The Dynamics of Sovereign Debt Crises and Bailouts
IMF (2016-07-12)
Motivated by the recent European debt
crisis, this paper investigates the scope for a bailout guarantee in a sovereign
debt crisis. Defaults may arise from negative income shocks, government
impatience or a "sunspot"-coordinated b .. more |
Liquidity Transformation in Asset Management: Evidence from the Cash
Holdings of Mutual Funds NBER (2016-07-12)
We study liquidity
transformation in mutual funds using a novel data set on their cash holdings. To
provide investors with claims that are more liquid than the underlying assets,
funds engage in substantial liquidity management. S .. more |
Deflation in Asia: Should the Dangers Be Dismissed? ADB
(2016-07-11)
The traditional view is that deflation can lead to a vicious
cycle of falling demand and prices. However, another school of thought
emphasizes the role of positive supply shocks and takes a more benign view.
Using consumer pri .. more |