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Private overborrowing under sovereign risk
Arce, Fernando - 2022
This paper proposes a quantitative theory of the interaction between private and public debt in an open economy …. Excessive private debt increases the frequency of financial crises. During such crises the government provides fiscal bailouts …
Persistent link: https://www.econbiz.de/10013194400
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Welfare gains of bailouts in a sovereign default model
Pancrazi, Roberto; Seoane, Hernán D.; Vukotić, Marija - In: Journal of economic dynamics & control 113 (2020), pp. 1-22
Persistent link: https://www.econbiz.de/10012502547
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Welfare gains of bailouts in a sovereign default model
Pancrazi, Roberto; Seoane, Hernán D.; Vukotic, Marija - 2019
document that welfare gains of bailouts are hump-shaped in the size of bailout loans. …We examine the welfare effects of bailouts in economies exposed to sovereign default risk. When a government of a small … open economy requests a bailout from an international financial institution, it receives a non-defaultable loan of size G …
Persistent link: https://www.econbiz.de/10012160653
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China as an international lender of last resort
Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - 2023 - First draft: March 2023
together, China’s overseas bailouts correspond to more than 20 percent of total IMF lending over the past decade and bailout … distress. We build the first comprehensive dataset on China’s overseas bailouts between 2000 and 2021 and provide new insights …
Persistent link: https://www.econbiz.de/10014247738
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Global banks and systemic debt crises
Morelli, Juan M.; Ottonello, Pablo; Perez, Diego J. - In: Econometrica : journal of the Econometric Society, an … 90 (2022) 2, pp. 749-798
Persistent link: https://www.econbiz.de/10013190099
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The impact of bailouts on the probability of sovereign debt crises : evidence from IMF-supported programs
Balima, Wenéyam Hippolyte; Sy, Amadou N. R. - 2019
This paper studies the role of IMF-supported programs in mitigating the likelihood of subsequent sovereign defaults in borrowing countries. Using a panel of 106 developing countries from 1970 to 2016 and an entropy balancing methodology, we find that IMF-supported programs significantly reduce...
Persistent link: https://www.econbiz.de/10011996413
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The impact of sovereign defaults on lending countries
Guo, Si; Pei, Yun - In: Review of quantitative finance and accounting 60 (2023) 1, pp. 345-374
Persistent link: https://www.econbiz.de/10013548981
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200 years of sovereign debt crises : serial restructurings may be accompanied by higher creditor losses
Meyer, Josefin - In: DIW weekly report : economy, politics, science : a … 14 (2024) 6, pp. 45-51
Many sovereign defaults have occurred worldwide over the past 200 years. An analysis of 321 sovereign debt restructurings since 1815 shows that foreign private and institutional investor losses were 43 percent on average. Notably, beginning in the 1970s, several debt exchanges have increasingly...
Persistent link: https://www.econbiz.de/10014477332
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Sovereign haircuts : 200 years of creditor losses
Luckner, Clemens von <Graf>; Meyer, Josefin; Reinhart, … - 2024
We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or "haircuts". Our sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor losses vary widely (from none to 100%), but the...
Persistent link: https://www.econbiz.de/10014557831
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Sovereign borrowing, financial assistance and debt repudiation
Kirsch, Florian; Rühmkorf, Ronald - 2013
Official lenders provide financial assistance to countries that face sovereign debt crisis. The availability of financial assistance has counteracting effects on the default incentives of governments. On the one hand, financial assistance can help to avoid defaults by bridging times of...
Persistent link: https://www.econbiz.de/10009748733