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Intergenerational conflict and international risk sharing
(Universidad de San Andrés. Departamento de Economía, 2010-09)
Existing models of foreign debt and insurance capacityas sume that the costs
and benefits of default are evenlydistributed across agents in the defaulting
country. To studyho w tensions among different groups inside a ...
Reduced form vector directional quantiles
(Elsevier Inc, 2017-06)
In this paper, we develop a reduced form multivariate quantile model, using a directional quantile framework. The proposed model is the solution to a collection of directional quantile models for a fixed orthonormal basis, ...
A influência do rating soberano brasileiro nas cláusulas restritivas dos contratos de emissões de debêntures
(Universidade do Vale do Rio dos Sinos, 2015-09-15)
The present study aims to analyze and to classify the covenants of debenture issuance contracts, assessing the main changes of such terms and the influences of the increasing risk scenario, measured by the Brazilian sovereign ...
A influência do rating soberano brasileiro nas cláusulas restritivas dos contratos de emissões de debêntures
(Universidade do Vale do Rio dos Sinos, 2015-09-15)
The present study aims to analyze and to classify the covenants of debenture issuance contracts, assessing the main changes of such terms and the influences of the increasing risk scenario, measured by the Brazilian sovereign ...
Mutualizing Euro Area debt without a Fiscal UnionMutualizando la deuda de la Zona Euro sin una Unión Fiscal
(Universidad de Costa Rica, 2018)
Borrowing in excess of natural ability to repay
(Academic Press Inc Elsevier Science, 2017-01)
The paper aims at improving our understanding of self-enforcing debt in competitive dynamic economies with lack of commitment when default induces a permanent loss of access to international credit markets. We show, by ...
Sovereign credit default swap vs. credit rating: un modelo empírico
(Pontificia Universidad Católica del PerúPE, 2019)
Sovereign credit default swap vs. credit rating: un modelo empírico
(Pontificia Universidad Católica del PerúPE, 2019)
Fiscal Rules and Financial Systems: Complements or Substitutes?.
We study the effect of fiscal rules on a country's credit rating and their interaction with financial development. We build a rich set of panel data, which includes a novel index for the strength of fiscal rules. We find ...