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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 ceilings ‘‘lite’’? The impact of sovereign ratings on corporate ratings
(Elsevier, 2013)
Although credit rating agencies have gradually moved away from a policy of never rating a corporation
above the sovereign (the ‘sovereign ceiling’), it appears that sovereign credit ratings remain a significant
determinant ...
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 ...
Ratings, qualidade creditícia e estrutura de capital em países emergentes
(Universidade Federal de Santa MariaBrasilAdministraçãoUFSMPrograma de Pós-Graduação em AdministraçãoCentro de Ciências Sociais e Humanas, 2023-02-01)
The companies' access to credit is a relevant factor to enable investments and the development
of companies. In this sense, instruments for measuring the ability of companies to honor their
debts are crucial for creditors, ...
The Determinants of Sovereign Bond Spreads: Theory and Facts from Latin America
(Instituto de Economía, Pontificia Universidad Católica de Chile, 2007)
Avaliação do risco soberano dos países da América Latina - 2000 a 2017
(Universidade do Vale do Rio dos Sinos, 2009-10-18)
The aim of this study is to verify the relationship between the sovereign risk of Latin American countries and their macroeconomic variables such as public debt, current account balance, gross domestic product and portfolio ...
Avaliação do risco soberano dos países da América Latina - 2000 a 2017
(Universidade do Vale do Rio dos Sinos, 2009-10-18)
The aim of this study is to verify the relationship between the sovereign risk of Latin American countries and their macroeconomic variables such as public debt, current account balance, gross domestic product and portfolio ...
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 ...
Measuring the effect of monetary shocks on European sovereign country risk: an application of GVAR models
(Centro de Estudios Macroeconómicos de Argentina, 2019-01)
This paper investigates the effect of European monetary policies on Eurozone countries’ sovereign risks. We control for interdependencies across individual variables within and across countries using a global VAR specification ...