Skip to main navigation Skip to main content
info(at)avldigital.remove-this.de
Deutsch English
Last searches

Results for *

Displaying results 1 to 4 of 4.

  1. Sovereign haircuts
    200 years of creditor losses
    Author: Luckner, Clemens von; Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph
    Published: 16 July 2024
    Publisher:  Centre for Economic Policy Research, London

    Access:
    Verlag (Deutschlandweit zugänglich)
    Verlag (Deutschlandweit zugänglich)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Freiburg
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Mannheim
    Inter-library loan:
    No inter-library loan

    Location:
    Universität Potsdam, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP19246
    Subjects: Öffentliche Schulden; Internationale Staatsschulden; Internationaler Kredit; Staatsbankrott; Umschuldung; Gläubiger; Finanzkrise; Welt
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  2. Sovereign Haircuts
    200 Years of Creditor Losses
    Author: Luckner, Clemens von; Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph
    Published: June 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or "haircuts". Our sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor losses... more

    Access:
    Verlag (lizenzpflichtig)
    Resolving-System (lizenzpflichtig)

    Location:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Freiburg
    Inter-library loan:
    No inter-library loan

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or "haircuts". Our sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor losses vary widely (from none to 100%), but the statistical distribution has remained remarkably stable over two centuries, with an average haircut of around 45 percent. The data also reveal that "serial restructurings", meaning two or more debt exchanges in the same default spell, are on the rise. To account for this trend toward serial renegotiation, we introduce the "Bulow-Rogoff haircut" - a cumulative measure that captures the combined creditor loss across all restructurings during a single debt crisis. Using this measure, we show that longer debt crises deliver larger haircuts and that interim restructurings provide limited debt relief. We further examine past predictors of the size of haircuts and identify "rules of thumb" applicable to future defaults. Poorer countries, first-time debt issuers, and those that borrowed heavily from external creditors all record significantly higher haircuts in case of a default. Geopolitical shocks - such as wars, revolutions, or the break-up of empires - deliver the deepest haircuts. Sovereign debt investment disasters are often linked to (geo-)political disasters

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32599
    Subjects: Öffentliche Schulden; Internationale Staatsschulden; Internationaler Kredit; Staatsbankrott; Umschuldung; Gläubiger; Finanzkrise; Welt; General; Financial Crises; International Financial Markets; General, International, or Comparative
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  3. The Social Costs of Sovereign Default
    Author: Farah-Yacoub, Juan P.; Luckner, Clemens von; Reinhart, Carmen M.
    Published: June 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper investigates the economic and social consequences of sovereign default on external debt. We focus on the crises' impact on real per capita GDP, infant mortality, life expectancy, poverty headcounts, and calorie supply per capita. After... more

    Access:
    Verlag (lizenzpflichtig)
    Resolving-System (lizenzpflichtig)

    Location:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Freiburg
    Inter-library loan:
    No inter-library loan

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    This paper investigates the economic and social consequences of sovereign default on external debt. We focus on the crises' impact on real per capita GDP, infant mortality, life expectancy, poverty headcounts, and calorie supply per capita. After methodological exclusions, the sample covers 221 default episodes over 1815-2020. The analysis adopts an eclectic empirical strategy that relies on an augmented synthetic control method and local projections. Our findings suggest that sovereign defaults lead to significant adverse economic outcomes, with defaulting economies falling behind their counterparts by a cumulative 8.5 percent of GDP per capita within three years of default. Moreover, output per capita remains nearly 20 percent below that of non-defaulting peers after a decade. Based on the trajectory of the health, nutrition, and poverty indicators we study, we assess that the social costs of sovereign default are significant, broad-based, and long-lived

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32600
    Subjects: Staatsbankrott; Internationale Staatsschulden; Wirkungsanalyse; Soziale Kosten; Armut; Kindersterblichkeit; Sterblichkeit; Welt; General
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  4. Sovereign haircuts
    200 years of creditor losses
    Author: Luckner, Clemens von; Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph
    Published: 16 July 2024
    Publisher:  Centre for Economic Policy Research, London

    Access:
    Verlag (Deutschlandweit zugänglich)
    Verlag (Deutschlandweit zugänglich)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

    Location:
    Universität Potsdam, Universitätsbibliothek
    Inter-library loan:
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP19246
    Subjects: Öffentliche Schulden; Internationale Staatsschulden; Internationaler Kredit; Staatsbankrott; Umschuldung; Gläubiger; Finanzkrise; Welt
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen