Open AccessPosted Content
Code and data files for "Fiscal Policy and Default Risk in Emerging Markets"
TLDR
In this article, all Matlab and C++ programs necessary to produce the results of the article were described and a spreadsheet with Mexican data was also provided, along with a spreadsheet containing Mexican data.Abstract:
All Matlab and C++ programs necessary to produce the results of the article. There is also a Excel spreadsheet with Mexican data.read more
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Dissertation
Gouvernance à la BCEAO et à la BEAC : expériences monétaires en zone franc africaine
TL;DR: The role essentiel des Conseils de politique monetaire (CPMs) is discussed in this article, which is a cadre institutionnel qui reflete la gouvernance montre uneBanque centrale non pas separee du politique mais plutot en relation with celui-ci.
Quantitative Properties of Sovereign Default Models : Solution Methods Matter, Working Paper 10-04
TL;DR: In this article, the authors study the sovereign default model that has been used to account for the cyclical behavior of interest rates in emerging market economies and show that this method necessitates a large number of grid points to avoid generating spurious interest rate movements.
Journal ArticleDOI
Sovereign default risk and commitment for fiscal adjustment
TL;DR: In this article, a model of sovereign debt and default is studied, where the price of past debt cannot be affected by current fiscal policy and governments cannot credibly commit to a certain path of tax rates, debtor countries choose suboptimally low fiscal adjustments.
Posted Content
A Macrofinance View of U.S. Sovereign CDS Premiums
TL;DR: This article developed an equilibrium macro-finance model of the U.S. economy, in which the fiscal and monetary policy stance jointly endogenously determine nominal debt, taxes, inflation and growth.
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Bracing for the Typhoon: Climate Change and Sovereign Risk in Southeast Asia
TL;DR: In this article, the authors investigated and empirically tested the link between climate change and sovereign risk in Southeast Asia and found that greater climate vulnerability appears to have a sizable positive effect on sovereign bond yields, while greater resilience to climate change has an offsetting effect, albeit to a lesser extent.
References
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Journal ArticleDOI
On the Determination of the Public Debt
TL;DR: In this paper, a public debt theory is constructed in which the Ricardian invariance theorem is valid as a first-order proposition but where the dependence excess burden on the timing of taxation implies an optimal time path of debt issue.
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Debt with Potential Repudiation: Theoretical and Empirical Analysis
Jonathan Eaton,Mark Gersovitz +1 more
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The Voracity Effect
Aaron Tornell,Philip R. Lane +1 more
TL;DR: In this paper, the authors analyze an economy that lacks a strong legal-political institutional infrastructure and is populated by multiple powerful groups, and they show that a dilution in the concentration of power leads to faster growth and a less procyclical response to shocks.
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The risk-free rate in heterogeneous-agent incomplete-insurance economies
TL;DR: In this paper, the authors construct an economy where agents experience uninsurable idiosyncratic endowment shocks and smooth consumption by holding a risk-free asset, and calibrate the economy and characterize equilibria computationally.
Posted Content
Business Cycles in Emerging Economies:The Role of Interest Rates
TL;DR: In this paper, the empirical relation between the interest rates that emerging economies face in international capital markets and their business cycles was investigated, showing that interest rate shocks alone can explain 50% of output fluctuations and can generate business cycle patterns consistent with the regularities described above and with the major booms and recessions in Argentina in the last two decades.