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Life After Default : Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia - 2018

This paper studies the relationship between sovereign debt default and annual GDP growth taking into account the depth … lasting and negative relationship between default and growth.While private defaults are generally associated with lower growth … between private default and growth becomes blurred, while official defaulters strongly benefit in terms of growth from the …

Persistent link: https://www.econbiz.de/10012908137

Determinants of the Public Debt and the Role of the Natural Resources : A Cross-Country Analysis

Sadik-Zada, Elkhan Richard - 2019

This paper investigates the major drivers of the public debt growth in 184 countries. The underlying cross-country survey is conducted on the basis of the improved compilation of datasets on the central government debt for 2013. The study finds that oil abundance, economic growth rate, the share...

Persistent link: https://www.econbiz.de/10012889401

Fiscal Multipliers and Foreign Holdings of Public Debt

Broner, Fernando - 2019

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic...

Persistent link: https://www.econbiz.de/10012889807

The Sovereign Debt Listing Puzzle

de Fontenay</!>, Elisabeth - 2018

Why do almost all sovereign nations list their international bonds on stock exchanges? We examine several hypotheses for what drives sovereigns to list and where. In particular, we test the often invoked “bonding hypothesis,” which posits that exchanges perform a certification and monitoring...

Persistent link: https://www.econbiz.de/10012935387

Corporate Balance Sheets and Sovereign Risk Premia

Wu, Steve Pak Yeung - 2020

sovereign debt and global factors. Decomposing sovereign credit spreads into their default premium (default probability) and … increase in the sovereign risk premium but a small and insignificant change in the sovereign default premium. We incorporate a … productive corporate sector and risk-averse foreign lenders into a quantitative sovereign default model. An increase in FC …

Persistent link: https://www.econbiz.de/10012824059

Restructuring Sovereign Debt after NML v. Argentina

Buchheit, Lee C. - 2017

The decade and a half of litigation that followed Argentina's sovereign bond default in 2001 ended with a great … weapon limited to the aggravated facts of the Argentine default or has it now moved permanently into the creditors' arsenal …

Persistent link: https://www.econbiz.de/10012968532

The Costs of Sovereign Default : Evidence from the Stock Market

Andrade, Sandro C. - 2017

We use stock market data to test cross-sectional implications of theories of sovereign default and provide a market …-based estimate of sovereign default costs. We find that the stock prices of firms vulnerable to financial intermediation disruption … consistent with theories in which default is costly because it disrupts financial intermediation and damages government …

Persistent link: https://www.econbiz.de/10012976299

Determinants of Non-Resident Government Debt Ownership

Afonso, António - 2016

We examine the determinants of non-resident government debt ownership, accounting for domestic and external factors and financial variables during the period 2000Q2-2014Q4, focussing on a small euro area open economy: Portugal. Our results show that better fiscal positions, higher systematic...

Persistent link: https://www.econbiz.de/10013001987

Why Has Japan's Massive Government Debt Not Wreaked Havoc (Yet)?

Horioka, Charles Yuji - 2016

In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...

Persistent link: https://www.econbiz.de/10013007066

The Cost of Default : Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia - 2015

This paper studies the relationship between sovereign debt default and (short term) GDP growth taking into account the … default episodes in 117 countries over the period 1975-2013, I find that, in the short term, defaults are correlated with … official defaults, I am able to detect a more lasting and negative link between default and growth (which eventually turns out …

Persistent link: https://www.econbiz.de/10013009492