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Leveraged buybacks of sovereign debt : a model and an application to Greece

Baglioni, Angelo - In: Contemporary economic policy : a journal of Western … 33 (2015) 1, pp. 87-103

Persistent link: https://www.econbiz.de/10011338858

Political economics of external sovereign defaults

Achury, Carolina; Koulovatianos, Christos; Tsoukalas, John - 2015

Greece. …

Persistent link: https://www.econbiz.de/10011302496

The Effects of Ratings-Contingent Regulation on International Bank Lending Behavior : Evidence from the Basel 2 Accord

Hasan, Iftekhar - 2015

We investigate the effects of credit ratings-contingent financial regulation on foreign bank lending behavior. We examine the sensitivity of international bank flows to debtor countries' sovereign credit rating changes before and after the implementation of the Basel 2 risk-based capital...

Persistent link: https://www.econbiz.de/10013032128

Sovereign Bond Restructuring : Collective Action Clauses and Official Crisis Intervention

Kletzer, Kenneth - 2021

This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sovereign debt renegotiation while unanimity rules offer incentives for opportunistic...

Persistent link: https://www.econbiz.de/10013212324

Growth-Indexed Bonds and Debt Distribution : Theoretical Benefits and Practical Limits

Acalin, Julien - 2018

Sovereign state-contingent bonds, in particular growth-indexed bonds (GIBs), have rarely been issued in practice despite their theoretical benefits. This paper provides support for this apparent sovereign noncontingency puzzle by deriving the impact of GIBs on the upper tail of the distribution...

Persistent link: https://www.econbiz.de/10012915106

Restructuring Domestic Sovereign Debt : An Analytical Illustration

Grigorian, David - 2023

Sovereign domestic debt restructurings have become more common in recent years and touched upon a growing share of total public debt. This paper offers a simple framework for policymakers to think about the decision whether to restructure domestic sovereign debt as part of an effort to reduce...

Persistent link: https://www.econbiz.de/10014261091

The Effects of Ratings-Contingent Regulation on International Bank Lending Behaviour : Evidence from the Basel 2 Accord

Hasan, Iftekhar - 2015

Persistent link: https://www.econbiz.de/10013030630

Leveraged Buybacks of Sovereign Debt : A Simple Model with an Application to Greece

Baglioni, Angelo S. - 2013

The model presented in this paper shows that the outcome of a leveraged buyback of sovereign debt depends on the seniority structure of the deal. If the institution lending the funds needed for the buyback is senior, the debtor country benefits from the deal and the market price of bonds...

Persistent link: https://www.econbiz.de/10013092907

Greece's Three-Act Tragedy : A Simple Model of Grexit vs. Staying Afloat Inside the Single Currency Area

Chen, Yu-Fu - 2016

Against the backdrop of the Greek three-act tragedy, we present a theoretical framework for studying Greece's recent … debt and currency crisis. The model is built on two essential blocks: first, erratic macroeconomic policymaking in Greece … macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area …

Persistent link: https://www.econbiz.de/10012999786

Debt sustainability in the case of external debt : an analysis based on Italy's treasury auctions

Cafiso, Gianluca - 2014

The objective of this paper is to assess whether external debt makes a difference for public debt stabilization, where external debt is considered through the non-residents' holdings according to a Balance of Payments perspective. The analysis is empirical and considers the case of Italy, one of...

Persistent link: https://www.econbiz.de/10010418130

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