The productivity cost of sovereign default: evidence from the European debt crisis
نویسندگان
چکیده
منابع مشابه
Effects of European Sovereign Debt (Leverage) Crisis on Bilateral Trade Flows
Outbreak of 2009 European sovereign debt (leverage) crisis has been one of the most crucial economic events of recent years. Accordingly, researchers devoted a great deal of efforts to elucidate origins and consequences of this crisis, particularly focusing on its potential effect on international trade flows. Yet in the literature, there have been rare studies on exploring the effects of sover...
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This paper attempts to extract real-time market-based estimates of the default probabilities on Government debt for a selection of European countries, using a technique applied by Bierman and Hass (1979) and Fons (1987) in the corporate debt market. The technique involves solving the debt pricing equation for the martingale probabilities which under the no-arbitrage assumption equate the price ...
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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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پس ازفروپاشی شوروی،رشد منابع نفت و گاز، آسیای میانه و قفقاز را در یک بازی ژئوپلتیکی انرژی قرار داده است. با در نظر گرفتن این منابع هیدروکربنی، این منطقه به یک میدانجنگ و رقابت تجاری برای بازی های ژئوپلتیکی قدرت های بزرگ جهانی تبدیل شده است. روسیه منطقه را به عنوان حیات خلوت خود تلقی نموده و علاقمند به حفظ حضورش می باشد تا همانند گذشته گاز طبیعی را به وسیله خط لوله مرکزی دریافت و به عنوان یک واس...
15 صفحه اولSovereign Debt Default: The Impact of Creditor Composition
The main motivation of this paper is to study the impact of the composition of creditors on the probability of default and the corresponding default risk premium on sovereign bonds, when there is debtor moral hazard. In the absence of any legal enforcement, relational contracts work only when there are creditors who have a repeated relationship with the borrower. We show that ownership structur...
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ژورنال
عنوان ژورنال: Economic Theory
سال: 2015
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-015-0939-y