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The Dynamics of Sovereign Debt Crises and Bailouts

2016-09-06 Business & Economics
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Release : 2016-09-06
Genre : Business & Economics
Kind : eBook
Book Rating : 241/5 ( reviews)

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Book Synopsis The Dynamics of Sovereign Debt Crises and Bailouts by : Mr.Francisco Roch

Download or read book The Dynamics of Sovereign Debt Crises and Bailouts written by Mr.Francisco Roch. This book was released on 2016-09-06. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a "sunspot"-coordinated buyers strike. We introduce a bailout agency, and characterize the minimal actuarially fair intervention that guarantees the no-buyers-strike fundamental equilibrium, relying on the market for residual financing. The intervention makes it cheaper for governments to borrow, inducing them borrow more, leaving default probabilities possibly rather unchanged. The maximal backstop will be pulled precisely when fundamentals worsen.

The Dynamics of Sovereign Debt Crises and Bailouts

2016 Debts, Public
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Release : 2016
Genre : Debts, Public
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis The Dynamics of Sovereign Debt Crises and Bailouts by : Francisco Roch

Download or read book The Dynamics of Sovereign Debt Crises and Bailouts written by Francisco Roch. This book was released on 2016. Available in PDF, EPUB and Kindle. Book excerpt:

Bailing Out the People? When Private Debt Becomes Public

2018-06-13 Business & Economics
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Release : 2018-06-13
Genre : Business & Economics
Kind : eBook
Book Rating : 825/5 ( reviews)

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Book Synopsis Bailing Out the People? When Private Debt Becomes Public by : Samba Mbaye

Download or read book Bailing Out the People? When Private Debt Becomes Public written by Samba Mbaye. This book was released on 2018-06-13. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents a form of private sector bailout that is much more common (and yet unnoticed) than the typical bank bailout. Building on the newly-created Global Debt Database, we show that excess private debt systematically turns into higher public debt, regardless of whether the credit boom resulted in a crisis or a more orderly deleveraging process. This debt migration operates mainly through growth rather than explicit bailouts: private deleveraging weighs on activity, prompting a countercyclical government response to support economic activity. Ultimately, whether this debt substitution results in a net increase or a net decline of overall indebtedness in the economy depends on the extent of the growth slowdown during the deleveraging spell. These findings suggest that markets and policymakers should move away from looking at private and sovereign debt in silos and pay closer attention to the total stock of debt in the economy, as the line between the two tends to become blurry.

Essays on Sovereign Debt: Default, Fiscal Rules, and Bailouts

2012
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Release : 2012
Genre :
Kind : eBook
Book Rating : 249/5 ( reviews)

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Book Synopsis Essays on Sovereign Debt: Default, Fiscal Rules, and Bailouts by : Francisco Luis Roch

Download or read book Essays on Sovereign Debt: Default, Fiscal Rules, and Bailouts written by Francisco Luis Roch. This book was released on 2012. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 3, which is a joint work with Harald Uhlig, provides a theoretical framework to analyze the dynamics of the sovereign debt crisis of a member country in a monetary union and the role of various bailout mechanisms. We analyze the unfolding and the debt dynamics, if debt pricing is left to markets alone. Next, we discuss the dynamics, if there is intervention by some bail-out mechanism. We characterize the minimal actuarily fair intervention that restores the "good" equilibrium of Cole-Kehoe, relying on the market to provide residual financing.

Bailouts Or Bail-Ins?

2004-04-30 Business & Economics
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Release : 2004-04-30
Genre : Business & Economics
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Book Rating : 300/5 ( reviews)

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Book Synopsis Bailouts Or Bail-Ins? by : Nouriel Roubini

Download or read book Bailouts Or Bail-Ins? written by Nouriel Roubini. This book was released on 2004-04-30. Available in PDF, EPUB and Kindle. Book excerpt: The study calls for a two-track strategy: first, deep multilateral liberalization involving phased but complete elimination of industrial-county protection and deep reduction of protection by at least the middle-income developing countries, albeit on a more gradual schedule; and second, immediate free entry for imports from high risk low-income countries (heavily indebted poor countries, least developed countries, and sub-Saharan Africa), coupled with a 10-year tax holiday for direct investment in these countries.

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