Search Results
Showing results 1 to 10 of approximately 66.
(refine search)
Journal Article
COVID-19: Fiscal Implications and Financial Stability in Developing Countries
Grittayaphong, Praew; Restrepo-Echavarria, Paulina
(2023-07-14)
The COVID-19 pandemic has been unlike any other crisis that we have experienced in that it hit all economies in the world at the same time, compromising the risk-sharing ability of nations. At the onset of the pandemic, the World Bank (WB) and the International Monetary Fund (IMF) jointly pledged 1.16 trillion U.S. dollars to help emerging economies deal with COVID-19. Would this amount have been enough to preserve financial stability in a worst case scenario, and what were the fiscal implications of the pandemic? In this article we aim to answer these questions by documenting the size of the ...
Review
, Volume 105
, Issue 3
, Pages 137-149
Working Paper
Take it to the Limit : The Debt Ceiling and Treasury Yields
Klee, Elizabeth C.; Ferris, Erin E. Syron; Stevens, Cailey; Cashin, David B.
(2017-05)
We use the 2011 and 2013 U.S. debt limit impasses to examine the extent to which investors react to a heightened possibility of financial contagion. To do so, we first model the response of yields on government debt to a potential debt limit "breach." We then demonstrate empirically that yields on all Treasuries rose by 4 to 8 basis points during both impasses, while excess yields on bills at risk of delayed principal payments were significantly larger in 2013. Perhaps counterintuitively, our model suggests market participants placed a lower probability on financial contagion resulting from ...
Finance and Economics Discussion Series
, Paper 2017-052
Report
Federal Reserve Participation in Public Treasury Offerings
Garbade, Kenneth D.
(2019-12-01)
This paper describes the evolution of Federal Reserve participation in public Treasury offerings. It covers the pre-1935 period, when the Fed participated on an equal footing with other investors in exchange offerings priced by Treasury officials, to its present-day practice of reinvesting the proceeds of maturing securities with “add-ons” priced in public auctions in which the Fed does not participate. The paper describes how the Federal Reserve System adapted its operating procedures to comply with the 1935 limitations on its Treasury purchases, how it modified its operating procedures ...
Staff Reports
, Paper 906
Working Paper
Official Debt Restructurings and Development
Diaz-Cassou, Javier; Erce, Aitor; Cheng, Gong
(2018-04-20)
Despite the frequency of official debt restructurings, little systematic evidence has been produced on their characteristics and implications. Using a dataset covering more than 400 Paris Club agreements, this paper fills that gap. It provides a comprehensive description of the evolving characteristics of these operations and studies their impact on debtors. The progressive introduction of new terms of treatment gradually turned the Paris Club from an institution primarily concerned with preserving creditors? claims into an instrument to foster development in the world?s poorer nations, among ...
Globalization Institute Working Papers
, Paper 339
Report
Partial Default
Rios-Rull, Jose-Victor; Mateos-Planas, Xavier; Arellano, Cristina
(2019-07-09)
In the data sovereign default is always partial and varies in its duration. Debt levels during default episodes initially increase and do not experience reductions upon resolution. This paper presents a theory of sovereign default that replicates these properties, which are absent in standard sovereign default theory. Partial default is a flexible way to raise funds as the sovereign chooses its intensity and duration. Partial default is also costly because it amplifies debt crises as the defaulted debt accumulates and interest rate spreads increase. This theory is capable of rationalizing the ...
Staff Report
, Paper 589
Working Paper
COVID-19: fiscal implications and financial stability in developing countries
Grittayaphong, Praew; Restrepo-Echavarria, Paulina
(2022-09-22)
The COVID-19 pandemic is unlike any other crisis that we have experienced in that it hit all economies in the world at the same time, compromising the risk sharing ability of nations. At the onset of the pandemic, the World Bank (WB) and the International Monetary Fund (IMF) jointly pledged 1.16 trillion dollars to help emerging economies deal with COVID-19. Would this amount have been enough to preserve financial stability in a worst case scenario? What were the fiscal implications of the pandemic? In this paper we aim to answer these questions by documenting the size of the fiscal measures ...
Working Papers
, Paper 2022-028
Working Paper
Climate Defaults and Financial Adaptation
Phan, Toan; Schwartzman, Felipe
(2023-03)
We analyze the relationship between climate-related disasters and sovereign debt crises using a model with capital accumulation, sovereign default, and disaster risk. We find that disaster risk and default risk together lead to slow post-disaster recovery and heightened borrowing costs. Calibrating the model to Mexico, we find that the increase in cyclone risk due to climate change leads to a welfare loss equivalent to a permanent 1% consumption drop. However, financial adaptation via catastrophe bonds and disaster insurance can reduce these losses by about 25%. Our study highlights the ...
Working Paper
, Paper 23-06
Working Paper
The Anatomy of Financial Vulnerabilities and Crises
Lee, Seung Jung; Posenau, Kelly E.; Stebunovs, Viktors
(2017-02)
We extend the framework used in Aikman, Kiley, Lee, Palumbo, and Warusawitharana (2015) that maps vulnerabilities in the U.S. financial system to a broader set of advanced and emerging economies. Our extension tracks a broader set of vulnerabilities and, therefore, captures signs of different types of crises. The typical anatomy of the evolution of vulnerabilities before and after a financial crisis is as follows. Pressures in asset valuations materialize, and a build-up of imbalances in the external, financial, and nonfinancial sectors follows. A financial crisis is typically followed by a ...
International Finance Discussion Papers
, Paper 1191
Report
Managing the Treasury Yield Curve in the 1940s
Garbade, Kenneth D.
(2020-02-01)
This paper examines the efforts of the Federal Open Market Committee (FOMC) to first control, and later decontrol, the level and shape of the Treasury yield curve in the 1940s. The paper begins with a brief review of monetary policy in 1938 and a description of the period between September 1939 and December 1941, when the idea of maintaining a fixed yield curve first appeared. It then discusses the financing of U.S. participation in World War II and the experience with maintaining a fixed curve. The paper concludes with a discussion of how the FOMC regained control of monetary policy in the ...
Staff Reports
, Paper 913
Working Paper
Doubts about the Model and Optimal Policy
Karantounias, Anastasios G.
(2020-07-31)
This paper analyzes optimal policy in setups where both the leader and the follower have doubts about the probability model of uncertainty. I illustrate the methodology in two environments: a) an industry populated with a large firm and many small firms in a competitive fringe, where both types of firms doubt the probability model of demand shocks, and b) a general equilibrium economy, where a policymaker taxes linearly the labor income of a representative household in order to finance an exogenous stream of stochastic spending shocks. The policymaker can distrust the probability model of ...
FRB Atlanta Working Paper
, Paper 2020-12
FILTER BY year
FILTER BY Bank
Board of Governors of the Federal Reserve System (U.S.) 15 items
Federal Reserve Bank of New York 13 items
Federal Reserve Bank of Atlanta 7 items
Federal Reserve Bank of Dallas 7 items
Federal Reserve Bank of Minneapolis 7 items
Federal Reserve Bank of Philadelphia 5 items
Federal Reserve Bank of St. Louis 4 items
Federal Reserve Bank of Chicago 3 items
Federal Reserve Bank of Kansas City 2 items
Federal Reserve Bank of Boston 1 items
Federal Reserve Bank of Cleveland 1 items
Federal Reserve Bank of Richmond 1 items
show more (7)
show less
FILTER BY Series
Staff Reports 11 items
Working Papers 10 items
Finance and Economics Discussion Series 7 items
Globalization Institute Working Papers 7 items
FRB Atlanta Working Paper 6 items
International Finance Discussion Papers 6 items
Staff Report 5 items
Economic Policy Review 2 items
Federal Reserve Bulletin 2 items
Review 2 items
Working Paper Series 2 items
Chicago Fed Letter 1 items
Economic Bulletin 1 items
Economic Review 1 items
Policy Hub 1 items
Working Paper 1 items
Working Papers (Old Series) 1 items
show more (12)
show less
FILTER BY Content Type
Working Paper 40 items
Report 16 items
Journal Article 8 items
Discussion Paper 1 items
Newsletter 1 items
FILTER BY Author
Garbade, Kenneth D. 7 items
Erce, Aitor 6 items
Karantounias, Anastasios G. 6 items
D'Erasmo, Pablo 4 items
Fleming, Michael J. 4 items
Mallucci, Enrico 4 items
Abbassi, Puriya 3 items
Crosignani, Matteo 3 items
Hur, Sewon 3 items
Iyer, Rajkamal 3 items
Keane, Frank M. 3 items
Kehoe, Timothy J. 3 items
Mendoza, Enrique G. 3 items
Peydró, José-Luis 3 items
Soto, Paul E. 3 items
Barone, Jordan 2 items
Bassetto, Marco 2 items
Bi, Huixin 2 items
Cashin, David B. 2 items
Chaboud, Alain P. 2 items
Copeland, Adam 2 items
Faria-e-Castro, Miguel 2 items
Ferris, Erin E. Syron 2 items
Fonseca, Luis 2 items
Grittayaphong, Praew 2 items
Kavoussi, Cullen 2 items
Klee, Elizabeth C. 2 items
Nicolini, Juan Pablo 2 items
Restrepo-Echavarria, Paulina 2 items
Searls, Seth 2 items
Sosa-Padilla, César 2 items
Wright, Mark L. J. 2 items
Yom, Zeynep 2 items
Arellano, Cristina 1 items
Athanasopoulou, Marialena 1 items
Ayres, Joao Luiz 1 items
Balteanu, Irina 1 items
Benjamin, David 1 items
Bertaut, Carol C. 1 items
Braun, R. Anton 1 items
Calomiris, Charles W. 1 items
Carpinelli, Luisa 1 items
Chatterjee, Satyajit 1 items
Cheng, Gong 1 items
Consiglio, Andrea 1 items
Croce, Mariano 1 items
De Ferra, Sergio 1 items
Debortoli, Davide 1 items
Dias, Daniel A. 1 items
Diaz-Cassou, Javier 1 items
Dupont, Dominique 1 items
Esquivel, Carlos 1 items
Eyigungor, Burcu 1 items
Ferrière, Axelle 1 items
Galli, Carlo 1 items
Garcia, Marcio 1 items
Gavilan, Angel 1 items
Gennaro Caracciolo, Gherardo 1 items
Glasserman, Paul 1 items
Grant, Everett 1 items
Griever, William L. 1 items
Guillen, Diogo 1 items
Joines, Douglas H. 1 items
Kehoe, Patrick J. 1 items
Kondo, Illenin O. 1 items
Lee, Seung Jung 1 items
Machicado, Carlos Gustavo 1 items
Mateos-Planas, Xavier 1 items
Moscoso Boedo, Herman J. 1 items
Moshammer, Edmund 1 items
Nunes, Ricardo 1 items
Palacios, Santiago I. Sordo 1 items
Patel, Ketan B. 1 items
Peres-Cajías, José 1 items
Perri, Fabrizio 1 items
Phan, Toan 1 items
Pia Olivero, Maria 1 items
Picarelli, Mattia 1 items
Posenau, Kelly E. 1 items
Pouzo, Demian 1 items
Presno, Ignacio 1 items
Raymond, Stephen 1 items
Richmond, Christine 1 items
Rios-Rull, Jose-Victor 1 items
Sack, Brian P. 1 items
Saggar, Seema 1 items
Sangiacomo, Maximo 1 items
Sareen, Samita 1 items
Sargent, Thomas J. 1 items
Schmid, Lukas 1 items
Schwartzman, Felipe 1 items
Shen, Wenyi 1 items
Sirohi, Amit 1 items
Stebunovs, Viktors 1 items
Stevens, Cailey 1 items
Tryon, Ralph W. 1 items
Yang, Shu-Chun S. 1 items
Yared, Pierre 1 items
Zenios, Stavros A. 1 items
Zhang, Allen 1 items
show more (95)
show less
FILTER BY Jel Classification
F34 20 items
E62 15 items
G28 10 items
E58 9 items
G01 9 items
G12 9 items
G21 9 items
H21 8 items
F41 7 items
E44 6 items
E63 6 items
E32 5 items
E52 5 items
N22 5 items
D80 4 items
G14 4 items
G15 4 items
H62 4 items
E43 3 items
E6 3 items
E65 3 items
H12 3 items
L51 3 items
N16 3 items
C61 2 items
D52 2 items
E31 2 items
E42 2 items
F44 2 items
G11 2 items
G18 2 items
G23 2 items
H30 2 items
H84 2 items
C60 1 items
C63 1 items
C73 1 items
C78 1 items
C82 1 items
D11 1 items
D14 1 items
D61 1 items
D84 1 items
D90 1 items
E01 1 items
E21 1 items
E3 1 items
E47 1 items
E50 1 items
E51 1 items
F30 1 items
F33 1 items
F36 1 items
F40 1 items
F45 1 items
F53 1 items
G32 1 items
G38 1 items
H50 1 items
H51 1 items
H55 1 items
H75 1 items
H81 1 items
H87 1 items
J32 1 items
K00 1 items
K41 1 items
N26 1 items
O3 1 items
P16 1 items
Q54 1 items
show more (67)
show less
FILTER BY Keywords
sovereign defaults 7 items
Sovereign default 7 items
Fiscal policy 5 items
public debt 5 items
government debt 5 items
COVID-19 4 items
Debt crisis 4 items
Asset quality review 3 items
Corporate real effects from bank credit 3 items
Costs of safe assets 3 items
Lender of Last Resort 3 items
Monetary policy 3 items
Risk-masking 3 items
Stress tests 3 items
Supervision 3 items
ambiguity aversion 3 items
debt management 3 items
labor tax 3 items
multiplier preferences 3 items
sovereign debts 3 items
Bailouts 3 items
Liquidity 3 items
Sovereign Debt 3 items
Banking Crises 3 items
Banking crisis 2 items
Conditional Transfers 2 items
Debt 2 items
Domestic Debt 2 items
European crisis 2 items
Off-budget transfers 2 items
Sovereign-bank diabolic loop 2 items
Treasury debt management 2 items
U.S. Treasury 2 items
Unconventional Monetary Policy 2 items
austerity 2 items
competitive fringe 2 items
financial crisis 2 items
fiscal deficits 2 items
fiscal limits 2 items
martingale 2 items
misspecification 2 items
open market operations 2 items
sovereign bond markets 2 items
Auctions 2 items
Debt Crises 2 items
Debt Limit 2 items
Emerging markets 2 items
Inflation 2 items
Model uncertainty 2 items
Optimal taxation 2 items
Treasury Market 2 items
Bank Credit Supply 1 items
Bank Wholesale Funding 1 items
Bank networks 1 items
Bank-Sovereign Nexus 1 items
Bargaining 1 items
Bid-ask spread 1 items
Bolivia 1 items
Brazil hyperinflation 1 items
Brazil stagnation 1 items
Collateral 1 items
Continuous Solutions 1 items
Credit 1 items
Credit-to-GDP gap 1 items
Crisis management 1 items
Currency Denomination 1 items
Currency crises 1 items
Database 1 items
Debt accounting 1 items
Debt restructuring 1 items
Default 1 items
Default episodes 1 items
Default risk 1 items
Delay 1 items
Devaluation 1 items
Discount 1 items
Domestic law 1 items
Early warning system 1 items
Epstein-Zin 1 items
European debt crisis 1 items
Eurozone 1 items
Eurozone Crisis 1 items
External Debt 1 items
Federal Reserve 1 items
Federal debt 1 items
Financial contagion 1 items
Financial crises 1 items
Financial vulnerabilities 1 items
Fiscal deficit 1 items
Fiscal stimulus 1 items
Fiscal sustainability 1 items
Fiscal theory of the price level 1 items
Globalization 1 items
Government expenditures 1 items
Government securities 1 items
Hyperinflation 1 items
Imports 1 items
Incomplete markets 1 items
India 1 items
Information sensitivity of debt 1 items
International Monetary Fund (IMF) 1 items
Investments, Foreign 1 items
Issue size 1 items
Japan 1 items
Lotteries 1 items
Macroprudential policy 1 items
Markov Perfect Equilibrium 1 items
Markov-perfect equilibrium 1 items
Monetary union 1 items
Monetary/fiscal interaction 1 items
Money premium 1 items
Official debt 1 items
Paris Club 1 items
Pigouvian taxes 1 items
Political uncertainty 1 items
Public enterprises 1 items
Quasi-geometric 1 items
Quasi-hyperbolic 1 items
R&D investment 1 items
Ramsey plans 1 items
Ramsey taxation 1 items
Securities 1 items
Selective Defaults 1 items
Sovereign contagion 1 items
Sovereign risk 1 items
Stabilization plans 1 items
Stocks 1 items
TARGET2 1 items
Time consistency 1 items
Trading volume 1 items
Treasury auctions 1 items
Treasury bills 1 items
Treasury debt issuance 1 items
Treasury securities 1 items
Treasury yields 1 items
World Bank 1 items
advance refundings 1 items
aging 1 items
balanced budget 1 items
bank crises 1 items
benchmark 1 items
capital tax 1 items
climate change 1 items
conditional Value-at-Risk 1 items
credit markets 1 items
debt ceiling 1 items
debt financing 1 items
debt maturity 1 items
demand uncertainty 1 items
developing countries 1 items
direct purchases 1 items
disasters 1 items
domestic nominal debt 1 items
endogenous growth 1 items
excess burden 1 items
financial economics 1 items
fiscal consolidation 1 items
fiscal dominance 1 items
fiscal insurance 1 items
generalized Euler equation 1 items
government 1 items
government bonds 1 items
government deficits 1 items
growth 1 items
inflation risks 1 items
innovation 1 items
interest rates 1 items
intertemporal elasticity of substitution 1 items
long-term bonds 1 items
long-term debt 1 items
maturity structure of debt 1 items
monetization of gold 1 items
monopolist 1 items
optimization 1 items
paternalism 1 items
pessimistic expectations 1 items
profit tax 1 items
public consumption 1 items
quadratic programming 1 items
recursive utility 1 items
rescue packages 1 items
reserve asset 1 items
risk measures 1 items
robustness 1 items
scenario analyses 1 items
sovereign debt restructuring 1 items
stochastic programming 1 items
subsidy 1 items
sustainability 1 items
tax smoothing 1 items
taxation 1 items
time-consistency 1 items
trading activity 1 items
yield curve management 1 items
show more (209)
show less