Arbeitspapier
Euro area sovereign debt: Restructuring options
Countries with large debts stocks are vulnerable to the vagaries of the markets. Confidence crises can arise out of nowhere, constricting access to the markets. Hence, the question arises as to whether these countries should put in place mechanisms that will help them better prepare for the possibility of crisis. In effect, the choice is whether to buy insurance. The cost of buying such insurance is that the possibility that markets will see the sovereign's proactive steps to protect against a crisis not as an indication of prudent governance but rather as an indicator that a crisis is imminent. In this article, we use the case of a hypothetical euro area country (Italy) with a large debt stock and a known vulnerability to confidence crises to set forth its options, as of 2019, to anticipate a possible future debt restructuring. It can: do nothing, do a little; and do something substantial.
- Sprache
-
Englisch
- Erschienen in
-
Series: Graduate Institute of International and Development Studies Working Paper ; No. HEIDWP18-2019
- Klassifikation
-
Wirtschaft
International Lending and Debt Problems
Colonialism; Imperialism; Postcolonialism
International Financial Markets
Crisis Management
National Debt; Debt Management; Sovereign Debt
Business and Securities Law
- Thema
-
Sovereign debt
Italy
euro area
restructuring
local law advantage
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Arnold, Theresa
Gulati, Mitu
Panizza, Ugo
- Ereignis
-
Veröffentlichung
- (wer)
-
Graduate Institute of International and Development Studies
- (wo)
-
Geneva
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Arnold, Theresa
- Gulati, Mitu
- Panizza, Ugo
- Graduate Institute of International and Development Studies
Entstanden
- 2019
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