Showing 1 - 10 of 29
Persistent link: https://www.econbiz.de/10011896278
Persistent link: https://www.econbiz.de/10012054719
As a heavily "dollarized" economy, large foreign currency mismatches exist between institutional sectors within Türkiye, as well as with non-residents. Combining several separate data sources, this working paper builds a picture of the aggregate FX exposure of the total economy. It explores the...
Persistent link: https://www.econbiz.de/10015059353
Sovereign debt ratios in advanced and emerging economies have grown to near record highs. In low-income countries, debt levels have been gradually building since the debt relief initiative of the early 2000s; furthermore, the debt burdens may be higher than the official estimates reveal, as...
Persistent link: https://www.econbiz.de/10015270187
The international community has a role to play in addressing this gap. In that regard, this paper is intended to stimulate debate on the problems in the current practices for sovereign debt restructuring and puts forward some proposals to improve the functioning of sovereign debt markets. The...
Persistent link: https://www.econbiz.de/10010427077
Using a calibrated model of endogenous sovereign default, we explore how GDP-linked bonds can raise the maximum sustainable debt level of a government, and substantially reduce the incidence of default. The model explores both the costs (in particular the GDP risk premium) and the benefits of...
Persistent link: https://www.econbiz.de/10010839053
The Latin American debt crises in the 1980s and the Asian crisis in the late 1990s both provided impetus for reforming the framework for restructuring sovereign debt. In the late 1980s, the Brady plan established the importance of substantive debt relief in addressing some crises. A decade...
Persistent link: https://www.econbiz.de/10010711950
This paper provides a tractable framework to assess how the structure of debt instruments-specifically by currency denomination and indexation to GDP-can raise the debt limit of a sovereign. By calibrating the model to different country fundamentals, it is clear that there is no...
Persistent link: https://www.econbiz.de/10012955174
Persistent link: https://www.econbiz.de/10013072137
Using a calibrated model of endogenous sovereign default, we explore how GDP-linked bonds can raise the maximum sustainable debt level of a government, and substantially reduce the incidence of default. The model explores both the costs (in particular the GDP risk premium) and the benefits of...
Persistent link: https://www.econbiz.de/10013059722