Hidden Bibliographic Details
| Other authors / contributors: | Lu, Zhongjin, author.
International Monetary Fund, issuing body.
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| ISBN: | 9781484399132
1484399137
1306454670
9781306454674
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| Notes: | Includes bibliographical references.
Print version record.
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| Summary: | Studies have shown that markets may underprice sub-national governments' risk on the implicit assumption that these entities would be bailed out by their central government in case of financial difficulties. However, the question of whether sovereigns pay a premium on their own borrowing as a result of (implicitly or explicitly) guaranteeing sub-entities' debt has been explored only little. We use an event study approach with separate equations for two levels of government to test for a simultaneous increase in sovereign risk premia and decrease in sub-national risk premia?or a de facto transf.
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| Other form: | Print version: Jenkner, E. Sub-National Credit Risk and Sovereign Bailouts: Who Pays the Premium? Washington : International Monetary Fund, ©2014 9781484398876
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