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Restructuring sovereign bonds : holdouts, haircuts and the effectiveness of CACs

Fang, Chuck; Schumacher, Julian; Trebesch, Christoph - 2021 - This version: November 2020

Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new dataset of 23 bond restructurings with external...

Persistent link: https://www.econbiz.de/10012405397

Selective default expectations

Accominotti, Olivier; Albers, Thilo N. H.; Oosterlinck, Kim - 2021

Persistent link: https://www.econbiz.de/10012604005

The liquidity of the government bond market - what impact does quantitative easing have? : evidence from Sweden

Grimaldi, Marianna; Crosta, Alberto; Zhang, Dong - 2021

We consider the effects of quantitative easing on the liquidity of the Swedish government bonds. To capture multiple … dimensions of liquidity we use several measures built on a unique and highly granular transaction-based dataset. We find that the … Riksbank's purchases of government bonds improved liquidity, but only to a point. In fact, the deterioration in the level of …

Persistent link: https://www.econbiz.de/10012511146

The dynamic effects of non-performing loans on banks’ cost of capital and lending supply in the Eurozone

Chiesa, Gabriella; Mansilla-Fernández, José Manuel - In: Empirica : journal of european economics 48 (2021) 2, pp. 397-427

Persistent link: https://www.econbiz.de/10012543867

On the term structure of liquidity in the European sovereign bond market

O'Sullivan, Conall; Papavassiliou, Vassilios G. - In: Journal of banking & finance 114 (2020), pp. 1-26

Persistent link: https://www.econbiz.de/10012489011

Defaultable sovereign debts with macroeconomic conditions and periodic news

Li, Weiping - In: International journal of financial engineering 8 (2021) 1, pp. 1-35

Persistent link: https://www.econbiz.de/10012654826

Safe assets, credit provision and debt management

Chiesa, Gabriella - In: Open economies review 31 (2020) 3, pp. 637-667

Persistent link: https://www.econbiz.de/10012302097

What factors shape the liquidity levels of euro area sovereign bonds?

Jurksas, Linas - In: Open economics 1 (2018) 1, pp. 154-166

The purpose of this paper is to determine the factors that shape the liquidity levels of euro area sovereign bonds. The … values of liquidity measure and explanatory variables were calculated from the limitorder book dataset for almost five …-sectional regression model. The results revealed that characteristics of sovereign bonds are indeed highly linked with bond liquidity …

Persistent link: https://www.econbiz.de/10011989217

Government debt and growth : the role of liquidity

Grobéty, Mathieu - 2017 - This draft: August 2017

Persistent link: https://www.econbiz.de/10011735813

Sovereign debt with heterogeneous creditors

Ntellas, Charēs; Niepelt, Dirk - In: Journal of international economics 99 (2016), pp. 16-26

Persistent link: https://www.econbiz.de/10011655055