1,720,997 research outputs found
Crisis de deuda soberana : ¿qué papel puede jugar un Tribunal Internacional?
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A structural model of sovereign debt issuance : assessing the role of financial factors
Full text linkIncluye bibliografíaThe role that domestic and international financial conditions have in shaping developing countries’ governments’ debt structure is structurally estimated using data on individual bond issuance. The structural model, which uses financial and demographic conditions to achieve identification, is used to estimate three key characteristics of sovereign bonds: issue size, maturity and spread. To minimize sample selection concerns, in a first step, the issuance decision is studied by means of a probit model. Results show that better developed domestic financial markets and looser international financial conditions raise developing countries ability to tap international markets and, mainly through their effect on the spreads, are important determinants of the observed debt structure. We find evidence of complementarities between domestic financial deepening and financing conditions in global market
Using standstills to manage sovereign debt crises
Full text linkThis paper presents a model analyzing the potential for an International Court with powers to declare standstills to mitigate the coordination problem inherent to roll-overs in sovereign debt markets. It is shown that, regardless of the quality of the information handled by such an Institution, the scale of the coordination problem is reduced since its mere existence forces investors to focus on the Court's course of action rather than on other investors' beliefs. Furthermore, the model shows that, in order to avoid moral hazard, the right of recourse to the Court should be made conditional. [resumen de autor
Does the IMF's official support affect sovereign bond maturities?
Full text linkThis paper looks at whether the tendency of some governments to borrow short term is reinforced by fi nancial support from the International Monetary Fund. I fi rst present a model of sovereign debt issuance at various maturities featuring endogenous liquidity crises and maturity mismatches due to fi nancial underdevelopment. I use the model to analyse the impact of IMF lending during debt crises on the sovereign’s optimal maturity structure. Within the model, although IMF assistance is able to catalyse private fl ows, this provides incentives for government to issue larger amounts of short-term debt, making the roll-over problem larger. I take the model to the data and fi nd support for the hypothesis that IMF lending leads countries to increase their short-term borrowing. Additionally, I do not fi nd any positive effect of IMF lending on countries’ ability to tap international capital markets. These results helps explain why a catalytic effect of IMF lending has proved empirically elusiveEste trabajo analiza si la fi nanciación ofi cial otorgada por el Fondo Monetario Internacional refuerza la tendencia de algunos Gobiernos a endeudarse a corto plazo. Primero se presenta un modelo sobre emisión de deuda pública en varios vencimientos en el que existen crisis de liquidez endógenas y desbalances de vencimientos (maturity mismatches) debidos a la falta de desarrollo fi nanciero. El modelo estudia el impacto de los créditos del FMI en la estructura de la deuda pública. Dentro del modelo, el Fondo es capaz de catalizar fl ujos privados, aunque esto genera incentivos a que los Gobiernos emitan más deuda a corto plazo. En la segunda parte se estudia este problema empíricamente. Los resultados muestran que los préstamos del FMI vienen acompañados de emisiones de deuda a más corto plazo. Adicionalmente, no encuentro ningún efecto positivo de la presencia ofi cial en la capacidad para emitir deuda pública en mercados internacionale
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Factores asociados con la volatilidad de los flujos de capital hacia economías emergentes
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Banking crises and sovereign defaults in emerging markets : exploring the links
Full text linkEste trabajo presenta un conjunto de regularidades empíricas sobre los mecanismos a través de los que los problemas bancarios y el riesgo soberano se transmiten y retroalimentan, usando una amplia muestra de economías emergentes a lo largo de tres décadas. Para ello, se definen crisis «gemelas» como eventos en los que las crisis bancarias y de deuda soberana se combinan, diferenciándolas en función de si su origen es una crisis bancaria o una crisis de deuda. A continuación, utilizando un análisis de eventos para examinar las dinámicas de variables macrofinancieras relevantes, se estudia qué factores y dinámicas diferencian las crisis «únicas» de las crisis «gemelas». Los resultados ponen de manifiesto los mecanismos en torno a episodios de retroalimentación de riesgo soberano y financiero. Así, se encuentran diferencias sistemáticas entre las crisis «únicas» y «gemelas» en relación con los vínculos entre los balances del sector bancario y el sector público, las características del sector bancario, el estado de las finanzas públicas y el entorno macroeconómico. Además, el análisis sugiere que en las crisis «gemelas» es importante identificar la secuencia temporal adecuada en la que suceden las crisis para entender sus factores determinantes, mecanismos de trasmisión y consecuencias para la economíaThis paper provides a set of stylised facts on the mechanisms through which banking and sovereign distress feed into each other, using a large sample of emerging economies over three decades. We first define “twin crises” as events where banking crises and sovereign defaults combine, and further distinguish between those banking crises that end in sovereign debt crises, and vice-versa. We then assess what differentiates “single” episodes from “twin” ones. Using an event analysis methodology, we study the behaviour around crises of variables describing the balance sheet interconnection between the banking and public sectors, the characteristics of the banking sector, the state of public finances and the macroeconomic context. We find that there are systematic differences between “single” and “twin” crises across all these dimensions. Additionally, we find that “twin” crises are heterogeneous events: taking into account the proper time sequence of crises within “twin” episodes is important for understanding their drivers, transmission channels and economic consequences. Our results shed light on the mechanisms surrounding feedback loops of sovereign and banking stres
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