Empirical research on sovereign debt and default

M Tomz, MLJ Wright - Annu. Rev. Econ., 2013‏ - annualreviews.org
In this article, we review the empirical literature about sovereign debt and default. As we
survey the work of economists, historians, and political scientists, we also emphasize …

Financial de-dollarization: is it for real?

A Ize, EL Yeyati - Financial dollarization: the policy agenda, 2006‏ - Springer
Some important events and trends in recent years have intensified concerns about FD. First,
there is mounting evidence that FD has increased or remained stable despite declining …

[کتاب][B] Global capital markets: integration, crisis, and growth

M Obstfeld, AM Taylor - 2004‏ - books.google.com
This book presents an economic history of international capital mobility in the modern era. It
blends narrative and quantitative methods and connects economic outcomes to the …

The stealth erosion of dollar dominance and the rise of nontraditional reserve currencies

S Arslanalp, B Eichengreen, C Simpson-Bell - Journal of International …, 2022‏ - Elsevier
We document a decline in the dollar share of international reserves since 1999. This decline
reflects active portfolio diversification by central bank reserve managers, rather than …

Banking crises: an equal opportunity menace

CM Reinhart, KS Rogoff - Journal of Banking & Finance, 2013‏ - Elsevier
The historical frequency of banking crises is similar in advanced and develo** countries,
with quantitative parallels in both the run-ups and the aftermath. We establish these …

Financial dollarization: evaluating the consequences

EL Yeyati - economic Policy, 2006‏ - academic.oup.com
The presence in residents' portfolio of foreign-currency assets and liabilities (or 'financial
dollarization') has been alleged to influence monetary policy in develo** economies and …

[کتاب][B] Controlling currency mismatches in emerging markets

M Goldstein, P Turner - 2004‏ - books.google.com
In most of the currency crises of the 1990s, the largest output falls have occurred in those
emerging economies with large currency mismatches, a phenomenon that occurs when …

Sovereign risk, credibility and the gold standard: 1870–1913 versus 1925–31

M Obstfeld, AM Taylor - The Economic Journal, 2003‏ - academic.oup.com
What determines sovereign risk? We study the London bond market from the 1870s to the
1930s. Our findings support conventional wisdom concerning the low credibility of the …

Government bonds in domestic and foreign currency: the role of institutional and macroeconomic factors

S Claessens, D Klingebiel… - Review of International …, 2007‏ - Wiley Online Library
In contrast to some recent research, this paper finds that institutional and macroeconomic
factors are related to the depth and currency composition of government bond markets …

Debauchery and original sin: The currency composition of sovereign debt

C Engel, JJ Park - Journal of the European Economic …, 2022‏ - academic.oup.com
We present a model that accounts for the “mystery of original sin” and the surge in local-
currency borrowing by emerging economies in the recent decade. We quantitatively …