Emerging markets have experienced large human and economic costs from coronavirus
disease 2019, and their tight fiscal space has limited the support extended to their citizens …

Sovereign default episodes are resolved by restructuring the debt through renegotiations
and implemented by bond swaps and resumption of debt service payments. This process …

This paper develops a New Keynesian model with sovereign default risk (NK-Default). We
focus on the interaction between monetary policy, conducted according to an interest rate …

This paper studies sovereign debt pricing in the presence of corporate debt. We find that
foreign currency (FC) corporate external debt empirically explains sovereign credit spreads …

How do credit default swaps (CDS) affect sovereign debt markets? We analyze how liquidity,
exposure to default risk, and regulation affect the answer to this question using a sovereign …

Secondary markets for sovereign bonds are illiquid because of trading frictions. I build a
framework with endogenous illiquidity to study its implications on credit spreads and default …

We analyze misallocation of capital in a model where firms face different types of financial
constraints. Private firms borrow subject to a collateral constraint while public firms issue …

Inflation, Default Risk and Nominal Debt Page 1 Inflation, Default Risk and Nominal Debt Carlo
Galli Universidad Carlos III de Madrid Universit`a degli Studi di Milano-Bicocca January 25th …

This paper proposes a quantitative theory of the interaction between private and public debt
in an open economy. Excessive private debt increases the frequency of financial crises …

How does the eligibility of corporate sector assets as collateral affect collateral supply and
risk-taking by the corporate sector? Since banks are willing to pay collateral premia on …