ERN: Debt; Debt Management (Topic)最新文献

{"title":"Another Look at Governments’ Balance Sheets: The Role of Nonfinancial Assets","authors":"E. Bova, Robert J. Dippelsman, Kara Rideout, Andrea Schaechter","doi":"10.5089/9781484315453.001","DOIUrl":"https://doi.org/10.5089/9781484315453.001","url":null,"abstract":"When discussing debt reduction strategies, little attention has been given to the role of governments’ nonfinancial assets. This is in part because data are scarce. Drawing on various data sources, this paper looks at the size, composition, and management of state-owned nonfinancial assets across 32 economies, with particular focus on the advanced G-20 economies. We find that reported nonfinancial assets comprise mostly structures (such as roads and buildings) and,when valued, land. These assets have increased over time, mostly due to higher property and commodity prices, and are, in large part, owned by subnational governments. Many countries have launched reforms with a view to streamlining public administrations, but receipts and savings have been rather small so far. Governments tend to consider relatively small sets of assets to be disposable, though preferences could change in the future. A potential source for future revenues could be greater reliance on user charges, such as road tolls. In most cases, a first step for more effective asset management has to be the expansion and improvement of data compilation.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114527903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"World Economic Outlook, April 2013","authors":"Yan Liu, C. Rosenberg","doi":"10.5089/9781498398589.081","DOIUrl":"https://doi.org/10.5089/9781498398589.081","url":null,"abstract":"The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and — in some cases — institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132323692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sovereign Debt Restructurings as Exercises of International Public Authority: Towards a Decentralized Sovereign Insolvency Law","authors":"Armin von Bogdandy, Matthias Goldmann","doi":"10.2139/ssrn.2089480","DOIUrl":"https://doi.org/10.2139/ssrn.2089480","url":null,"abstract":"This paper argues that sovereign debt restructurings as agreed between defaulting states and their multilateral, bilateral, or private creditors constitute exercises of international public authority. Their authoritative character results from their effects on the citizens of the defaulting state, especially through adjustment programs. They also affect taxpayers in lending states as well as shareholders of commercial creditors. Their public and international character derives from their legal basis in hard or soft public international law.As a consequence of their qualification as exercises of international public authority, sovereign debt restructurings need to be framed by public law in order to ensure their legitimacy. This paper is based on a discursive approach to legitimacy and shows how legal scholarship might promote the development of such a public law framework.The paper then proposes a set of legal principles for sovereign debt restructurings. Some of them might already exist de lege lata, while others should be understood as proposals de lege ferenda. Legal scholarship is especially useful for developing procedural requirements, while substantive issues require a political decision, with the exception of the need to respect fundamental human rights. Most importantly, however, the qualification of sovereign debt restructurings as exercises of public authority requires domestic and international courts and tribunals to defer to them and to stay proceedings as long as such restructurings are being negotiated or implemented. Domestic and international courts and tribunals might thereby control the legitimacy of these exercises of public authority.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132167935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Understanding Financial Crises: Causes, Consequences, and Policy Responses","authors":"S. Claessens, M. Kose, L. Laeven, Fabián Valencia","doi":"10.2139/ssrn.2295199","DOIUrl":"https://doi.org/10.2139/ssrn.2295199","url":null,"abstract":"The global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions examining these issues and distilling policy lessons. The book covers a wide range of crises, including banking, balance-of-payments, and sovereign debt crises. It reviews the typical patterns prior to crises, considers lessons on their antecedents, and analyzes their evolution and aftermath. It also provides valuable policy lessons on how to prevent, contain and manage financial crises.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132534580","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Debt and Macroeconomic Stability: Case Studies","authors":"Rossana Merola","doi":"10.2139/ssrn.2334325","DOIUrl":"https://doi.org/10.2139/ssrn.2334325","url":null,"abstract":"Accumulating debt raises concerns about its implications for macroeconomic stability. This paper sheds light on the implications of high indebtedness for the macroeconomic volatility by identifying the main drivers of the evolution of debt in a set of countries. The country choice was based on large deleveraging episodes of total economy debt, identified by turning point dating. The analysis shows that GDP is more volatile in the phase of deleveraging. However, countries can be distinguished into two groups. In a first set of countries (Germany, Israel, Mexico and the United States) economic activity has often rebounded during the phase of deleveraging. On the contrary, in a second group of countries, the higher volatility during the deleveraging phase has been accompanied by sluggish economic activity. Countries in this second group (for instance, Japan and Sweden) share the common characteristic that higher indebtedness was driven by a boom in asset prices. When asset prices burst, the financial sector cuts credit supply, which weighs on economic activity. The results also suggest that many episodes of debt leveraging have been naturally driven by boom in asset price used as collateral or by financial liberalisation, which have facilitated excessive borrowing. Endettement et stabilite economique: Etudes de cas L’accumulation de dettes amene a se preoccuper des repercussions de ce phenomene sur la stabilite economique. Ce document met en lumiere les consequences d’un niveau eleve d’endettement du point de vue de l’instabilite macroeconomique en identifiant les principaux determinants de l’evolution de la dette dans un certain nombre de pays. Les pays choisis ont connu de longues periodes de desendettement, identifiees par la datation du point de retournement. L’analyse montre que les PIB est plus variable au cours de la phase de desendettement. On distingue toutefois deux groupes de pays. Dans un premier groupe (Allemagne, Israel, Mexique et Etats-Unis), l’activite economique a souvent rebondi durant la phase de desendettement. Dans un second groupe, au contraire, la plus forte instabilite caracterisant la phase de desendettement s’est accompagnee d’une atonie de l’activite economique. Les pays du second groupe (Japon et Suede, par exemple) ont en commun le fait que leur niveau plus eleve d’endettement a ete imputable a une explosion des prix des actifs. Lorsque les prix des actifs flambent, le secteur financier reduit l’offre de credit, ce qui pese sur l’activite economique. Les resultats semblent indiquer aussi que, dans bien des cas, les episodes de desendettement ont fait suite naturellement a une poussee des prix des actifs utilises comme nantissement ou a une liberalisation financiere, qui a facilite un recours excessif a l’emprunt.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115356916","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics","authors":"D. Sutherland, P. Hoeller","doi":"10.2139/ssrn.2188941","DOIUrl":"https://doi.org/10.2139/ssrn.2188941","url":null,"abstract":"How does debt affect macroeconomic stability? The answer to this question has important implications, because both public and private debt levels have reached historic highs across the OECD. While accumulating debt can help smooth real activity, at high levels debt creates weaknesses in corporate, household and government balance sheets. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks across the economy and internationally. The empirical evidence shows that high debt levels impair the ability of households and enterprises to smooth consumption and investment and of governments to cushion adverse shocks. The empirical evidence also suggests that when private sector debt levels, particularly for households, rise above trend the likelihood of recession increases. Furthermore, when debt levels are high, recessions tend to be more severe. Dette et stabilite macroeconomique: apercu general des etudes existantes et faits constates Quels sont les effets de l’endettement sur la stabilite macroeconomique ? La reponse a cette question a des consequences importantes car les niveaux d’endettement publics et prives atteignent des sommets historiques dans les pays de l’OCDE. S’il est vrai que l’accumulation de dettes peut aider a lisser l’activite reelle, un endettement eleve affaiblit les bilans des entreprises, des menages et de l’Etat. Un fort endettement peut etre a l’origine de vulnerabilites, qui amplifient et repercutent les chocs macroeconomiques et les variations des prix des actifs dans l’economie et au plan international. L’experience montre que des niveaux eleves d’endettement limitent la possibilite pour les menages et les entreprises de lisser leur consommation et leurs investissements et, pour les gouvernements, d’amortir les chocs defavorables. Les donnees d’observations semblent aussi indiquer que lorsque la dette du secteur prive, en particulier celle des menages, depasse la tendance, la probabilite de recession s’accroit. Par ailleurs, lorsque les niveaux d’endettement sont eleves, les recessions sont generalement plus severes.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127979268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Eurozone Crisis: Escaping the 'Doom Loop'","authors":"A. Mullineux","doi":"10.2139/SSRN.2176670","DOIUrl":"https://doi.org/10.2139/SSRN.2176670","url":null,"abstract":"The paper reviews the origins and complexity of the ongoing Eurozone debt crisis in which bank bad debts and government debts have become intertwined in a ‘Doom Loop’. It reports on a ‘Round Table’(panel) discussion chaired by the author on behalf of the UK’s Money, Macro, Finance Research Group (MMFRG) as part of the Groupement de Recherche Europeen (GdRE) on Money, Banking and Finance annual conference in Nantes, 28-9 June 2012. The panel included Charles Calomiris (University of Columbia), Charles Goodhart (LSE) and Olivier de Bandt (Banques de France). The proposals of the panel for resolving the Spanish debt crisis and for the establishment of a ‘Banking Union’ in the EU to resolve the wider crisis and prevent future crises are then explored further. It concludes that the economists have proposed the solutions and it is now the responsibility of the politicians to action them.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125381838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Government Debt, Entitlements, and the Economy","authors":"John J. Seater","doi":"10.4324/9780203067871.CH35","DOIUrl":"https://doi.org/10.4324/9780203067871.CH35","url":null,"abstract":"A history of government debt and entitlement programs since 1800 is provided. Issues of properly measuring the debt are discussed, and the economic effects of debt are explained briefly.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126818301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Diminishing Quality of Fiscal Institutions in the United States and European Union","authors":"T. Grennes","doi":"10.2139/ssrn.2167008","DOIUrl":"https://doi.org/10.2139/ssrn.2167008","url":null,"abstract":"U.S. Government debt relative to the size of the economy has risen to the point where it is likely to be interfering with real economic growth. Short-run fiscal policy has deteriorated from being counter-cyclical to pro-cyclical. The decline in the quality of U.S. fiscal institutions calls for major reform that might include a limit on the ratio of government debt to GDP. The EU also faces fundamental fiscal problems, but for a different reason.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132992807","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analyzing Systemic Risk of the European Banking Sector","authors":"V. Acharya, Sascha Steffen","doi":"10.1017/CBO9781139151184.014","DOIUrl":"https://doi.org/10.1017/CBO9781139151184.014","url":null,"abstract":"Since the summer of 2007, the financial system has faced two major systemic crises. European banks have been at the center of both crises, particularly of the European sovereign debt crisis. This article analyzes systemic risk of European banks across both crises exploiting the specific institutional nature of the European banking system. We employ the “Systemic Expected Shortfall” concept developed in Acharya et al. (2010) which creates a systemic risk index among financial institutions based on their individual contribution to the capital shortfall of the financial system. We analyze what banks are most systemic in Europe using cross-sectional tests. We then construct a ranking of European banks and European countries as of June 2007 and calculate an estimate of the expected capital shortfall at that time. European governments have supported the banking sector with EUR 4.1 trillion using various support schemes and virtually all banks have raised capital, many of them, however, at steep discounts. We find that markets demand more capital from banks with high exposures to particularly peripheral countries in Europe, that is, banks’ sovereign debt holdings are a major contributor to systemic risk. Using hand-collected data of sovereign debt holdings and impairments, we provide estimates how much capital is needed to restore confidence in the banking sector.","PeriodicalId":360770,"journal":{"name":"ERN: Debt; Debt Management (Topic)","volume":"418 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133322778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}