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Optimal fiscal policy and sovereign debt crises

Niemann, Stefan; Pichler, Paul - 2017

Persistent link: https://www.econbiz.de/10011763302

Sovereign debt spread and default in a model with self-fulfilling prophecies and asymmetric information

Blot, Christophe; Ducoudré, Bruno; Timbeau, Xavier - In: Journal of macroeconomics 47 (2016), pp. 281-299

Persistent link: https://www.econbiz.de/10011707643

Modelling European sovereign default probabilities with copulas

Szetela, Beata; Mentel, Grzegorz; Brożyna, Jacek - In: Economic research 32 (2019) 1,2, pp. 1716-1726

Persistent link: https://www.econbiz.de/10012433859

Sovereign default risk, macroeconomic fluctuations and monetary-fiscal stabilisation

Kirchner, Markus; Rieth, Malte - 2020

This paper examines the role of sovereign default beliefs for macroeconomic fluctuations and stabilisation policy in a small open economy where fiscal solvency is a critical problem. We set up and estimate a DSGE model on Turkish data and show that accounting for sovereign risk significantly...

Persistent link: https://www.econbiz.de/10012316605

Reputation and Sovereign Default

Amador, Manuel - 2018

This paper presents a continuous-time model of sovereign debt. In it, a relatively impatient sovereign government's hidden type switches back and forth between a commitment type, which cannot default, and an optimizing type, which can default at any time, and assume outside lenders have...

Persistent link: https://www.econbiz.de/10012453038

Sovereign Uncertainty

Silgado-Gómez, Edgar - 2020

This paper investigates the transmission of uncertainty about the state of government finances on economic activity. I first employ a data-rich approach to extract a novel proxy that captures uncertainty surrounding the public finances of the Spanish economy, to which I refer as sovereign...

Persistent link: https://www.econbiz.de/10012846834

Endogenous Political Turnover and Fluctuations in Sovereign Default Risk

Chatterjee, Satyajit - 2017

A sovereign default model in which the sovereign derives private benefits from public office and contests elections to stay in power is developed. The economy's growth process is modeled as a Markov switching regime, which is shown to be a better description of the data for our set of emerging...

Persistent link: https://www.econbiz.de/10012965739

Sovereign Immunity and Sovereign Debt

Weidemaier, Mark C. - 2013

theory. First, although the decision to abandon the doctrine of absolute immunity was a major legal and policy shift - one … relevance of legal enforcement in the sovereign debt markets. Finally, contract theory posits that sovereign bonds and other … suggests that contract theory should recognize that a wider range of forces may prompt standardized contracts to change …

Persistent link: https://www.econbiz.de/10014163470

The politics of redistribution and sovereign default

Scholl, Almuth - 2023

This paper studies how distributional and electoral concerns shape sovereign default incentives within a quantitative model of sovereign debt with heterogeneous agents and non-linear income taxation. The small open economy is characterized by a two-party system in which the left-wing party has a...

Persistent link: https://www.econbiz.de/10014248102

The Elusive Costs of Sovereign Defaults

Levy-Yeyati, Eduardo Levy - 2011

Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses. However, most of the evidence supporting this conventional wisdom, based on annual observations, suffers from serious measurement and identification problems. To address...

Persistent link: https://www.econbiz.de/10013126235