Sovereign Debt Crisis

📒Sovereign Debt Crises ✍ Juan Pablo Bohoslavsky

✏Book Title : Sovereign Debt Crises
✏Author : Juan Pablo Bohoslavsky
✏Publisher : Cambridge University Press
✏Release Date : 2017-10-31
✏Pages :
✏ISBN : 9781316510445
✏Available Language : English, Spanish, And French

✏Sovereign Debt Crises Book Summary : Contributes to a better understanding of the policy, economic, and legal options of countries struggling with debt problems.

📒Sovereign Debt Crisis ✍ D. Chorafas

✏Book Title : Sovereign Debt Crisis
✏Author : D. Chorafas
✏Publisher : Springer
✏Release Date : 2011-06-13
✏Pages : 275
✏ISBN : 9780230307124
✏Available Language : English, Spanish, And French

✏Sovereign Debt Crisis Book Summary : Restructuring the balance sheets of Western governments, banks and households is an important issue in the recovery after the recent crisis. Chorafas' latest book focuses on sovereign debt, sovereign risk and the developing economic and financial business climate and explains why the year of the big crisis may fall in the middle of this decade.

✏Book Title : The European Sovereign Debt Crisis and Its Impacts on Financial Markets
✏Author : Go Tamakoshi
✏Publisher : Routledge
✏Release Date : 2015-02-11
✏Pages : 134
✏ISBN : 9781317629689
✏Available Language : English, Spanish, And French

✏The European Sovereign Debt Crisis and Its Impacts on Financial Markets Book Summary : The global financial crisis saw many Eurozone countries bearing excessive public debt. This led the government bond yields of some peripheral countries to rise sharply, resulting in the outbreak of the European sovereign debt crisis. The debt crisis is characterized by its immediate spread from Greece, the country of origin, to its neighbouring countries and the connection between the Eurozone banking sector and the public sector debt. Addressing these interesting features, this book sheds light on the impacts of the crisis on various financial markets in Europe. This book is among the first to conduct a thorough empirical analysis of the European sovereign debt crisis. It analyses, using advanced econometric methodologies, why the crisis escalated so prominently, having significant impacts on a wide range of financial markets, and was not just limited to government bond markets. The book also allows one to understand the consequences and the overall impact of such a debt crisis, enabling investors and policymakers to formulate diversification strategies, and create suitable regulatory frameworks.

✏Book Title : Anatomy of a Sovereign Debt Crisis
✏Author :
✏Publisher :
✏Release Date : 2019
✏Pages :
✏ISBN : 9276001204
✏Available Language : English, Spanish, And French

✏Anatomy of a Sovereign Debt Crisis Book Summary : We construct a unique and comprehensive data set of 19 real-time daily macroeconomic indicators for 11 Eurozone countries, for the 5/11/2009{4/25/2013 period. We use this new data set to characterize the time-varying dependence of the cross-section of sovereign credit default swap (CDS) spreads on country-specifc macro indicators. We employ daily Fama-MacBeth type cross-sectional regressions to produce time-series of macro-sensitivities, which are then used to identify risk regimes and forecast future equity market volatility. We document pronounced time-variation in the macro-sensitivities, consistent with the notion that market participants focused on very different macro indicators at the different times of the crisis. Second, we identify three distinct crisis risk regimes, based on the general level of CDS spreads, the macro-sensitivities, and the GIPSI connotation. Third, we document the predictive power of the macro-sensitivities for future option-implied equity market volatility, consistent with the notion that expected future risk aversion is an important driver of how CDS spreads impound macro information.

📒The Sovereign Debt Crisis ✍ Anton Brender

✏Book Title : The Sovereign Debt Crisis
✏Author : Anton Brender
✏Publisher : Ctr for European Policy Studies
✏Release Date : 2013-10-01
✏Pages : 128
✏ISBN : 9461383371
✏Available Language : English, Spanish, And French

✏The Sovereign Debt Crisis Book Summary : "This book provides an update to the major 2012 study by the same authors on the dual role of the public sector as the provider of the ultimate riskless asset and, at the same time, the source of a potential major systemic risk. In this second edition, Brender and his colleagues concentrate again on the tension between the need for the public sector to sustain demand in the face of a deleveraging private sector and the longer-term challenges of sustainability for fiscal policy in the major developed economies of the US, Japan and the euro area. In short, their principal thesis is that sovereign debt is in crisis. This crisis is apparent in the euro area, but it is also real, if at present only latent, in the US and Japan. The book shows how this process has evolved in these three big developed economies--and how their policy choices impact on global financial markets."--

✏Book Title : Rules of Thumb for Sovereign Debt Crises
✏Author : Paolo Manasse
✏Publisher : International Monetary Fund
✏Release Date : 2005-03-01
✏Pages : 32
✏ISBN :
✏Available Language : English, Spanish, And French

✏ Rules of Thumb for Sovereign Debt Crises Book Summary : This paper contains an empirical investigation of the set of economic and political conditions that are associated with a likely occurrence of a sovereign debt crisis. We use a new statistical approach (Binary Recursive Tree) that allows us to derive a collection of "rules of thumb" that help identify the typical characteristics of defaulters. We find that not all crises are equal: they differ depending on whether the government faces insolvency, illiquidity, or various macroeconomic risks. We also characterize the set of fundamentals that can be associated with a relatively "risk free" zone. This classification is important for discussing appropriate policy options to prevent crises and improve response time and prediction.

📒Bust ✍ Matthew Lynn

✏Book Title : Bust
✏Author : Matthew Lynn
✏Publisher : John Wiley & Sons
✏Release Date : 2010-12-21
✏Pages : 288
✏ISBN : 1119990688
✏Available Language : English, Spanish, And French

✏Bust Book Summary : In 2001, Greece saw its application for membership into the Eurozone accepted, and the country sat down to the greatest free lunch in economic history. However, the coming years of global economic prosperity would lead to unrestrained spending, cheap borrowing, and a failure to implement financial reform, leaving the country massively exposed to a financial crisis—which duly struck. In Bust: Greece, the Euro, and the Sovereign Debt Crisis, Bloomberg columnist Matthew Lynn explores Greece's spectacular rise and fall from grace and the global repercussions of its financial disaster. Page by page, he provides a thrilling account of the Greek financial crisis, drawing out its origins, how it escalated, and its implications for a fragile global economy. Along the way, Lynn looks at how the Greek contagion has spread like wildfire throughout Europe and explores how government ineptitude as well as financial speculators compounded the problem. Blending financial history, politics, and current affairs, Lynn skillfully tells the story of how one nation rode the wave of economic prosperity and brought a continent, a currency, and, potentially, the global financial system to its knees. Lively, engaging, and thought provoking, Bust reminds us just how interconnected the world really is.

✏Book Title : Reflections on the Greek Sovereign Debt Crisis
✏Author : Aristidis Bitzenis
✏Publisher : Cambridge Scholars Publishing
✏Release Date : 2014-09-26
✏Pages : 396
✏ISBN : 9781443867832
✏Available Language : English, Spanish, And French

✏Reflections on the Greek Sovereign Debt Crisis Book Summary : The euro was generally considered a success in its first decade. Nevertheless, the “unanticipated” financial crisis in the summer of 2007 has developed gradually into the worst global economic crisis in post-war economic history and a sovereign debt crisis, calling into question the endurance of positive externalities under the current form of European economic integration. The experience of double-dip recessions in the core of the euro-area and the occurrence of a deflationary spiral in its southern periphery brings into question the wisdom of fiscal consolidation via austerity in the adjustment programmes adopted to exit the crisis. They also put into doubt the adequacy and efficiency of the European Economic and Monetary Union’s core elements, its political instruments and macroeconomic assumptions, as can be seen in the role of the Stability and Growth Pact and the stance of the European Central Bank. The title of this collective volume refers to the country where the European sovereign debt crisis began, while its contents concentrate on the extent to which this crisis should be a national or a European concern. Moreover, the focus on Greece stimulates discussion about the neglected factor of the shadow economy and the potential to boost government revenue through its successful transfer to the formal economy. The chapters address the inefficiencies of both euro-area institutions and policies adopted to exit the current predicament. Experts from several disciplines review the literature and critically evaluate the existence of issues such as contagion effects, domino effects, deflationary spirals, institutional efficiency and the reality of the option to exit the euro-area.

✏Book Title : The Sovereign Debt Crisis the EU and Welfare State Reform
✏Author : Caroline De La Porte
✏Publisher : Springer
✏Release Date : 2016-08-09
✏Pages : 229
✏ISBN : 9781137581792
✏Available Language : English, Spanish, And French

✏The Sovereign Debt Crisis the EU and Welfare State Reform Book Summary : This book offers a much-needed analysis of how the European Union (EU) has affected welfare state reforms in the Member States most severely hit by the 2008 economic crisis. Bringing together leading European social policy researchers, it shows that the EU’s responses to the sovereign debt crisis have changed the nature of EU intervention into domestic welfare states, with an enhanced focus on fiscal consolidation, increased surveillance and enforcement of EU measures. The authors demonstrate how this represents an unprecedented degree of EU involvement in domestic social and labour market policies. Readers will also discover how greater demands to attain balanced budgets have been institutionalized, leading to tensions with the EU's social investment strategy. This highly informative edited collection will engage students, social policy practitioners and researchers, scholars of the welfare state and political scientists. “/div>div

✏Book Title : Dealing with Systemic Sovereign Debt Crises
✏Author :
✏Publisher :
✏Release Date : 2015
✏Pages : 43
✏ISBN : 1513569244
✏Available Language : English, Spanish, And French

✏Dealing with Systemic Sovereign Debt Crises Book Summary : The paper presents a tractable model to understand how international financial institutions (IFIs) should deal with the sovereign debt crisis of a systemic country, in which case private creditors' bail-ins entail international spillovers. Besides lending to the country up to its borrowing capacity, IFIs face the difficult issue of how to address the remaining financing needs with a combination of fiscal consolidation, bail-ins and possibly official transfers. To maximize social welfare, IFIs should differentiate the policy mix depending on the strength of spillovers. In particular, stronger spillovers call for smaller bail-ins and greater fiscal consolidation. Furthermore, to avoid requiring excessive fiscal consolidation, IFIs should provide highly systemic countries with official transfers. To limit the moral hazard consequences of transfers, it is important that IFIs operate under a predetermined crisis-resolution framework that ensures commitment. --Abstract.