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Bersem, Mario R.C. - 2013

This paper presents a theory of sovereign borrowing and lending when there is no court to enforce repayment obligations. Specifically, I extend the costly state verification approach in financial contracting to include an ex-post repayment decision in which the borrower repays creditors to avoid...

Persistent link: https://www.econbiz.de/10013090355

Italy's Sovereign Debt Crisis and the Euro Area : Diagnosis and Remedy

Cencini, Alvaro - 2013

Most of the European countries that are members of the euro area continue to face a crisis that is seriously undermining their economic and social development. The aim of this paper is to show that:(1) the sovereign debt crisis is essentially due to a monetary pathology related to the mechanism...

Persistent link: https://www.econbiz.de/10013090697

Sovereign Defaults in Court

Schumacher, Julian - 2018

of default for debtors. We show that legal disputes in the US and the UK disrupt government access to international …

Persistent link: https://www.econbiz.de/10012925866

Sovereign Debt Markets in Light of the Shadow Economy

Markellos, Raphael N. - 2015

We investigate the controversial role of the informal sector in the economy of 64 countries between 2003 and 2007 by focusing for the first time on the impact it has on sovereign debt markets. In addition to a standard ordered Probit regression, we employ two nonparametric neural network...

Persistent link: https://www.econbiz.de/10013038232

At the Core of the Sovereign Crisis in Spain : Restructuring Subnational Debt vs Internal Bail-Out

Tirado, Ignacio - 2013

Spain´s sovereign crisis has many sides and causes. An unviable economic model and an insolvent financial sector generated a private sector crisis that rapidly spread to the Government´s balance sheet. The public sector itself had –and continues to have- its own serious dysfunctions. One of...

Persistent link: https://www.econbiz.de/10013076101

Institutions, Public Debt and Foreign Finance

Gennaioli, Nicola - 2009

country whose government can default on its debt. As in recent public debt crises, in our model public defaults weaken banks … inflows and public borrowing, where the former sustain the latter by boosting the government's cost of default. Our key …

Persistent link: https://www.econbiz.de/10013155775

Barbados' 2018-19 Sovereign Debt Restructuring-A Sea Change?

Anthony, Myrvin - 2020

This paper examines the causes, processes, and outcomes of Barbados' 2018-19 sovereign debt restructuring-its first ever. The restructuring was comprehensive, featuring several rarely used approaches, including the restructuring of treasury bills, and the use of a retrofitted collective action...

Persistent link: https://www.econbiz.de/10012839317

Database of Sovereign Defaults, 2017

Beers, David - 2017

types of sovereign government debt in default. To help fill this gap, the Bank of Canada's Credit Rating Assessment Group …, together with new information, to develop estimates of stocks of government obligations in default, including bonds and other … marketable securities, bank loans, and official loans in default, valued in US dollars, for the years 1960 to 2016 on both a …

Persistent link: https://www.econbiz.de/10012952410

Lost and Found : Market Access and Public Debt Dynamics

Cottarelli, Carlo - 2017

The empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a key variable to predict debt defaults and to determine sovereign market access. This evidence has led to the widespread use of (country-specific) debt thresholds to assess debt...

Persistent link: https://www.econbiz.de/10012962136

Bad News Bankers : Underwriter Reputation and Contagion in Pre-1914 Sovereign Debt Markets

Indarte, Sasha - 2019

, and occasionally bail out sovereigns. Default signaled to investors that a merchant bank was not as willing or able to …

Persistent link: https://www.econbiz.de/10012902171