The Dynamics Of Sovereign Debt Crises And Bailouts
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The Dynamics Of Sovereign Debt Crises And Bailouts
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Author : Mr.Francisco Roch
language : en
Publisher: International Monetary Fund
Release Date : 2016-07-11
The Dynamics Of Sovereign Debt Crises And Bailouts written by Mr.Francisco Roch and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-11 with Business & Economics categories.
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
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Author : Francisco Roch
language : en
Publisher:
Release Date : 2016
The Dynamics Of Sovereign Debt Crises And Bailouts written by Francisco Roch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Debts, Public categories.
Managing The Sovereign Bank Nexus
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Author : Mr.Giovanni Dell'Ariccia
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-07
Managing The Sovereign Bank Nexus written by Mr.Giovanni Dell'Ariccia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-07 with Business & Economics categories.
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Too Big To Fail
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Author : Gary H. Stern
language : en
Publisher: Rowman & Littlefield
Release Date : 2004-02-29
Too Big To Fail written by Gary H. Stern and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-02-29 with Business & Economics categories.
The potential failure of a large bank presents vexing questions for policymakers. It poses significant risks to other financial institutions, to the financial system as a whole, and possibly to the economic and social order. Because of such fears, policymakers in many countries—developed and less developed, democratic and autocratic—respond by protecting bank creditors from all or some of the losses they otherwise would face. Failing banks are labeled "too big to fail" (or TBTF). This important new book examines the issues surrounding TBTF, explaining why it is a problem and discussing ways of dealing with it more effectively. Gary Stern and Ron Feldman, officers with the Federal Reserve, warn that not enough has been done to reduce creditors' expectations of TBTF protection. Many of the existing pledges and policies meant to convince creditors that they will bear market losses when large banks fail are not credible, resulting in significant net costs to the economy. The authors recommend that policymakers enact a series of reforms to reduce expectations of bailouts when large banks fail.
Sovereign Debt
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Author : S. Ali Abbas
language : en
Publisher:
Release Date : 2020
Sovereign Debt written by S. Ali Abbas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Business & Economics categories.
This book is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners, and policymakers through this complicated, but not intractable, subject.
The Economics Of Sovereign Debt Bailouts And The Eurozone Crisis
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Author : Pierre-Olivier Gourinchas
language : en
Publisher: International Monetary Fund
Release Date : 2023-08-25
The Economics Of Sovereign Debt Bailouts And The Eurozone Crisis written by Pierre-Olivier Gourinchas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-25 with Business & Economics categories.
Despite a formal ‘no-bailout clause,’ we estimate significant net present value transfers from the European Union to Cyprus, Greece, Ireland, Portugal, and Spain, ranging from roughly 0.5% (Ireland) to a whopping 43% (Greece) of 2010 output during the Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed differences across countries. We characterize bailout size and likelihood as a function of the economic fundamentals (economic activity, debt-to-gdp ratio, default costs). Our model embeds a ‘Southern view’ of the crisis (transfers did not help) and a ‘Northern view’ (transfers weaken fiscal discipline). While a stronger no-bailout commitment reduces risk-shifting, it may not be optimal from the perspective of the creditor country, even ex-ante, if it increases the risk of immediate insolvency for high debt countries. Hence, the model provides a potential justification for the often decried policy of ‘kicking the can down the road.’ Mapping the model to the estimated transfers, we find that the main purpose of the outsized Greek bailout was to prevent an exit from the eurozone and possible contagion. Bailouts to avoid sovereign default were comparatively modest.
The Economics Of Sovereign Debt
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Author : Robert W. Kolb
language : en
Publisher:
Release Date : 2016
The Economics Of Sovereign Debt written by Robert W. Kolb and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Debts, Public categories.
This expansive collection contains more than one hundred of the very best and most influential scholarly articles on the sovereign debt of central governments around the world. It features discussions of the debt of many emerging nations as well as the largest sovereign debtors in the world. Collectively, these articles provide a thorough understanding of sovereign debt as seen by the best economists from around the world. The extensive and in-depth introductory chapter also discusses each of the articles individually. This collection is an essential tool to libraries, academic institutions, economic scholars and students alike.
The Oxford Handbook Of Banking Second Edition
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Author : Allen N. Berger
language : en
Publisher: OUP Oxford
Release Date : 2014-11-27
The Oxford Handbook Of Banking Second Edition written by Allen N. Berger and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-27 with Business & Economics categories.
The Oxford Handbook of Banking, Second Edition provides an overview and analysis of developments and research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners, regulators, and policy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner, and policy-related material. The Handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their corporate governance and risk management practices. Part II deals with Bank Operations and Performance. A range of issues are covered including bank performance, financial innovation, and technological change. Aspects relating to small business, consumer, and mortgage lending are analysed together with securitization, shadow banking, and payment systems. Part III entitled Regulatory and Policy Perspectives discusses central banking, monetary policy transmission, market discipline, and prudential regulation and supervision. Part IV of the book covers various Macroeconomic Perspectives in Banking. This part includes a discussion of systemic risk and banking and sovereign crises, the role of the state in finance and development as well as how banks influence real economic activity. The final Part V examines International Differences in Banking Structures and Environments. This part of the Handbook examines banking systems in the United States, European Union, Japan, Africa, Transition countries, and the developing nations of Asia and Latin America.
Imf Research Bulletin September 2016
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-30
Imf Research Bulletin September 2016 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-30 with Business & Economics categories.
The September 2016 issue of the IMF Research Bulletin includes the following two Research Summaries: “A New Look at Bank Capital” (by Jihad Dagher, Giovanni Dell’Ariccia, Luc Laeven, Lev Ratnovski, and Hui Tong) and “Does Growth Create Jobs?: Evidence for Advance and Developing Economies (by Zidong An, Nathalie Gonzalez Prieto, Prakash Loungani, and Saurabh Mishra). The Q&A article by Rabah Arezki discusses “Seven Questions on Rethinking the Oil Market in the Aftermath of the 2014-16 Price Slump.” A listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications are also included. Readers can also find an announcement on the 2016 Annual Research Conference and links to top cited 2015 articles in the IMF Economic Review.
Rethinking Fiscal Policy After The Crisis
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Author : Ľudovít Ódor
language : en
Publisher: Cambridge University Press
Release Date : 2017-05-18
Rethinking Fiscal Policy After The Crisis written by Ľudovít Ódor and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-18 with Business & Economics categories.
After the financial crisis, what important lessons can we learn from fiscal policy? This book provides an answer to this question.