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Fiscal multipliers and foreign holdings of public debt
Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, … - 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/10012142099
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Euro area sovereign debt: Restructuring options
Arnold, Theresa; Gulati, Mitu; Panizza, Ugo - 2019
Countries with large debts stocks are vulnerable to the vagaries of the markets. Confidence crises can arise out of nowhere, constricting access to the markets. Hence, the question arises as to whether these countries should put in place mechanisms that will help them better prepare for the...
Persistent link: https://www.econbiz.de/10012429352
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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/10012582022
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How important is liquidity risk for sovereign bond risk premia? : evidence from the London Stock Exchange
Alquist, Ron (contributor) - 2008
This paper uses the framework of arbitrage-pricing theory to study the relationship between liquidity risk and sovereign bond risk premia. The London Stock Exchange in the late 19th century is an ideal laboratory in which to test the proposition that liquidity risk affects the price of sovereign...
Persistent link: https://www.econbiz.de/10003790566
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Solidarität und Wettbewerb in der Europäischen Union in Zeiten der Finanz- und Verschuldungskrise
Eger, Thomas - 2011 - [Korrigierte Version]
Die internationale Finanz- und Wirtschaftskrise beeinflusste das Spannungsverhältnis zwischen Solidarität und Wettbewerb in der Europäischen Union in zweierlei Hinsicht. Zum einen drängten die Regierungen der europäischen Mitgliedstaaten darauf, ihre notleidenden Banken (aber auch...
Persistent link: https://www.econbiz.de/10008822576
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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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How connected is the global sovereign credit risk network?
Bostancı, Gorkem; Yılmaz, Kamil - 2015
We apply the Diebold-Yilmaz connectedness index methodology on sovereign credit default swaps (SCDSs) to estimate the …
Persistent link: https://www.econbiz.de/10011326149
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Sovereign borrowing, financial assistance and debt repudiation
Kirsch, Florian; Rühmkorf, Ronald - 2013
financial assistance has counteracting effects on the default incentives of governments. On the one hand, financial assistance … accumulate higher debt levels. To assess the overall effect of financial assistance on the probability of default we construct a … quantitative model of endogenous credit structure and sovereign default that allows for self-fulfilling expectations of default …
Persistent link: https://www.econbiz.de/10009748733
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An analysis of Romania's short-run sovereign rating determinants
Miricescu, Emilian Constantin - In: Romanian journal of fiscal policy : RJFP 3 (2012) 2, pp. 48-57
For most European Union countries the government expenditure exceeds government revenue which could lead in the long run to an increase in the government debt to GDP ratio. Considering the distortions generated by the financial and economic crisis, followed by the debt crisis, both local and...
Persistent link: https://www.econbiz.de/10010199903
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How Important is Liquidity Risk for Sovereign Bond Risk Premia? Evidence from the London Stock Exchange
Alquist, Ron - 2010
This paper uses the framework of arbitrage-pricing theory to study the relationship between liquidity risk and sovereign bond risk premia. The London Stock Exchange in the late 19th century is an ideal laboratory in which to test the proposition that liquidity risk affects the price of sovereign...
Persistent link: https://www.econbiz.de/10013135204