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BEGIN:VEVENT
DTSTAMP:20260428T000539Z
DTSTART;VALUE=DATE-TIME:20251111T120000
DTEND;VALUE=DATE-TIME:20251111T130000
SUMMARY:MIEW (Macro and International Economics Workshop) - Tamon Asonuma
  (IMF)
TZID:Europe/London
UID:20251111-8ac672c499bdb7260199bde3ee480390@warwick.ac.uk
CREATED:20251105T092212Z
DESCRIPTION:Title: Heterogeneous Sovereign Debt Crisis Costs Author: Tamo
 n Asonuma\, Hyungseok Joo\, and Dilek Sevinc Abstract: Sovereign debt cr
 isis costs vary across restructurings. We compile data on corporate borr
 owing from sovereigns’ (governments’) foreign creditor countries in 1977
 –2020. We find that prior to preemptive restructurings\, corporates have
  higher external borrowing\, and during preemptive restructurings\, both
  corporate external borrowing and output decline modestly. We build sove
 reign debt model with endogenous sovereign’ choice of preemptive and def
 ault/post-default restructurings\, corporate external borrowing\, and ou
 tput. We quantitatively show that sovereign’s preemptive restructuring c
 hoice moderately reduces the foreign creditor’s net worth and corporate 
 external borrowing\, which in turn\, results in a moderate output declin
 e—“external financing channel”. Data support theoretical predictions.
LOCATION:S2.79
CATEGORIES:Macro/International Workshop
LAST-MODIFIED:20251105T092212Z
ORGANIZER;CN=Gill Gudger:
END:VEVENT
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