Search results for "Debt crisi"

showing 2 items of 22 documents

Contingent Convertible Bonds for Sovereign Debt Risk Management

2018

Abstract We consider convertible bonds that contractually stipulate payment standstill, contingent on a market indicator of a sovereign’s credit worthiness breaching a distress threshold. This financial innovation limits ex ante the likelihood of debt crises and imposes ex post risk sharing between creditors and the debtor. Drawing from literature on contingent contracts, neglected risks, and bank CoCo, we extend prevailing arguments in favor of sovereign CoCo (S-CoCo). We discuss issues relating to their design: which market trigger, market discipline and sovereign incentives, and errors of false alarms or missed crises, and provide supporting evidence with eurozone data and a simple simul…

media_common.quotation_subjectGeography Planning and DevelopmentMonetary economicsDebt crisiDebt restructuringDevelopmentScenario analysiPuttable bondConditional Value-at-RiskSettore SECS-S/06 -Metodi Mat. dell'Economia e d. Scienze Attuariali e Finanz.Debt0502 economics and businessEconomics050207 economicsConvertible bondRisk managementmedia_commonDebt crisis050208 financebusiness.industryPortfolio optimizationBondGDP-indexed bond05 social sciencesDebtorExpected shortfallDebt restructuringSovereign debtContingent contractbusinessGeneral Economics Econometrics and FinanceJournal of Globalization and Development
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EUROPEAN UNION’S COMPETITIVENESS IN TERMS OF COUNTRY RISK AND FISCAL DISCIPLINE

2012

Underneath the umbrella of national competitiveness there are microeconomic and macroeconomic factors, but the recovery and the revival of a state competitiveness must be based on a strategy developed and coordinated centrally and implemented in strategic areas of the economy. In this respect, this paper aims to analyze the situation of European Union’s competitiveness in terms of country risk and fiscal and budgetary discipline of the Member States, based on empirical data. Therefore, this study’s analysis includes the following two steps: first, a segmentation of the European Union by determining distinct groups of countries according to national competitiveness (GCI), public debt (PD) an…

sovereign debt crisis country risk fiscal and budgetary discipline competitivenessStudies in Business and Economics
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