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Do government guarantees really matter in fixed exchange rate regimes?

Janot, Marcio Magalhães; Garcia, Márcio Gomes Pinto; … - In: EconomiA 20 (2019) 3, pp. 139-152

Since the mid 1990s, theories of speculative attacks have argued that fixed exchange rate regimes induce excessive borrowing in foreign currency as an optimal response to implicit guarantees that the government will not devalue the domestic currency. Using data on Brazilian firms before and...

Persistent link: https://www.econbiz.de/10013466661

Wage dynamics and inequality in the Brazilian formal labor market

Arabage, Amanda Cappellazzo; Souza, André Portela - In: EconomiA 20 (2019) 3, pp. 153-190

This paper investigates the decrease in wage inequality among working age men in the Brazilian formal labor market by decomposing it into its permanent and transitory components. The permanent component refers to workers' productivity characteristics such as education and abilities, whereas the...

Persistent link: https://www.econbiz.de/10013466662

Basel II – Benefits for Developing Countries?

Metzger, Martina - In: Intervention. Zeitschrift fuer Ökonomie / Journal of … 03 (2006) 1, pp. 131-150

The major target of the new capital accord which was adopted in 2004 and is implemented not before 2007 is to prevent bad banking by introducing more risk-sensitive capital requirements. This paper analyses the impacts of Basel II on developing countries which have been most strongly affected by...

Persistent link: https://www.econbiz.de/10014362974

Selective Default Expectations

Accominotti, Olivier; Albers, Thilo N. H.; Oosterlinck, Kim - 2023

This paper explores how selective default expectations affect the pricing of sovereign bonds in a historical laboratory …: the German default of the 1930s. We analyze yield differentials between identical government bonds traded across various … selective default probability can be priced in bond yield spreads. Selective default risk accounted for one third of the yield …

Persistent link: https://www.econbiz.de/10014467879

Local currency sovereign debt markets, global financial conditions and the role of foreign investors

Suedekum, Guilherme - 2023

This paper studies how the presence of foreign investors in local currency sovereign debt markets contributes to the transmission of global financial conditions to emerging market economies. My estimations indicate that the higher the share of local currency government bonds held by foreign...

Persistent link: https://www.econbiz.de/10014476367

The channels of international comovement

Barbiero, Omar - 2023

How does exposure to international markets affect returns and cash flow comovements? Foreign bond owners, lenders, affiliates, investors, customers, and suppliers all transmit country shocks to companies. Most multinationals have many of these exposures simultaneously within the same foreign...

Persistent link: https://www.econbiz.de/10014480486

Debt affordability in developed and emerging market economies: The role of fiscal rules

Valencia, Oscar M.; Gómez González, José Eduardo; … - 2022

This paper studies the effect of fiscal rules on debt affordability in a large set of developed and emerging market economies, using a panel data model which allows the inclusion of weakly exogenous regressors, and which deals appropriately with cross-sectional dependence. The results show a...

Persistent link: https://www.econbiz.de/10014518173

Bridging the gap: Mobilization of multilateral development banks in infrastructure

Avellán, Leopoldo; Galindo Andrade, Arturo José; … - 2022

We explore how Multilateral Development Banks (MDBs) can help to fill a large infrastructure financing gap in developing countries by indirectly mobilizing resources from other entities. The analysis focuses on more than 6,500 transactions in 2005-2020 to developing and emerging markets from the...

Persistent link: https://www.econbiz.de/10014518219

The risk of external financial crisis

Cavallo, Eduardo A.; Fernández Arias, Eduardo; … - 2022

This paper explores the empirical determinants of external crises on a world panel dataset of 62 countries over the fifty-year period 1970-2019 and estimates their risk trade-offs with the aim of informing macrofinancial prudential policies. The determinants include countries' external balance...

Persistent link: https://www.econbiz.de/10014518250

Bond Yield Spreads and Country Risk: A Lasting Relationship?

Scholtens, Bert - In: Kredit und Kapital 35 (2002) 2, pp. 193-215

Renditespannen bei Wertpapieren und Länderrisiko: Eine dauerhafte Beziehung? In diesem Beitrag wird untersucht, ob sich bei Wertpapieren die Renditespannen für eine Darstellung des Länderrisikos eignen. Da Wertpapierkurse und -renditen auf dem Sekundärmarkt bestimmt werden, könnten sich im...

Persistent link: https://www.econbiz.de/10014521881