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Quid pro quo : national institutions and sudden stops in international capital movements

Cavallo, Eduardo A. (contributor); … - 2006

benchmark model of sovereign default and direct creditor sanctions by Obstfeld and Rogoff (1996). In their model it is in the … enhances the credibility of the country's promise to repay and prevents default altogether. We incorporate two key features of … at all costs" may be very bad advice indeed. -- Sudden Stops ; National Institutions ; Debt Accumulation ; Default …

Persistent link: https://www.econbiz.de/10003775744

Large net foreign liabilities of euro area countries : risks, prospects and policy options

Zorell, Nico - 2017

Over recent years, several euro area countries have registered large and persistent net foreign liabilities. This paper examines the risks arising from these external stock imbalances, the prospects for their smooth unwinding and the menu of policy options. The paper demonstrates that external...

Persistent link: https://www.econbiz.de/10011732721

Resolving Sovereign Debt Crises : The Role of Political Risk

Trebesch, Christoph - 2018

Sovereign defaults are bad news for investors and debtor countries, in particular if a default becomes messy and … to exit a default quickly …

Persistent link: https://www.econbiz.de/10012910995

Peru's Selective Default : A Stain on its Creditworthiness

Porzecanski, Arturo C. - 2016

In the 1970s, while a leftist military dictatorship ruled Peru, more than 22 million acres of cultivated or grazing farmland – one-third of Peru's total agricultural acreage, or seven-and-a-half times the land area of Connecticut – were expropriated from thousands of large owners as part of...

Persistent link: https://www.econbiz.de/10012999571

Transnational Governance in Global Finance : The Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets

Ritter, Raymond - 2021

This paper analyses and assesses the track record and effectiveness of the so-called “Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets”, which have emerged as an important instrument for crisis prevention and crisis resolution in the international financial...

Persistent link: https://www.econbiz.de/10013316415

Foreign currency debt, financial crises and economic growth: A long run view

Bordo, Michael D.; Meissner, Christopher M.; Stuckler, David - 2009

Foreign currency debt is widely believed to increase risks of financial crisis, especially after being implicated as a cause of the East Asian crisis in the late 1990s. In this paper, we study the effects of foreign currency debt on currency and debt crises and its indirect effects on short-term...

Persistent link: https://www.econbiz.de/10010282106

Capital flows : isues and polices

Montiel, Peter - 2013

This paper presents an analytical overview of recent contributions to the literature on the policy implications of capital flows in emerging and developing countries, focusing specifically on capital inflows as well as on the links between inflows and subsequent capital-flow reversals. The...

Persistent link: https://www.econbiz.de/10010244171

International credit flows and pecuniary externalities

Brunnermeier, Markus Konrad; Sannikov, Yuliy - 2015

This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...

Persistent link: https://www.econbiz.de/10010474855

Political economics of external sovereign defaults

Achury, Carolina; Koulovatianos, Christos; Tsoukalas, John - 2015

and sovereign default. We analytically characterize debt-GDP thresholds that foster cooperation among rent seeking groups … and avoid default. Our analysis and application helps in understanding the politico-economic sustainability of sovereign …

Persistent link: https://www.econbiz.de/10011302496

On the Design of Sovereign Bond-Backed Securities

Barucci, Emilio - 2019

We analyze Sovereign Bond-Backed Securities, concentrating our attention on the return of the diﬀerent tranches and on their risk. We show that as the correlation level among defaults increases, the yield rate of senior tranches increases while the yield rate of junior tranches decreases. A...

Persistent link: https://www.econbiz.de/10012858438

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