Volkswirtschaftliche Zusammenhänge und individuelles Empfinden sind im alltäglichen Tagesablauf häufig "sehr widersprüchlich". "Sehr widersprüchlich" ist dabei "gelinde" formuliert. Die Widersprüche im Alltag sind zumeist so eklatant, dass Antworten, die uns angeboten werden - sei es durch...

Past cycles of sovereign lending and default suggest that debt crises will recur at some point. This book shows why investors should reckon with similar credit events in the future. Surveying the sovereign bond market, the author provides investors with a useful toolkit for analyzing sovereign...

The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This paper seeks to broaden this debate. It asks how government debt could be structured to pursue other objectives, including crisis...

This paper proposes a new empirical measure of cooperative versus conflictual crisis resolution following sovereign default and debt distress. The index of government coerciveness is presented as a proxy for excusable versus inexcusable default behaviour and used to evaluate the costs of default...