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Can this time be different? Policy options in times of rising debt
Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; … - 2020
Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past debt buildups have often ended in widespread...
Persistent link: https://www.econbiz.de/10012388936
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Can this time be different? : policy options in times of rising debt
Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; … - 2020 - This version: March 2020
Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past debt buildups have often ended in widespread...
Persistent link: https://www.econbiz.de/10012195063
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Bad News Bankers : Underwriter Reputation and Contagion in Pre-1914 Sovereign Debt Markets
Indarte, Sasha - 2019
This paper uses new data on the timing of sovereign defaults during 1869-1914 to quantify an informational channel of contagion via shared financial intermediaries. Concerns over reputation incentivized Britain's merchant banks to monitor, advise, and occasionally bail out sovereigns. Default...
Persistent link: https://www.econbiz.de/10012902171
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Empirical research on sovereign debt and default
Tomz, Michael; Wright, Mark L. J. - 2012
The long history of sovereign debt and the associated enforcement problem have attracted researchers in many fields. In this paper, we survey empirical work by economists, historians, and political scientists. As we review the empirical literature, we emphasize parallel developments in the...
Persistent link: https://www.econbiz.de/10010292163
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Sovereign Bonds since Waterloo
Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph - 2019
This paper studies external sovereign bonds as an asset class. We compile a new database of 220,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering 91 countries. Our main insight is that, as in equity...
Persistent link: https://www.econbiz.de/10012263139
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Bondholders vs. bond-sellers? Investment banks and conditionality lending in the London market for foreign government debt, 1815-1913
Flandreau, Marc; Flores, Juan - 2011
This paper offers a theory of conditionality lending in 19th-century international capital markets. We argue that … conditionality loans and monitor countries' financial policies also enabled them to deal with solvency. We find that, compared with … prestigious bankers, bondholders' committees had neither the tools nor the prestige required for effectively dealing with …
Persistent link: https://www.econbiz.de/10012669352
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Sovereign debt in the 21st century
Mitchener, Kris James; Trebesch, Christoph - 2022
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/10013366743
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Haircut size, haircut type and the probability of serial sovereign debt restructurings
Schröder, Christoph - 2014
This paper complements the empirical literature on sovereign debt restructurings by analyzing potential determinants of (near-term) follow-up restructurings after a restructuring has taken place. The probability of follow-up restructurings is estimated by means of survival models using a unique...
Persistent link: https://www.econbiz.de/10010464348
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Why Does Sovereign Risk Differ for Domestic and Foreign Investors? Evidence from Scandinavia, 1938­­–1948
Waldenström, Daniel - 2006
Recent theoretical models suggest that the costs governments face when defaulting on their domestic and external debt may differ considerably. This paper examines if this proposed cost difference is reflected in sovereign risk spreads across domestic and foreign markets. Specifically, I analyze...
Persistent link: https://www.econbiz.de/10010320163
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Does sovereign risk differ for domestic and foreign investors? Historical evidence from Scandinavian bond markets
Waldenström, Daniel - 2005
This paper shows that geographical investor heterogeneity strongly influences sovereign risk. While standard sovereign debt models mainly attribute the absence of sovereign defaults to foreign creditor retaliation, a new theoretical literature argues that domestic creditors also affect borrowing...
Persistent link: https://www.econbiz.de/10010281261