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La reforma del sistema financiero internacional: las cuestiones núcleo-periferia y el patrón dólar
Vasudevan, Ramaa - In: EKONOMIAZ 72 (2009) 03, pp. 162-179
The floating dollar standard was rooted in the aggressive pursuit of liberalized financial markets and the asymmetric integration of countries in the periphery into the international financial system. The mechanism of generating international liquidity was buttressed by the concerted advocacy of...
Persistent link: https://www.econbiz.de/10008919606
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Capital flow waves to and from Switzerland before and after the financial crisis
Yesin, Pınar Ayşe Yeşin - Schweizerische Nationalbank (SNB) - 2015
This paper first shows that capital inflows to and outflows from financial centres were disproportionately affected by the global financial crisis. Switzerland was no exception. The paper then identifies waves of capital flows to and from Switzerland from 2000:Q1 to 2014:Q2 by using a simple...
Persistent link: https://www.econbiz.de/10011122251
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Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets
Das, Udaibir S.; Papaioannou, Michael G.; Trebesch, … - International Monetary Fund (IMF) - 2010
Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to...
Persistent link: https://www.econbiz.de/10008561075
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Sovereign Ceilings "Lite"? T+L3712he Impact of Sovereign Ratingson Corporate Ratings in Emerging Market Economies
Borensztein, Eduardo; Valenzuela, Patricio; Cowan, Kevin - International Monetary Fund (IMF) - 2007
Although credit rating agencies have gradually moved away from a policy of never rating a private borrower above the sovereign (the "sovereign ceiling") it appears that sovereign ratings remain a significant determinant of the credit rating assigned to corporations. We examine this link using...
Persistent link: https://www.econbiz.de/10005604874
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What kind of capital flows does the IMF catalyze and when?
Díaz Cassou, Javier; García Herrero, Alicia; Molina … - 2006
Using empirical analysis, complemented with case studies, this paper studies under which circumstances IMF programs … the role of conditionality –as opposed to signalling and liquidity– as the strongest channel through which IMF catalyzes …
Persistent link: https://www.econbiz.de/10012530128
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International Financial Contagion and the Fund; A Theoretical Framework
Clark, Peter B.; Huang, Haizhou - International Monetary Fund (IMF) - 2001
a lower IMF rate. Highly indebted countries hit by large negative shocks to output will default. The resulting reduction … further rounds of defaults. In this environment the IMF can limit default and internalize the externality generated by … contagion through its lending with conditionality. We characterize the IMF's optimal lending decision in mitigating the loss in …
Persistent link: https://www.econbiz.de/10005826144
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What explains sovereign debt litigation
Schumacher, Julian; Trebesch, Christoph; Enderlein, Henrik - 2015
We study the occurrence of holdout litigation in the context of sovereign defaults. The number of creditor lawsuits against foreign governments has strongly increased over the past decades, but there is a large variation across crisis events. Why are some defaults followed by a "run to the...
Persistent link: https://www.econbiz.de/10010512583
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Stimulus vs. austerity vs. default
Cuadra, Gabriel; Ramos-Francia, Manuel - 2014
There is an ongoing debate about austerity and stimulus in the Euro zone. Moreover, given the fiscal and financial problems in the region, a default has appeared likely at times. In this context, this paper develops a dynamic stochastic quantitative model of sovereign default with fiscal policy,...
Persistent link: https://www.econbiz.de/10010370901
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Sovereign risk, interbank freezes, and aggregate fluctuations
Engler, Philipp; Große Steffen, Christoph - 2014
This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank...
Persistent link: https://www.econbiz.de/10010457126
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The IMF's role in sovereign debt restructurings
IRC Task Force on IMF and Global Financial Governance Issues - 2021
(IMF or "the Fund") and with a special attention to the role that the Fund can play in facilitating orderly restructuring …
Persistent link: https://www.econbiz.de/10012617783