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Sovereign Borrowing, Financial Assistance and Debt Repudiation
Kirsch, Florian; Rühmkorf, Ronald - 2013
Official lenders provide financial assistance to countries that face sovereign debt crisis. The availability of financial assistance has counteracting effects on the default incentives of governments. On the one hand, financial assistance can help to avoid defaults by bridging times of...
Persistent link: https://www.econbiz.de/10010312972
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Sovereign borrowing, financial assistance and debt repudiation
Kirsch, Florian; Rühmkorf, Ronald - 2013
Official lenders provide financial assistance to countries that face sovereign debt crisis. The availability of financial assistance has counteracting effects on the default incentives of governments. On the one hand, financial assistance can help to avoid defaults by bridging times of...
Persistent link: https://www.econbiz.de/10009748733
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Staatsschuldenkrise in Europa : ist die Finanzierung der Schuldnerländer alternativlos?
Smeets, Heinz-Dieter - 2011
Der vorliegende Beitrag führt einen Vergleich zwischen der bisher dominierenden Finanzierung von Schuldnerstaaten auf der einen Seite und der Insolvenz solcher Länder, verbunden mit einer Rekapitalisierung der Banken, auf der anderen Seite durch. Hierzu werden die mit den beiden Strategien...
Persistent link: https://www.econbiz.de/10009373930
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Sovereign borrowing, financial assistance, and debt repudiation
Kirsch, Florian; Rühmkorf, Ronald - In: Economic theory : official journal of the Society for … 64 (2017) 4, pp. 777-804
Persistent link: https://www.econbiz.de/10011946058
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Welfare gains of bailouts in a sovereign default model
Pancrazi, Roberto; Seoane, Hernán D.; Vukotic, Marija - 2019
open economy requests a bailout from an international financial institution, it receives a non-defaultable loan of size G … that comes with imposed debt limits. The government endogenously asks for the bailout during recessions and repays it when … the economy recovers. Hence, the bailout acts as an imperfect state contingent asset that makes the economy better off …
Persistent link: https://www.econbiz.de/10012160653
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Domestic and external sovereign debt
Di Casola, Paola; Sichlimiris, Spyridon - 2017
Why do countries tend to repay their domestic and external debt, even though the legal enforcement of the sovereign debt contract is limited? Contrary to conventional wisdom, we argue that temporary market exclusion after default is costly. When the domestic financial market is characterized by...
Persistent link: https://www.econbiz.de/10011747831
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Enough potential repudiation : economic and legal aspects of sovereign debt in the pandemic era
Gelpern, Anna; Panizza, Ugo - 2022
This paper surveys recent economic and legal literature on sovereign debt in light of the COVID-19 shock. Most of the core theoretical contributions we review across the two disciplines hinge on immunity, and the sovereign borrower's consequent inability to commit to repay foreign creditors, as...
Persistent link: https://www.econbiz.de/10013186711
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Sovereign debt puzzles
Bolton, Patrick; Gulati, Mitu; Panizza, Ugo - 2022 - Draft Date: December 5, 2022
We review the state of the sovereign debt literature and point out that the canonical model of sovereign debt cannot be easily reconciled with several facts about sovereign debt pricing and servicing. We identify and classify twenty puzzles. Some are well known and documented, others are less so...
Persistent link: https://www.econbiz.de/10013536301
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Preferred and non-preferred creditors
Cordella, Tito; Powell, Andrew - 2021
International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely appears in legal contracts, when sovereigns restructure bilateral or commercial debts, they normally pay IFIs in full. This paper presents a model where a creditor, such as an...
Persistent link: https://www.econbiz.de/10012586734
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Model-Based Estimation of Sovereign Default
Gumus, Inci - 2018
We estimate a canonical sovereign default model from Arellano (2008) for Argentina via maximum simulated likelihood estimation to understand how well it performs in terms of predicting default events. The estimated model accounts for the overall default patterns of Argentina and closely matches...
Persistent link: https://www.econbiz.de/10012932435