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UID:c6dfafbd69e1eeba5875dc4bc18da762
CATEGORIES:Seminars
CREATED:20250121T062551
SUMMARY:Lunch Seminar: Tamon Asonuma - International Monetary Fund
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nHeterogenous Sovereign Debt Crisis Costs\n\n\nAbstract:\nSovereign debt
  crisis costs vary across restructurings. We compile data on corporate borr
 owing from sovereigns’ (governments’) foreign creditor countries in 1977–20
 20. We find that prior to preemptive restructurings, corporates have higher
  external borrowing, and during preemptive restructurings, both corporate e
 xternal borrowing and output decline modestly. We build sovereign debt mode
 l with endogenous sovereign’ choice of preemptive and default/post-default 
 restructuring, corporate external borrowing, and output. We quantitatively 
 show that sovereign’s preemptive restructuring choice moderately reduces th
 e foreign creditor’s net worth and corporate external borrowing, which in t
 urn, results in a moderate output decline—“external financing channel”. Dat
 a support theoretical predictions.\n
DTSTAMP:20260405T181743Z
DTSTART:20250220T130000Z
DTEND:20250220T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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