Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital...

Compared with China’s dominance in world trade, its expanding role in global finance is poorly documented and understood. ...

Kiel Policy Brief No. 136: The history of joint European bond issuance has been largely forgotten. The authors show that bonds issued...

KBW 24: According to a recent German-French proposal, a financial market transaction tax (FTT) at a rate of 0.2% on the purchase of...

Germany is world champion in exporting capital (“Exportweltmeister”). No other country invests larger amounts of savings outside its...

Das zunehmende Risiko, bei einem Staatsbankrott verklagt zu werden, hat bereits jetzt Auswirkungen auf die Zahlungsbereitschaft von...

Kiel Policy Brief No. 130: Argentina is again experiencing a severe debt and currency crisis in the middle of an election campaign...

Sovereign defaults are bad news for investors and debtor countries, in particular if a default becomes messy and protracted. Why are...

Sovereign defaults are bad news for investors and debtor countries, in particular if a default becomes messy and protracted. Why are...

Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This...

We show that political booms, measured by the rise in governments' popularity, predict financial crises above and beyond other...

We study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of ECB purchases of...

We study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of ECB purchases of...

Sovereign governments owe debt to many foreign creditors and can choose which creditors to favor when making payments. This paper...

This paper studies external sovereign bonds as an asset class. We compile a new database of 220,000 monthly prices of foreign-currency...

The 2008 financial crisis was devastating to the world economy. But the biggest cost of the crisis might be not economic but...

Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This...

For centuries, defaulting governments were immune from legal action by foreign creditors. This paper shows that this is no longer the...