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Sudden stops, sovereign risk, and fiscal rules

Gómez González, José Eduardo; Valencia, Oscar M.; … - 2021

This paper studies the effect of implementing fiscal rules on sovereign default risk and on the probability of large …

Persistent link: https://www.econbiz.de/10012586437

Sovereign Debt in the 21st Century : Looking Backward, Looking Forward

Mitchener, Kris James; Trebesch, Christoph - 2021

survey points to a growing role of sovereign-bank linkages, legal risks, domestic debt and default, and of official creditors … debt sustainability and default will remain acute in both developing and advanced economies …

Persistent link: https://www.econbiz.de/10013237219

International Transmission of Interest Rates : The Role of International Reserves and Sovereign Debt

Afonso, António; Huart, Florence; Jalles, João Tovar; … - 2021

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level...

Persistent link: https://www.econbiz.de/10013240933

Sovereign Debt, Private Wealth, and Market Failure

Lienau, Odette - 2021

This Article argues that the norms and legal practices of global finance in the arenas of sovereign debt and private wealth have led to a significant market failure, in particular the over-supply of sovereign borrowing and a related misallocation of global capital away from its most productive...

Persistent link: https://www.econbiz.de/10013248174

An Apocalypse Foretold : Climate Shocks and Sovereign Defaults

Cevik, Serhan; Jalles, João Tovar - 2021

economic consequences of climate change, research on the link between climate change and sovereign default risk is nonexistent … probability of sovereign debt default. Using a sample of 116 countries over the period 1995-2017, we find that climate change … vulnerability and resilience have significant effects on the probability of sovereign debt default, especially among low …

Persistent link: https://www.econbiz.de/10013252051

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,...

Persistent link: https://www.econbiz.de/10013289385

Local Currency Sovereign Risk

Du, Wenxin - 2015

currency risk, selective default, capital controls and various financial market frictions …

Persistent link: https://www.econbiz.de/10013035858

Debt Dilution and Seniority in a Model of Defaultable Sovereign Debt

Chatterjee, Satyajit - 2013

new debt on the value of existing debt and, consequently, borrow too much and default too frequently. A widely proposed …

Persistent link: https://www.econbiz.de/10013078782

The Impact of Debt Sustainability and the Level of Debt on Emerging Markets Spreads

Belhocine, Nazim - 2013

How do financial markets respond to concerns over debt sustainability and the level of public debt in emerging markets? We introduce a measure of debt sustainability – the difference between the debt stabilizing primary balance and the primary balance – in an otherwise standard spread...

Persistent link: https://www.econbiz.de/10013080852

The Price of Risk in Sovereign Latin-American Debt : A Term-Structure Perspective

Audzeyeva, Alena - 2014

default risk component and the residual risk premium for Eurobonds of Mexico, Colombia and Brazil. We find that the risk … implied by expected default losses. The risk premium and also its share within the yield spread both however vary considerably …

Persistent link: https://www.econbiz.de/10013060723