Buscar
Mostrando ítems 1-10 de 315
Sovereign default risk and commitment for fiscal adjustment
(Elsevier Science Bv, 2015-01)
This paper studies fiscal policy in a model of sovereign debt and default A time inconsistency problem arises: since the price of past debt cannot be affected by current fiscal policy and governments cannot credibly commit ...
Sovereign debt with adverse selection : a quantitative approach
(Escola de Pós-Graduação em Economia da FGV, 2002-10-17)
We construct a dynamic equilibrium model to quantitatively study sovereign debt with contingent services and country risk spreads such that the benefits of defaulting are tempered by higher interest rates in the future. ...
On the sovereign debt paradox
(Springer, 2017-12)
Bulow and Rogoff (Am Econ Rev 79(1):43-50, 1989) show that lending to small countries cannot be supported merely on the country's 'reputation for repayment' if exclusion from future credit markets is the only consequence ...
Optimal reserve management and sovereign debt
(ELSEVIER SCIENCE BV, 2009)
Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign`s willingness-to-pay incentive problems, reserve accumulation may reduce ...
Sovereign default: which shocks matter?
(Academic Press Inc Elsevier Science, 2011-10)
This paper analyses a small open economy that wants to borrow from abroad, cannot commit to repay debt but faces costs if it decides to default. The model generates analytical expressions for the impact of shocks on the ...
The Determinants of Sovereign Bond Spreads: Theory and Facts from Latin America
(Instituto de Economía, Pontificia Universidad Católica de Chile, 2007)
Sovereign debt and default: does it matter who they think you are?
(2019-02-15)
Embora sanções sejam relevantes para explicar decisões de default e variáveis econômicas relacionadas, reputação também importa nesse contexto. Nesse trabalho nós propomos uma extensão do modelo quantitativo de default ...