2023
together, China’s overseas bailouts correspond to more than 20 percent of total IMF lending over the past decade and bailout …
Persistent link: https://www.econbiz.de/10014247738
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Self-inflicted debt crises
Dimopoulos, Theodosios Sakis; Schürhoff, Norman - 2021
Persistent link: https://www.econbiz.de/10012436611
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Self-inflicted debt crises
Dimopoulos, Theodosios; Schürhoff, Norman - 2021
borrowers misprice the option to default with a U-shaped negative pricing error. The myopia discount changes the optimal bailout … policy. Myopia gets punished when the distortions from default mispricing outweigh the future bailout costs, resulting in … procrastinated default and protracted crises. The model shows that (i) myopia is an important determinant for bailout policy, (ii …
Persistent link: https://www.econbiz.de/10012487611
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The impact of bailouts on the probability of sovereign debt crises : evidence from IMF-supported programs
Balima, Wenéyam Hippolyte; Sy, Amadou N. R. - 2019
This paper studies the role of IMF-supported programs in mitigating the likelihood of subsequent sovereign defaults in borrowing countries. Using a panel of 106 developing countries from 1970 to 2016 and an entropy balancing methodology, we find that IMF-supported programs significantly reduce...
Persistent link: https://www.econbiz.de/10011996413
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Sovereign risk and bank risk-taking
Ari, Anil - 2015
Persistent link: https://www.econbiz.de/10011293364
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Italy in the Eurozone
Keuschnigg, Christian; Kirschner, Linda; Kogler, Michael; … - 2020
Persistent link: https://www.econbiz.de/10012240687