Now showing items 1-9 of 9

    • Bargained haircuts and debt policy implications 

      Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva; Santos, Rafael Chaves
      2017-12
      We extend the Cole and Kehoe model (J Int Econ 41:309-330, 1996) by adding a Rubinstein bargaining game between creditors and debtor country to determine the share of debt repayment in a sovereign debt crisis. Ex-post, the ...
    • Credit ratings and government bonds: evidence before, during and after the european debt crisis 

      Coelho, Miguel de Campos Pinto
      2016-01-18
      Neste projeto, investigamos se as agências de rating e as taxas de juro de longo prazo da dívida soberana tiveram uma influência recíproca antes, durante e após a crise da dívida soberana Europeia. Esta análise é ...
    • Development economics and the World Bank's identity crisis 

      Bresser-Pereira, Luiz Carlos
      1995
      In this article, the author, the Brazilian Finance Minister in the late 1980s, uses his insights and experience to examine critically the identity crisis of the World Bank. Trapped by the neo-liberal turn in the 1980s, and ...
    • Monetary arrangements for emerging economies 

      Santos, Rafael Chaves; Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva
      2007-09-01
      In this paper we look at various alternatives for monetary regimes: dollarization, monetary union and local currency. We use an extension of the debt crisis model of Cole and Kehoe ([3], [4] and [5]), although we do not ...
    • Overreaction to the 2015 Greek debt crisis: a study on FTSE, CAC & DAX 

      Berger, Antoine
      2016-09-26
      The Greek crisis happened in a total of three peaks, the last one happening during the Summer 2015. Western European financial sectors as well as financial markets in general in Europe were hardly hit despite the fact that ...
    • Speculative attacks on debts and optimum currency area: a welfare analysis 

      Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva
      2003-11-14
      Traditionally the issue of an optimum currency area is based on the theoretical underpinnings developed in the 1960s by McKinnon [13], Kenen [12] and mainly Mundell [14], who is concerned with the benefits of lowering ...
    • Speculative attacks on debts, dollarization and optimum currency areas 

      Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva
      2002-04-01
      The purpose of this article is to contribute to the discussion of the financial aspects of dollarization and optimum currency areas. Based on the model of self-fulfilling debt crisis developed by Cole and Kehoe [4], it is ...
    • Speculative attacks, openness and crises 

      Santos, Rafael Chaves; Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva
      2007-09-01
      In this paper we propose a dynamic stochastic general equilibrium model to evaluate financial adjustments that some emerging market economies went through to overcome external crises during the latest decades, such as ...
    • Welfare analysis of currency regimes with defaultable debts 

      Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva; Santos, Rafael Chaves
      2013
      We modify the Cole and Kehoe model by including domestic debt. According to the original model, a speculative attack on a high debt level issued abroad triggers external debt default. Here, it is possible to inflate away ...