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  1. The fiscal consequences of deflation
    evidence from the Golden Age of globalization
    Autor*in: Afonso, António; Jalles, João Tovar
    Erschienen: October 2016
    Verlag:  ISEG - School of Economics and Management, Department of Economics, University of Lisbon, Lisbon

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10400.5/12305
    Schriftenreihe: Working papers / ISEG, School of Economics and Management, Department of Economics ; WP 2016, 23 DE/UECE
    Schlagworte: debt; deflation; local projection; impulse response functions; GMM; recessions; expansions
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  2. Information asymmetry reduction in opaque contexts
    evidence from debt and outside equity financing in early stage firms
    Autor*in: Epure, Mircea; Guasch, Martí
    Erschienen: October 2016
    Verlag:  GSE, Graduate School of Economics, Barcelona

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This version: October 2016
    Schriftenreihe: Barcelona GSE working paper series ; no 941
    Schlagworte: financing; debt; equity; entrepreneurship; information asymmetry; start-ups
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  3. Assessing bankruptcy reform in a model with temptation and equilibrium default
    Autor*in: Nakajima, Makoto
    Erschienen: July 11, 2016
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This draft: July 11, 2016
    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; no. 16, 21
    Schlagworte: consumer bankruptcy; debt; default; borrowing constraint; temptation and selfcontrol; hyperbolic discounting; heterogeneous agents; incomplete markets
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  4. Why do investors buy sovereign default insurance?
    Autor*in: Augustin, Patrick; Sokolovski, Valeri; Subrahmanyam, Marti G.
    Erschienen: March 14, 2016
    Verlag:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    We provide a comprehensive analysis of the determinants of trading in the sovereign credit default swaps (CDS) market, using weekly data for single-name sovereign CDS from October 2008 to September 2015. We describe the anatomy of the sovereign CDS... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 108 (540)
    Fernleihe:
    keine Fernleihe

     

    We provide a comprehensive analysis of the determinants of trading in the sovereign credit default swaps (CDS) market, using weekly data for single-name sovereign CDS from October 2008 to September 2015. We describe the anatomy of the sovereign CDS market, derive a law of motion for gross positions and their components, and identify the key factors that drive the cross-sectional and time-series properties of trading volume and net notional amounts outstanding. While a single principal component accounts for 54 percent of the variation in sovereign CDS spreads, the largest common factor explains only 7 percent of the variation in sovereign CDS net notional amounts outstanding. Moreover, unlike for CDS spreads, common global factors explain very little of the variation in sovereign CDS trading and net notional amounts outstanding, suggesting that it is driven primarily by idiosyncratic country risk. We analyze several local and regional channels that may explain the trading in sovereign CDS: (a) country-specific credit risk shocks, including changes in a country's credit rating and related outlook changes, (b) the announcement and issuance of domestic and international debt, (c) macroeconomic sentiment derived from conventional and unconventional monetary policy, macro-economic news and shocks, and (d) regulatory channels, such as changes in bank capital adequacy requirements. All our findings suggest that sovereign CDS are more likely used for hedging than for speculative purposes.

     
    Export in Literaturverwaltung   RIS-Format
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    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/146921
    Schriftenreihe: CFS working paper series ; no. 540
    CFS Working Paper ; No. 540
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 96 Seiten), Illustrationen