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addition to global liquidity and default risk factors, we also include country-specific default risk component, and all of them …
Persistent link: https://www.econbiz.de/10011108563
China's lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China's loans, also the associated defaults remain 'hidden', as missed payments and restructuring details are not disclosed. We construct an encompassing dataset of sovereign...
Persistent link: https://www.econbiz.de/10012822350
that policy-induced exogenous increases in US rates raise default riskin emerging market economies, as hypothesised in the … and reduce therisk of default dominate the hypothesised relationship. We can only conclude that it’s not a goodidea to …
Persistent link: https://www.econbiz.de/10008911503
There is a large and growing literature that studies the effects of weak enforcement institutions on economic performance. This literature has focused almost exclusively on primary markets, in which assets are issued and traded to improve the allocation of investment and consumption. The general...
Persistent link: https://www.econbiz.de/10005791368
restructuring unless the perceived probability of default is too small. Nevertheless, at low ratings, this effect can be weakened by …
Persistent link: https://www.econbiz.de/10010744263
unless the perceived probability of default is too small. Nevertheless, at low ratings this relevance can be weakened by an …
Persistent link: https://www.econbiz.de/10011099640
There is a large and growing literature that studies the effects of weak enforcement institutions on economic performance. This literature has focused almost exclusively on primary markets, in which assets are issued and traded to improve the allocation of investment and consumption. The general...
Persistent link: https://www.econbiz.de/10005572611
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
This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006-07 and in 2012-13, the 2016-17 debt restructuring was executed through collaborative...
Persistent link: https://www.econbiz.de/10012887757
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/10010192947