 | 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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| Debt Dilution and Sovereign Default Risk Author/Editor: Leonardo Martinez, Juan Carlos Hatchondo, Cesar Sosa Padilla. Release Date:March, 2011 We propose a modification to a baseline sovereign default framework that allows us to quantify the importance of debt dilution in accounting for the level and volatility of the interest rate spread more...
| Price: $18.00
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