Persistent gaps, volatility types, and default traps /
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| Author / Creator: | Catão, Luis, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, Research Dept., ©2007. |
| Description: | 1 online resource (45 pages) : illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/07/148 IMF working paper ; WP/07/148. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12496994 |
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| 050 | 4 | |a HG3881.5.I58 |b W67 no.07/148 | |
| 100 | 1 | |a Catão, Luis, |e author. | |
| 245 | 1 | 0 | |a Persistent gaps, volatility types, and default traps / |c prepared by Luis Catão, Ana Fostel, and Sandeep Kapur. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, Research Dept., |c ©2007. | ||
| 300 | |a 1 online resource (45 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/07/148 | |
| 504 | |a Includes bibliographical references (pages 42-45). | ||
| 520 | 3 | |a We show that cross-country differences in the underlying volatility and persistence of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious" circles of borrowing-and-default ("default traps"), as well as the fact that recalcitrant sovereigns typically face higher interest spreads on future loans rather than outright market exclusion. We do so in a simple model where output persistence is coupled with asymmetric information between borrowers and lenders about the borrower's output process, implying that a decision to default reveals valuable information to lenders about the borrower's future output path. Using a broad cross-country database spanning over a century, we provide econometric evidence corroborating the model's main predictions-namely, that countries with higher output persistence and conditional volatility of transient shocks face higher spreads and thus fall into default traps more easily, whereas higher volatility of permanent output tends to dampen these effects | |
| 506 | |3 Use copy |f Restrictions unspecified |2 star |5 MiAaHDL | ||
| 533 | |a Electronic reproduction. |b [Place of publication not identified] : |c HathiTrust Digital Library, |d 2010. |5 MiAaHDL | ||
| 538 | |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |u http://purl.oclc.org/DLF/benchrepro0212 |5 MiAaHDL | ||
| 583 | 1 | |a digitized |c 2010 |h HathiTrust Digital Library |l committed to preserve |2 pda |5 MiAaHDL | |
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a I. Introduction; II. Theory; A. Model; B. Comparative Statics; Figures; 1. Persistence and Default Traps; C. Discussion; III. Empirics; IV. Conclusion; Appendices; 1. Proof of Propositions; 2. Data Construction and Sources; Tables; 1. Real GDP Volatility and Persistence and Countries' Repayment Records, 1870-1939; 2. Real GDP Volatility and Persistence and Countries' Repayment Records, 1960-2004; 3. Determinants of Sovereign Spreads: 1870-1913; 4. Determinants of Sovereign Spreads: 1870-1913; 5. Determinants of Sovereign Spreads: 1925-1939. | |
| 505 | 8 | |a 6. Determinants of Sovereign Spreads: 1925-19397. Determinants of Sovereign Spreads: 1994-2005; 8. Determinants of Sovereign Spreads: 1994-2005; 9. Determinants of the Default Premium, 1870-1939; 10. Determinants of the Default Premium, 1870-1939; References. | |
| 650 | 0 | |a Debts, Public |x Econometric models. | |
| 650 | 0 | |a Default (Finance) |x Econometric models. | |
| 650 | 6 | |a Dettes publiques |x Modèles économétriques. | |
| 650 | 6 | |a Défaillance (Finances) |x Modèles économétriques. | |
| 650 | 7 | |a Debts, Public |x Econometric models. |2 fast |0 (OCoLC)fst00888859 | |
| 650 | 7 | |a Default (Finance) |x Econometric models. |2 fast |0 (OCoLC)fst00889574 | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Fostel, Ana, |e author. | |
| 700 | 1 | |a Kapur, Sandeep, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. | |
| 776 | 0 | 8 | |i Print version: |a Catão, Luis. |t Persistent gaps, volatility types, and default traps. |d [Washington, D.C.] : International Monetary Fund, Research Dept., ©2007 |w (OCoLC)232151842 |
| 830 | 0 | |a IMF working paper ; |v WP/07/148. | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2007/148/001.2007.issue-148-en.xml |y INTERNATIONAL MONETARY FUND |
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| 928 | |t Library of Congress classification |a HG3881.5.I58W67 no.07/148 |l Online |c UC-FullText |u http://elibrary.imf.org/view/journals/001/2007/148/001.2007.issue-148-en.xml |z INTERNATIONAL MONETARY FUND |g ebooks |i 12141024 | ||