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        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out
        Sovereign Debt Markets in Turbulent Times:  Creditor Discrimination and Crowding-Out

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        Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out

        ABSTRACT

        In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two key ingredients: creditor discrimination and crowding-out effects. Creditor discriminatio ....read more

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        • TypeReport
        • PriceFree
        • FormatPDF
        • Size2.34 MB
        • LanguageEnglish
        • Stacks0
        • Postedalmost 4 years ago
        • Authored-
        • Added byHashdoc Content Review
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