The ghost of Deauville

Ashoka Mody, 7 January 2014

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The aversion to debt restructuring in the Eurozone has been remarkable, even though public debt ratios in several countries are well above the IMF-identified critical debt overhang threshold of 100% of GDP (IMF 2012). By early 2010, some recognised the urgency of restructuring Greek public debt (Calomiris 2010).

Topics: Financial markets, International finance
Tags: Deauville, eurozone, Eurozone crisis, financial contagion, sovereign debt, sovereign debt restructuring

Institutional investor flows and the geography of contagion

Damien Puy, 13 December 2013

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International financial contagion implies that countries can be affected by similar economic shocks even in the absence of common fundamentals. Since the Asian financial crisis, academics and policymakers have been eager to better understand the role played by financial intermediaries in propagating shocks across borders.

Topics: Global crisis, International finance
Tags: financial contagion, mutual funds

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