 | Sovereign Debt Author/Editor: Leonardo Martinez, Francisco Roch, Francisco Roldán, Jeromin Zettelmeyer. Release Date:June, 2022 This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries more...
| Price: $20.00
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| Sovereign Cocos Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Kursat Onder, Francisco Roch. Release Date:April, 2022 We study a model of equilibrium sovereign default in which the government issues cocos (contingent convertible bonds) that stipulate a suspension of debt payments when the government faces liquidity more...
| Price: $5.00
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| Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Francisco Roch. Release Date:July, 2021 We study gains from introducing a common numerical fiscal rule in a Union of model economies facing sovereign default risk. We show that among economies in the Union, there is significant more...
| Price: $5.00
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| Sovereign Debt Standstills Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Cesar Sosa Padilla. Release Date:December, 2020 As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the more...
| Price: $18.00
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| Constrained Efficient Borrowing with Sovereign Default Risk Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Francisco Roch. Release Date:November, 2020 Using a quantitative sovereign default model, we characterize constrained efficient borrowing by a Ramsey government that commits to income-history-contingent borrowing paths taking as given ex-post more...
| Price: $18.00
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| Non-Defaultable Debt and Sovereign Risk Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Yasin Kursat Onder. Release Date:October, 2014 We quantify gains from introducing non-defaultable debt as a limited additional financing option into amodel of equilibrium sovereign risk. We find that, for an initial (defaultable) sovereign debt more...
| Price: $18.00
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| Sudden stops, time inconsistency, and the duration of sovereign debt Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez. Release Date:July, 2013 We study the sovereign debt duration chosen by the government in the context of a standard model of sovereign default. The government balances off increasing the duration of its debt to mitigate more...
| Price: $18.00
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 | International Reserves and Rollover Risk Author/Editor: Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez. Release Date:January, 2013 Two striking facts about international capital flows in emerging economies motivate this paper: (1) Governments hold large amounts of international reserves, for which they obtain a return lower than more...
| Price: $18.00
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| Mortgage Defaults Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Juan M. Sanchez. Release Date:January, 2012 This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data more...
| Price: $18.00
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| Fiscal Rules and the Sovereign Default Premium Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Francisco Roch. Release Date:January, 2012 This paper finds optimal fiscal rule parameter values and measures the effects of imposing fiscal rules using a default model calibrated to an economy that in the absence of a fiscal rule pays a more...
| Price: $18.00
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