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Keywords:Debts, External 

Journal Article
Resolving sovereign debt crises with collective action clauses

FRBSF Economic Letter

Journal Article
Reflections on the current international debt situation

Economic Review , Volume 72 , Issue Jun , Pages 3-8

Report
Determinants and impacts of sovereign credit ratings

In this article, we present the first systematic analysis of the sovereign credit ratings of the two leading agencies, Moody's and Standard & Poor's (S&P). We find that the ordering of risks they imply is broadly consistent with macroeconomic fundamentals. While the agencies cite a large number of criteria in their assignment of sovereign ratings, a regression using only eight factors explains more than 90 percent of the cross-sectional variation in the ratings. In particular, a country's rating appears largely determined by its per capita income, external debt burden, inflation experience, ...
Research Paper , Paper 9608

Working Paper
Sovereign default risk and uncertainty premia

This paper studies how foreign investors' concerns about model misspecification affect sovereign bond spreads. We develop a general equilibrium model of sovereign debt with endogenous default wherein investors fear that the probability model of the underlying state of the borrowing economy is misspecified. Consequently, investors demand higher returns on their bond holdings to compensate for the default risk in the context of uncertainty. In contrast with the existing literature on sovereign default, we explain the bond spreads dynamics observed in the data as well as other business cycle ...
Working Papers , Paper 12-11

Journal Article
U.S. banks and LDC debt

FRBSF Economic Letter

Working Paper
The United States as a heavily indebted country

According to data published by the Department of Commerce, the U.S. net international investment position (roughly the net external debt position with its sign reversed) at the end of 1987 was a negative $368 billion. This sum represents a deterioration of about $100 billion from the end-1986 level. The sharp downward plunge in the United States' net international investment position in recent years is, of course, a reflection of the large current account deficits recorded during most of the 1980s. In this paper, the U.S. net external debt position is examined and compared with the experience ...
International Finance Discussion Papers , Paper 353

Journal Article
Commercial bank financing of world payment imbalance

Economic Review , Issue Fall , Pages 6-18

Journal Article
Should we worry about the large U.S. current account deficit?

Is the large current account deficit a problem for the U.S.? Economic theory offers some scenarios in which a current account deficit is a rational response to economic conditions or a response that may even enhance economic welfare. At the same time, recent research suggests that under certain circumstances, a large current account deficit may make the U.S. economy vulnerable to severe disruptions. This Economic Letter explores some recent theories and some data to understand how the current account deficit could be either an optimal outcome or a threatening one.
FRBSF Economic Letter

Journal Article
Mounting debts

FRBSF Economic Letter

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Cheng, Hang-Sheng 7 items

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