Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 20 of 20 for “"Sovereign Default"”.
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Essays on Sovereign Default
This dissertation consists of three chapters on sovereign default. Thematically, they are linked by their examination of how sovereign risk influences government policy, equilibrium allocations, and welfare. Chapter 1 investigates the optimal currency denomination in sovereign bonds. Chapter 2 and …
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Essays on debt markets
… domestic banking and growth in a DSGE model of sovereign default in order to address (i) the joint existence of sovereign debt and international reserves, and (ii) the occurrence of twin (domestic banking and sovereign default) crises. In chapter 2, joint with Hui Chen and Jun Yang, we build a …
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Modeling and forecasting international credit risk : the case of sovereign loans
… The thesis contributes to the extant sovereign risk literature in three areas. First, it addresses the question of whether controlling for unobserved heterogeneity is important for predicting debt crises and explores a pervasive inference problem in Early Warning Systems (EWSs). …
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South Africa's debt sustainability: A multi-factor approach
… for states that have a level of monetary sovereignty. This paper concludes that South Africa has a high degree of monetary sovereignty due to factors including its flexible exchange rate, independent and credible central bank, high level of financial development and private wealth and …
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Fiscal Policy, Default and Emerging Market Business Cycles
… fiscal sector to what is otherwise a standard sovereign default setup. The environment I define is one of incomplete markets that resembles small open developing economies with respect to existence of short-maturity non-state contingent defaultable debt as the only tradable asset for the …
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Essays on sovereign debt and international capital flows
… financial institutions. Chapter 1 focuses on sovereign debt and default. Recent sovereign default episodes have been associated with substantial output costs, and the sovereign should take into account that any default decision may exacerbate such costs. I construct a two-period model where …
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Mortgages, Maturity Mismatching and the Transformation of British Banking, 1971-92
… international business soured during the 1980s sovereign default crisis the banks extended their mortgage lending in order to recapture retail deposits. This business proved popular and the banks’ mortgage lending grew substantially during the 1980s. The lending of the societies and the clearing …
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Three essays on sovereign debt and financial markets
… Van der Ghote, we use a unique dataset on sovereign bond issuances and syndicated bank loans to study the duration and determinants of the periods of exclusion from international credit markets that usually follow governments' defaults. Among other results, we find that countries either …
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Essays in economics
… and self-fulfilling beliefs as drivers of sovereign default risk. I employ global-game techniques to induce a unique equilibrium. Along the unique equilibrium, I show how the equilibrium default risk can be decomposed in a solvency-risk component and a coordination-risk component. I then …
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Essays on Macroeconomics
… relationship with aggregate growth.Chapter 3: Sovereign Default and the Choice of Maturity (with Juan M. Sanchez and Horacio Sapriza)This paper presents a new quantitative model of endogenous sovereign default, maturity choice and the term structure of bond yield spreads. Sovereigns usually …
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Essays on Sovereign Debt Crisis
… that aim to develop economic models to explain sovereign debt crises. Chapter 2 provides the dynamic general equilibrium model of endogenous sovereign default, incorporating financial intermediaries. By a government's decision to default, government bonds become non-performing and financial …
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Essays on Sovereign Debt Crisis
… that aim to develop economic models to explain sovereign debt crises. Chapter 2 provides the dynamic general equilibrium model of endogenous sovereign default, incorporating financial intermediaries. By a government's decision to default, government bonds become non-performing and financial …
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Essays on international macroeconomics
… open economies. The first two chapters are about sovereign debt and its interactions with domestic financial markets. The third chapter, coauthored with my classmate Daniel Rees, studies volatility in terms of trade. The first chapter studies how the introduction of new assets in sovereign debt …
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Essays on International Trade and Sovereign Debt
… focusing on three different interactions through sovereign debt. The thesis is divided in 3 chapters. In the first chapter, I show that existing evidence suggests that sovereign defaults disrupt international trade. As a consequence, countries that are more open have more to lose from a sovereign …
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Essays on fiscal policy and the pricing of sovereign debt
… the conduct of fiscal policy and the pricing of sovereign debt. The first chapter examines the credibility of official budgetary projections produced by the fiscal authorities of EU member states, as required under the provisions of the Stability and Growth Pact. Drawing upon existing studies, …
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Three essays in economics
… of students. In the second chapter, I study the sovereign borrowing market. Sovereign default often affects country’s trade relations. The defaulter’s currency depreciates while trade volume falls drastically. To explain this connection, I propose a model to incorporate real depreciation along …
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Essays On Consumption Risk-Sharing In Emerging Economies
… study a model of a small open economy to see how default decisions affect incentives for international consumption risk-sharing based on varying levels of debt to capital ratio in emerging economies while in Chapter 3, I employ a novel endogenous threshold identification method developed by Hansen …
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The source of self-restraint? How domestic politics and international markets shape natural resource policy in the developing world
… by two factors: political competition and sovereign borrowing. First, I posit that political leaders are more likely to restrict their own discretion over the extractive sector at moderate levels of political competition. When political uncertainty is low and rulers are safe in their seats, …
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Essays in debt sustainability and financial stability
… stochastic general equilibrium model of optimal default, in which the government optimally holds net debt and attachable assets. The model is novel as it allows for the possibility of debt to be enforced. This is a vast improvement upon previous models, which find that the optimal level of assets …