Showing 1 - 10 of 388,104
Persistent link: https://www.econbiz.de/10013549747
This paper studies whether IMF programs and their size affect borrowing costs by comparing the coupon of bonds issued around an IMF arrangement. By comparing bonds issued immediately before the inset of the program with bonds issued immediately after the program, we show that, on average, the...
Persistent link: https://www.econbiz.de/10014520753
Persistent link: https://www.econbiz.de/10014529331
This paper studies how the presence of foreign investors in local currency sovereign debt markets contributes to the transmission of global financial conditions to emerging market economies. My estimations indicate that the higher the share of local currency government bonds held by foreign...
Persistent link: https://www.econbiz.de/10014445890
Persistent link: https://www.econbiz.de/10009248213
In this article, I review the World Bank's response to the global financial crisis that began in the fall of 2008. I … show that the World Bank significantly increased lending after the crisis began. The majority of this new lending went to … middle-income countries rather than to the poorest countries of the world. At first glance, this might seem like the Bank was …
Persistent link: https://www.econbiz.de/10013110898
The paper analyses how the IMF brought its experience gained in emerging market sovereign debt crises in the troika’s handling of the euro crisis. We link models of multiple equilibria with the IMF's experience made in Latin American crises in the 2000s. We examine subsequent changes in the...
Persistent link: https://www.econbiz.de/10011548057
Persistent link: https://www.econbiz.de/10013284830
Persistent link: https://www.econbiz.de/10011647047
Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new dataset of 23 bond restructurings with external...
Persistent link: https://www.econbiz.de/10012405397