Apr 2020
Author(s): Erce, Aitor; Mallucci, Enrico; Picarelli, Mattia
Sovereign defaults are increasingly affecting liabilities governed by local law and held by local residents. This paper provides an overview of the existing literature on domestic defaults, describes…
Apr 2019
Author(s): Ayres, João; García, Marcio; Guillen, Diogo; Kehoe, Patrick
Brazil has had a long period of high inflation. It peaked at around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again after ward, reaching levels above…
Dec 2016
Author(s): Schmid, Juan Pedro
Jamaica entered the world economic downturn in 2008 from a position of ongoing weak economic performance and high, increasing debt levels. As a result, Jamaica's fiscal situation quickly became…
Aug 2016
Author(s): Caballero, Julián; Fernandez, Andres; Park, Jongho
This paper studies the influence of external financial factors on economic activity in emerging economies (EMEs) motivated by a considerable increase in foreign financing by the corporate sector in…