Conditional eurobonds and the eurozone sovereign debt crisis
نویسندگان
چکیده
منابع مشابه
Saving Imbalances and the Euro Area Sovereign Debt Crisis
For several years prior to 2010, countries in the euro area periphery engaged in heavy borrowing from foreign private investors, allowing domestic spending to outpace incomes. Now these countries face debt crises refl ecting a loss of investor confi dence in the sustainability of their fi nances. The result has been an abrupt halt in private foreign lending to these economies. This study explai...
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We study the interaction between (a) inefficiencies in the post-default debtor-creditor bargaining game and (b) ex ante debtor moral hazard and excessive lending in sovereign debt markets. Conditional on default, selffulfilling debt crisis driven by creditor coordination failure exists and crisis risk is inefficiently high. Strengthening collective action clauses (CACs) has an ambiguous impact ...
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We examine tracking errors and performance of 31 European bond exchange traded funds (ETFs) during 2007-2010. On average, ETFs outperform their respective benchmarks. Our findings, contradicts recent results from international equity markets that suggest ETFs’ underperformance. The average overperformance during the sample period varies from 10 basis points to 27 basis points. Notable the over-...
متن کاملA Theory of Sovereign Debt Roll-over Crisis∗
In this paper, we attempt to provide theoretical investigation to debt roll-over crisis in government bond market. By using the global game techniques, we analyse coordination problem in debt auction. The approach in this paper allows us to have insight on the relation between occurrence of sovereign debt roll-over crisis and the fundamentals of economy which is not clearly explained in precedi...
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ژورنال
عنوان ژورنال: Oxford Review of Economic Policy
سال: 2013
ISSN: 0266-903X,1460-2121
DOI: 10.1093/oxrep/grt032