Sovereign debt crisis: Why in Europe and not elsewhere?
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...
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 ...
متن کاملEUROPEAN BOND ETFs - TRACKING ERRORS AND SOVEREIGN DEBT CRISIS
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 کاملWhy Prices Don’t Respond Sooner to a Prospective Sovereign Debt Crisis
Kobayashi, Masao Ogaki, Kozo Ueda, and seminar participants at the Bank of Japan, CIGS, Federal Reserve Bank of Atlanta, Hitotsubashi University (ICS), Kyoto University, and the University of Tokyo. Part of this research was conducted while Nakajima was a visiting scholar at the Institute for Monetary and Economic Studies at the Bank of Japan, whose hospitality is gratefully acknowledged. Nakaj...
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...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Intereconomics
سال: 2012
ISSN: 0020-5346,1613-964X
DOI: 10.1007/s10272-012-0408-9