Sub-National Credit Risk and Sovereign Bailouts: Who Pays the Premium?
Studies have shown that markets may underprice sub-national governments' risk on the implicit assumption that these entities would be bailed out by their central government in case of financial difficulties. However, the question of whether sovereigns pay a premium on their own borrowing as a... Full description
|1st Person:||Jenkner, Eva|
|Additional Persons:||Lu, Zhongjin|
|Type of Publication:||Book|
Washington, D.C. International Monetary Fund 2014, 2014
IMF Working Papers; Working Paper