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International Finance x National Budget, Deficit, and Debt x clear all

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Collective Action Clauses for the Eurozone

Michael Bradley and Mitu Gulati.

in Review of Finance

October 2014; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; International Financial Markets; Economics; Contract Law; International Finance. 19942 words.

One of the primary policy initiatives instituted in response to the Eurozone sovereign debt crisis is a requirement that all Eurozone sovereign bonds issued after January 1 2013 include...

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Credit ratings and the pricing of sovereign debt during the euro crisis

Joshua Aizenman, Mahir Binici and Michael Hutchison.

in Oxford Review of Economic Policy

January 2013; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Investment Banking; Economics; International Finance. 11295 words.

This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time-varying...

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops

Emmanuel Farhi and Jean Tirole.

in The Review of Economic Studies

July 2018; p ublished online October 2017 .

Journal Article. Subjects: International Finance; Financial Regulation; National Budget, Deficit, and Debt. 22902 words.

Abstract

The recent unravelling of the Eurozone’s financial integration raised concerns about feedback loops between sovereign and banking insolvency. This...

Debt levels, debt composition, and sovereign spreads in emerging and advanced economies

Salvatore Dell’Erba, Ricardo Hausmann and Ugo Panizza.

in Oxford Review of Economic Policy

January 2013; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; International Finance. 12233 words.

This paper studies the relationship between sovereign spreads and the interaction between debt composition and debt levels in advanced and emerging market countries. It finds that in...

Dollars, Debt, and International Financial Institutions: Dedollarizing Multilateral Lending

Eduardo Levy Yeyati.

in The World Bank Economic Review

January 2007; p ublished online January 2007 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Economics; Macroeconomic Aspects of International Trade and Finance; International Finance. 9847 words.

Financial dollarization is increasingly seen as a concern because of its tendency to contribute to financial crises and output volatility. As a result the debate ...

Exporting Sovereign Stress: Evidence from Syndicated Bank Lending during the Euro Area Sovereign Debt Crisis

Alexander Popov and Neeltje Van Horen.

in Review of Finance

August 2015; p ublished online November 2014 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Banking; International Finance; Money and Interest Rates. 16356 words.

We show that after the start of the euro area sovereign debt crisis, lending by non-GIIPS European banks with sizeable holdings of GIIPS sovereign bonds declined relative to nonexposed...

The four fallacies of contemporary austerity policies: the lost Keynesian legacy

Robert Boyer.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: Public Economics; History of Economic Thought (1925 onwards); Economywide Country Studies; Money and Interest Rates; International Finance; National Budget, Deficit, and Debt; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 11726 words.

The contemporary wide-scale austerity measures are likely to fail in most countries. The first fallacy derives from the false diagnosis that the present crisis is the outcome of lax public...

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The liquidation of government debt

Carmen M. Reinhart and M. Belen Sbrancia.

in Economic Policy

April 2015; p ublished online March 2015 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomics and Monetary Economics; Growth and Fluctuations; International Finance; National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 17204 words.

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression (FR), a tax on bondholders and savers via negative or...

Multilateral indexed loans and debt sustainability

Emanuele Bacchiocchi and Alessandro Missale.

in Oxford Review of Economic Policy

January 2015; p ublished online December 2015 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Economics; International Finance. 11959 words.

We evaluate the benefits and costs of indexing multilateral loans to variables related to developing countries’ ability to pay; i.e. whether a reform of multilateral lending is feasible and...

Resource Funds: Stabilising, Parking, and Inter-generational Transfer

Anthony J. Venables and Samuel E. Wills.

in Journal of African Economies

September 2016; p ublished online October 2016 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; Macroeconomic Aspects of International Trade and Finance; Taxation, Subsidies, and Revenue; National Budget, Deficit, and Debt; Economic Development; Non-renewable Resources and Conservation. 9815 words.

The paper explores strategies for managing revenue from natural resources, focusing on the balance between domestic and foreign asset accumulation. It suggests that domestic asset...

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The six flaws of the Eurozone

Charles Wyplosz.

in Economic Policy

July 2016; p ublished online July 2016 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; National Budget, Deficit, and Debt. 20162 words.

SUMMARY

When it was created, it was reasonable to think that the architecture of the monetary union was not perfect. It was also likely that the...

Sovereign debt and its restructuring framework in the eurozone

Ashoka Mody.

in Oxford Review of Economic Policy

January 2013; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Economics; International Finance. 14525 words.

To compensate for the inflexibility due to fixed exchange rates, the eurozone needs flexibility through a system of orderly debt restructuring. With virtually no room for macroeconomic...

Sovereign risk: constitutions rule

Emanuel Kohlscheen.

in Oxford Economic Papers

January 2010; p ublished online March 2009 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Economic Development; International Finance. 9755 words.

This paper models the executive's choice of whether to reschedule external debt as the outcome of an intra-governmental negotiation process. The key issue the paper tries to explain is the...

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Sovereign Wealth Funds and Natural Resource Management in Africa

Samuel E. Wills, Lemma W. Senbet and Witness Simbanegavi.

in Journal of African Economies

September 2016; p ublished online October 2016 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; Macroeconomic Aspects of International Trade and Finance; Corporate Governance; Corporate Regulation; Taxation, Subsidies, and Revenue; National Budget, Deficit, and Debt; Publicly Provided Goods; National Government Expenditures and Related Policies; Economic Development; Non-renewable Resources and Conservation. 8386 words.

Non-renewable resources dominate nearly one quarter of the world's economies. Over half of these economies are developing, with many in Africa. Managing resource revenues is one of the most...

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