On the Welfare Gains of Eliminating a Small Likelihood of Economic Crises: A Case for Stabilization Policies?

2003 ◽  
Author(s):  
Satyajit Chatterjee ◽  
Philip Dean Corbae
Keyword(s):  
Economic Crises ◽  
Welfare Gains ◽  
Stabilization Policies

scholarly journals Sovereign Debt Standstills

2020 ◽  
Vol 20 (290) ◽  
Author(s):  
Juan Carlos Hatchondo ◽  
Leonardo Martinez ◽  
Cesar Sosa Padilla
Keyword(s):  
Sovereign Debt ◽  
Free Riding ◽  
Economic Crises ◽  
Welfare Gains ◽  
Debt Overhang ◽  
Default Model ◽  
The Face ◽  
Initial Shock ◽  
One Year ◽  
Debt Payment

As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the effects of standstills using a standard default model. We find that a one-year standstill generates welfare gains for the sovereign equivalent to a permanent consumption increase of between 0.1% and 0.3%, depending on the initial shock. However, except when it avoids a default, the standstill also implies capital losses for creditors of between 9% and 27%, which is consistent with their reluctance to participate in these operations and indicates that this reluctance would persist even without a free-riding or holdout problem. Standstills also generate a form of “debt overhang” and thus the opportunity for a “voluntary debt exchange”: complementing the standstill with haircuts could reduce creditors’ losses and simultaneously increase welfare gains. Our results cast doubts on the emphasis on standstills without haircuts.

Delicate Years: Children and Identity in Zimbabwean Literature

2018 ◽  
Vol 15 (1) ◽  
Author(s):  
Josephine Muganiwa
Keyword(s):  
Growing Up ◽  
Economic Crises ◽  
Child Characters ◽  
The People ◽  
Do So

The paper argues that children face challenges in growing up and fitting into their societies and that these challenges need to be addressed with care. These challenges, which are complicated by the effects of colonialism, war and economic crises in the context of Zimbabwe, are portrayed in the novels Nervous Conditions (Dangarembga 1989), The Book of Not (Dangarembga 2006), The Uncertainty of Hope (Tagwira 2006) and Running with Mother (Mlalazi 2012). In analysing the characters of the children portrayed in these four novels, the vulnerability of children, regardless of their age, is demonstrated. The child characters strive to help their parents and be useful citizens and yet at times this contrasts with their desire to be sheltered and treated as children. This contradiction is best exhibited in teenagers who try to fashion their own identity that is separate from the people around them but who still require guidance to do so.

Mechanisms for Overcoming Economic Crises and Developing Innovations

2018 ◽  
pp. 64-74
Author(s):  
Arzu Huseynova ◽  
◽  
Terane Salifova Terane ◽  
Keyword(s):  
Economic Crises

ВОЕННОПЛЕННЫЕСТРАНЧЕТВЕРНОГОСОЮЗАНАТЕРРИТОРИИСТАВРОПОЛЬСКОЙГУБЕРНИИВУСЛОВИЯХПОЛИТИЧЕСКОГОКАТАКЛИЗМА(ФЕВРАЛЬНОЯБРЬ1917Г.)

2019 ◽  
pp. 122-139
Author(s):  
I.V. Kryuchkov
Keyword(s):  
Legal Status ◽  
Prisoners Of War ◽  
The Political ◽  
Economic Crises ◽  
Regions Of Russia

В представленном материале исследуется положение военнопленных стран Четверного союза на территории Ставропольской губернии. В статье отмечается незначительное ухудшение условий содержания пленных в г. Ставрополе и ряде сел губернии в начале 1917 г., что не отразилось на общей привлекательности губернии для пленных в сравнении с другими регионами России. Февральская революция 1917 г. способствовала либерализации правового статуса пленных. Однако нарастание в стране политического и экономического кризиса привело к ухудшению положения пленных, в том числе в Ставропольской губернии. С осени 1917 г. они всеми доступными средствами стремились покинуть губернию и выехать за пределы России.The position of prisoners of war of the Quadruple Alliance countries on the territory of Stavropol Province is considered in the article. A modest deterioration of the detention conditions of prisoners in Stavropol and certain villages of the province at the beginning of 1917 is marked in the material. The deterioration didnt affect the general attractiveness of the province to prisoners in comparison with other regions of Russia. The February Revolution of 1917 promoted the liberalization of the legal status of prisoners. However, the growth of the political and economic crises in the country led to the deterioration of prisoners position, including Stavropol Province. They had sought to leave the province and Russia by all available means since the autumn of 1917.

Sign in / Sign up

Export Citation Format

Share Document