The Costs of Sovereign Default: Theory and Empirical Evidence
In: Economia: journal of the Latin American and Caribbean Economic Association, Band 16, Heft 2, S. 1-27
ISSN: 1533-6239
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In: Economia: journal of the Latin American and Caribbean Economic Association, Band 16, Heft 2, S. 1-27
ISSN: 1533-6239
In: Journal of international economics, Band 76, Heft 2, S. 267-275
ISSN: 0022-1996
In: The Scandinavian Journal of Economics, Band 116, Heft 1, S. 87-127
SSRN
In: NBER Working Paper No. w17552
SSRN
In: Sovereign Debt at the Crossroads, S. 55-80
In: IMF Working Paper No. 04/221
SSRN
In: Journal of international economics, Band 83, Heft 2, S. 243-254
ISSN: 0022-1996
In: Journal of Monetary Economics, Band 104, S. 23-36
In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to discuss "The Future of Sovereign Borrowing." The financial, economic and sovereign debt crisis has fundamentally changed the rules of the game in sovereign debt markets, particularly in the euro area, but also beyond its borders. Sovereign bonds are no longer widely perceived as 'risk-free' assets. Even the sovereign bonds of safe-haven countries have come under close scrutiny or lost some of their prime ratings. Yet crisis countries have seen dramatic downgrades of their sovereign debt ratings so that they face soaring risk spreads and unsustainably high financing costs (or even a loss of access to bond market financing), pushing them towards shorter financing or forcing them to rely on financial support from other countries and the international community or massive intervention by central banks.
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