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  1. Self-inflicted debt crises
    Erschienen: 2021
    Verlag:  Swiss Finance Institute, Geneva

    In a dynamic model of optimal bailouts, we show how borrower myopia affects the severity of debt crises. Myopic borrowers misprice the option to default with a U-shaped negative pricing error. The myopia discount changes the optimal bailout policy.... mehr

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    In a dynamic model of optimal bailouts, we show how borrower myopia affects the severity of debt crises. Myopic borrowers misprice the option to default with a U-shaped negative pricing error. The myopia discount changes the optimal bailout policy. Myopia gets punished when the distortions from default mispricing outweigh the future bailout costs, resulting in procrastinated default and protracted crises. The model shows that (i) myopia is an important determinant for bailout policy, (ii) myopic default can be cheaper to resolve than rational default, (iii) rational agents can benefit from a myopic sovereign borrower, and (iv) credit spread dynamics are more asymmetric under myopia than rationality, consistent with empirical evidence

     

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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 21, 11
    Schlagworte: borrower myopia; time-inconsistency; strategic default; debt crisis; bailout fund; real options
    Umfang: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  2. Balance sheets and debt crises
    empirical regularities for modern cases of sovereign distress
    Erschienen: April 2021
    Verlag:  International Monetary Fund, [Washington, D.C.]

    Public and private sector balance sheets are an important component to any analysis of debt sustainability. A vulnerable and indebted private sector can become a sudden liability for the government; alternatively, resilient household and bank balance... mehr

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    Public and private sector balance sheets are an important component to any analysis of debt sustainability. A vulnerable and indebted private sector can become a sudden liability for the government; alternatively, resilient household and bank balance sheets may reveal potential sources of funding for the sovereign during times of fiscal distress. In this paper, we document empirical regularities in the behavior of macroeconomic variables during debt crises, and show how both macroeconomic fundamentals and sectoral net worth can affect the likelihood of undergoing default

     

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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9781513574011
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    Schriftenreihe: IMF working paper ; WP/21, 125
    Schlagworte: sovereign debt restructuring; national balance sheets; default; net wealth; financial crisis; debt crisis; sovereign distress; fiscal stress; Foreign Exchange; Informal Economy; Public Administration; Public Sector Accounting and Audits; Underground Econom
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  3. History remembered
    optimal sovereign default on domestic and external debt
    Erschienen: July 2019
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; 19, 31 (July 2019)
    Schlagworte: public debt; sovereign default; debt crisis; European crisis
    Umfang: 1 Online-Ressource (circa 88 Seiten), Illustrationen
  4. Anticipating financial crisis in the 1960s and 1980s
    using the past to plan for the 'apocalypse'
    Erschienen: [2021]
    Verlag:  University of Oxford, [Oxford, United Kingdom]

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    Schriftenreihe: Oxford economic and social history working papers ; number 193 (May 2021)
    Schlagworte: devaluation; debt crisis; Bretton Woods; central bank cooperation; Great Depression
    Umfang: 1 Online-Ressource (circa 34 Seiten)
  5. Balance sheets and debt crises
    empirical regularities for modern cases of sovereign distress
    Erschienen: April 2021
    Verlag:  International Monetary Fund, [Washington, D.C.]

    Public and private sector balance sheets are an important component to any analysis of debt sustainability. A vulnerable and indebted private sector can become a sudden liability for the government; alternatively, resilient household and bank balance... mehr

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    Public and private sector balance sheets are an important component to any analysis of debt sustainability. A vulnerable and indebted private sector can become a sudden liability for the government; alternatively, resilient household and bank balance sheets may reveal potential sources of funding for the sovereign during times of fiscal distress. In this paper, we document empirical regularities in the behavior of macroeconomic variables during debt crises, and show how both macroeconomic fundamentals and sectoral net worth can affect the likelihood of undergoing default

     

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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9781513574011
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    Schriftenreihe: IMF working paper ; WP/21, 125
    Schlagworte: sovereign debt restructuring; national balance sheets; default; net wealth; financial crisis; debt crisis; sovereign distress; fiscal stress; Foreign Exchange; Informal Economy; Public Administration; Public Sector Accounting and Audits; Underground Econom
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  6. Uncertainties and vulnerabilities
    Erschienen: January 2012
    Verlag:  Washington, DC, DC

    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of... mehr

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of the world, and pushed down stock markets, while capital flows to developing countries have fallen sharply. Europe appears to have entered recession. At the same time, growth in several major developing countries (Brazil, India and, to a lesser extent, Russia, South Africa and Turkey) is significantly slower than it was earlier in the recovery, mainly reflecting policy tightening initiated in late 2010 and early 2011 in order to combat rising inflationary pressures. As a result, and despite a strengthening of activity in the United States and Japan, global growth and world trade have slowed sharply.

     

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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10986/12105
    Schriftenreihe: Global economic prospects ; volume 4 (January 2012)
    Schlagworte: Wirtschaftslage; Welt; access to bond markets; accounting; asset base; asset prices; bailout; balance of payments; bank activity; bank assets; bank balance sheets; Bank Debt; bank lending; bank loans; Banking Assets; banking crises; banking sector; banking sectors; banking system; banking systems; basis point; basis points; binding constraint; bond auctions; Bond Bank; bond funds; bond indexes; bond issuances; bond issuer; bond sales; bond spreads; Bond yields; bonds; borrowing costs; business cycle; capital adequacy; capital flow; Capital flows; capital markets; capital outflows; capital requirements; capital stock; CDS; Central Bank; central banks; collateral; commercial banks; Commodities; commodity; commodity exports; commodity price; Commodity Prices; consumer durables; contingency planning; Copyright Clearance; Copyright Clearance Center; corporate bond; corporate bond issuance; country debt; credit default; credit default swap; credit default swaps; credit histories; credit squeeze; credit squeezes; creditors; cross-border flows; currency depreciations; currency risk; Current Account Deficit; current account deficits; debt crisis; debt flows; debt holdings; debt issues; debt levels; debt ratios; Debt Repayment; debts; defaults; deficits; deposit; depositors; deposits; developing countries; Developing country; developing??country; domestic bank; domestic banking; domestic banks; domestic bond; domestic bond markets; Domestic bonds; downside scenario; downside scenarios; economic developments; emerging market; emerging market equities; Emerging Markets; emerging-market; enforcement mechanisms; equity flows; equity funds; equity issuance; equity markets; equity values; exchange rate; Exchange Rates; expenditure; expenditures; export growth; exporters; exposure; external debt; finances; financial crises; financial crisis; Financial flows; financial institutions; financial markets; Financial Stability; financial stress; financial support; financial systems; financing requirements; fiscal deficits; fixed investment; food prices; foreign banks; foreign capital; foreign currency; foreign holdings; foreign investment; foreign investor; Global Economic Prospects; Global Economy; global financial markets; global markets; global trade; government bonds; government deficit; government deficits; government financing; government revenues; growth rates; holding; holdings; host countries; Income; incomes; Inflation; inflation rate; inflationary pressures; insurance; interest rate; interest rates; International Bank; international bond; International capital; International capital flows; international financial market; International Trade; investment vehicles; liquidity; loan; loan exposures; loan portfolios; local currency; local government; local markets; local stock markets; long term debt; long-term debt; long-term yields; loss of confidence; mark-to-market; market competition; market conditions; market confidence; market equity; market participants; market price; market prices; market value; middle-income countries; monetary policy; Net debt; non-performing loan; nonperforming loans; oil price; oil prices; output; pension; pension system; policy response; political uncertainty; portfolio; power parity; private banks; private capital; private capital inflows; Private creditors; private debt; prudential regulation; purchasing power; remittance; remittances; reserves; return; risk aversion; safety net; secondary bond markets; short-term bonds; short-term debt; short-term finance; Short-term yields; social safety net; solvency; sovereign bond; sovereign debt; sovereign yields; stock markets; sustainable growth; swap; tax; trade finance; trade sectors; trading; tranche; transition countries; valuations; wholesale funding; world economy; world trade
    Umfang: 1 Online-Ressource (circa 165 Seiten), Illustrationen
  7. Extractive industries: recognizing and managing the risks in resource-dependent economies
    Erschienen: May 2024
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    This paper analyses the risks facing resource-dependent countries. These include: (i) economic mismanagement (the 'resource curse'); (ii) political mismanagement; (iii) environmental damage (climate change and the destruction of natural capital). It... mehr

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    This paper analyses the risks facing resource-dependent countries. These include: (i) economic mismanagement (the 'resource curse'); (ii) political mismanagement; (iii) environmental damage (climate change and the destruction of natural capital). It distinguishes 'risk' (which can be addressed probabilistically) from 'uncertainty' (infrequent unpredictable events). Mozambique, with its large natural gas resource, provides examples of all the component risks and uncertainties. The paper then explores the risks and uncertainties arising from the global transition away from fossil fuels to renewable energy. This shift could result in 'stranded countries' as well as 'stranded assets'. Finally, the paper explores the nature of the net-zero transition for metals, including the eventual emergence of new cheaper materials as substitutes for critical, but expensive, minerals. Overall, the paper recommends focusing on a nation's entire portfolio of natural resources in order to minimize the impact of shocks, and to mitigate risks and uncertainties.

     

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    ISBN: 9789292674854
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    Schriftenreihe: WIDER working paper ; 2024, 27
    Schlagworte: Africa; extractive industries; debt crisis; mining; natural gas; oil
    Umfang: 1 Online-Ressource (circa 25 Seiten)
  8. Uncertainties and vulnerabilities
    Erschienen: January 2012
    Verlag:  Washington, DC, DC

    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of... mehr

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    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of the world, and pushed down stock markets, while capital flows to developing countries have fallen sharply. Europe appears to have entered recession. At the same time, growth in several major developing countries (Brazil, India and, to a lesser extent, Russia, South Africa and Turkey) is significantly slower than it was earlier in the recovery, mainly reflecting policy tightening initiated in late 2010 and early 2011 in order to combat rising inflationary pressures. As a result, and despite a strengthening of activity in the United States and Japan, global growth and world trade have slowed sharply.

     

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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10986/12105
    Schriftenreihe: Global economic prospects ; volume 4 (January 2012)
    Schlagworte: Wirtschaftslage; Welt; access to bond markets; accounting; asset base; asset prices; bailout; balance of payments; bank activity; bank assets; bank balance sheets; Bank Debt; bank lending; bank loans; Banking Assets; banking crises; banking sector; banking sectors; banking system; banking systems; basis point; basis points; binding constraint; bond auctions; Bond Bank; bond funds; bond indexes; bond issuances; bond issuer; bond sales; bond spreads; Bond yields; bonds; borrowing costs; business cycle; capital adequacy; capital flow; Capital flows; capital markets; capital outflows; capital requirements; capital stock; CDS; Central Bank; central banks; collateral; commercial banks; Commodities; commodity; commodity exports; commodity price; Commodity Prices; consumer durables; contingency planning; Copyright Clearance; Copyright Clearance Center; corporate bond; corporate bond issuance; country debt; credit default; credit default swap; credit default swaps; credit histories; credit squeeze; credit squeezes; creditors; cross-border flows; currency depreciations; currency risk; Current Account Deficit; current account deficits; debt crisis; debt flows; debt holdings; debt issues; debt levels; debt ratios; Debt Repayment; debts; defaults; deficits; deposit; depositors; deposits; developing countries; Developing country; developing??country; domestic bank; domestic banking; domestic banks; domestic bond; domestic bond markets; Domestic bonds; downside scenario; downside scenarios; economic developments; emerging market; emerging market equities; Emerging Markets; emerging-market; enforcement mechanisms; equity flows; equity funds; equity issuance; equity markets; equity values; exchange rate; Exchange Rates; expenditure; expenditures; export growth; exporters; exposure; external debt; finances; financial crises; financial crisis; Financial flows; financial institutions; financial markets; Financial Stability; financial stress; financial support; financial systems; financing requirements; fiscal deficits; fixed investment; food prices; foreign banks; foreign capital; foreign currency; foreign holdings; foreign investment; foreign investor; Global Economic Prospects; Global Economy; global financial markets; global markets; global trade; government bonds; government deficit; government deficits; government financing; government revenues; growth rates; holding; holdings; host countries; Income; incomes; Inflation; inflation rate; inflationary pressures; insurance; interest rate; interest rates; International Bank; international bond; International capital; International capital flows; international financial market; International Trade; investment vehicles; liquidity; loan; loan exposures; loan portfolios; local currency; local government; local markets; local stock markets; long term debt; long-term debt; long-term yields; loss of confidence; mark-to-market; market competition; market conditions; market confidence; market equity; market participants; market price; market prices; market value; middle-income countries; monetary policy; Net debt; non-performing loan; nonperforming loans; oil price; oil prices; output; pension; pension system; policy response; political uncertainty; portfolio; power parity; private banks; private capital; private capital inflows; Private creditors; private debt; prudential regulation; purchasing power; remittance; remittances; reserves; return; risk aversion; safety net; secondary bond markets; short-term bonds; short-term debt; short-term finance; Short-term yields; social safety net; solvency; sovereign bond; sovereign debt; sovereign yields; stock markets; sustainable growth; swap; tax; trade finance; trade sectors; trading; tranche; transition countries; valuations; wholesale funding; world economy; world trade
    Umfang: 1 Online-Ressource (circa 165 Seiten), Illustrationen
  9. Lebanon at risk
    the uncertain road from a debt overhang to a new growth path
    Erschienen: [2023]
    Verlag:  Economic Research Forum (ERF), Dokki, Giza, Egypt

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    Schriftenreihe: ERF working papers series ; no. 1645 (August 2023)
    Schlagworte: Lebanon; financial and banking crisis; balance of payment crisis; debt crisis; growth potential; stabilization and recovery; donor strategy
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  10. Optimal domestic (and external) sovereign default
    Erschienen: October 26, 2016
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; no. 17, 04
    Schlagworte: Public debt; sovereign default; debt crisis; European crisis
    Umfang: 1 Online-Ressource (circa 76 Seiten), Illustrationen