.... 2023 This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model ( https://dbpia.nl.go.kr/pages/standard-publication-reuse-rights ) International reserves Sovereign default Macroeconomic stabilization Fixed exchange rates...

... the bargaining game as “external bailout”. Following the seminal work by Eaton and Gersovitz (1981) , several contributions in the literature have studied the dynamics of sovereign default in the context of small open economy models. In those models, default does not generate macroeconomic costs...

..., and the rationale for banking unions. Feedback loop Bailouts Sovereign default Banking unions F34 F36 F65 G28 H63 The ongoing European crisis first manifested itself in 2009–10 through increasing sovereign spreads in the periphery ( Figure 1 ). Around the same time, bank and sovereign CDS spreads started...

.... The presence of multilateral lenders that explicitly or implicitly provide inexpensive reconstruction funds in the aftermath of a natural disaster weakens but does not eliminate the demand for catalytic insurance. natural disasters insurance catastrophe insurance multilateral institutions sovereign default...

...Karl Whelan The first part of the paper reviews the economic motivations for Economic and Monetary Union (EMU) and the role played by sovereign default in the extensive debate about EMU in the decade prior to the introduction of the euro in 1999. The pre-EMU era was plagued with instability...

... generously provided on this paper. The paper was presented at the Yale School of Management Seminar, the Pierre du Bois conference ‘Government Debt Crises: Politics, Economics, and History’ in Geneva, and at the Bank of France–Sciences Po conference on sovereign default. I am grateful to participants...

... of bargaining in environments where the parties to a bargain cannot commit to honour the terms of the bargain or even commit to enter into negotiations in the first place. sovereign debt sovereign default game theory bargaining theory The prominence of sovereign debt as a financial asset is remarkable...

... of Ireland has shown, can even threaten sovereign solvency. This perspective indicates a need for new research on the relation between bank failures, deposit insurance schemes, sovereign default, and currency depreciation, and for reforms of deposit insurance schemes. public guarantees credibility asset...

... and their design features can provide some lessons for the current international policy debate on codes of conduct in global financial regulation. crisis prevention debt restructuring sovereign default soft law transnational public-private partnership global financial governance … We should explore ways...

... has nonetheless eluded economists for decades: why do so many heavily indebted countries continue to service their external debts even in times of acute fiscal distress? The chapter then presents a brief history of sovereign default followed by discussions of why governments repay their debts...

...This chapter illustrates a number of basic points that will help contextualize the postwar decline in the incidence of sovereign default by setting this development against a broader historical canvas. It begins by locating the origins of financial power firmly within the state's structural...

... standard Eurodollar market Euromarkets Latin America Nixon Richard U S Federal Reserve sovereign default sovereign debt Great Depression debt moratorium debtor compliance The early twentieth century witnessed another major shift in the international balance of power, this time from the Old World...

... sovereign default bond finance creditor coordination As we have seen in previous chapters, a substantial probability of default seems to be one of the defining characteristics of emerging market bonds. Having studied the determinants of the perceived likelihood of default, we now focus our attention...

...Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. This book provides a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies...

...The Long Shadow of Default focuses on an important but neglected example of sovereign default between two of the wealthiest and most powerful democracies in modern history. The United Kingdom accrued considerable financial debts to the United States during the final stages...

... Agreement Anglo American Economic and Financial Agreement see chapter five esp Bertram and Underhill court cases Lend Lease Maurer Noel Grossman Herschel L Van Huyck John B Sovereign default war debt Economic History International Relations SOVEREIGN DEFAULT IS a perennial feature of international...

... Estonia Greece Latvia Liberia Lithuania Newfoundland Portugal Romania Russia Yugoslavia Nicaragua Sovereign default Second World War rewards of default diplomacy rearmament United Kingdom United States THE IMMEDIATE CONSEQUENCES of the British government’s default on its war debts...

... Finland Germany Greece Hungary Italy Latvia Newfoundland Australia New Zealand Liberia Lithuania Nicaragua Poland Romania Russia Yugoslavia Sovereign default Second World War Lend Lease Anglo-American Loan Cold War MANY SCHOLARS AND policymakers assume that the Second World War settled...

... Kingdom U K Anglo American Economic and Financial Agreement see chapter five esp Baldwin Stanley Lend Lease United States U S Bertram and Underhill court cases Flandreau Marc Zumer Frederic Sovereign default World War I United Kingdom United States war debts collective amnesia ALL SOVEREIGN...

... Sovereign default banking crises government guarantees financial safety net bank regulation Sovereign debt crises have occurred frequently over the past two centuries ( Reinhart and Rogoff, 2009 ). The earlier crises were mostly associated with large and costly endeavors such as wars...