Solving the Financial and Sovereign Debt Crisis in Europe
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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What determines the sustainability of sovereign debt? In this paper, we develop a model where myopic governments seek electoral popularity but can nevertheless commit credibly to service external debt. They do not default when they are poor even though default costs are low because they would lose access to debt markets and be forced to reduce spending; they do not default when they become rich...
متن کاملSovereign debt, government myopia, and the financial sector
What determines the sustainability of sovereign debt? In this paper, we develop a model where myopic governments seek electoral popularity but can nevertheless commit credibly to service external debt. They do not default when they are poor even though default costs are low because they would lose access to debt markets and be forced to reduce spending; they do not default when they become rich...
متن کامل“Sovereign Debt Crisis: Coordination, Bargaining and Moral Hazard”
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-...
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ژورنال
عنوان ژورنال: OECD Journal: Financial Market Trends
سال: 2012
ISSN: 1995-2864,1995-2872
DOI: 10.1787/fmt-2011-5k9cswmzsdwj