222
Views
2
CrossRef citations to date
0
Altmetric
Original Articles

Sub-sovereign bond buyback: a way forward for debt-laden regions in austerity

ORCID Icon, & ORCID Icon

References

  • Acharya, S., & Diwan, I. (1993). Debt buybacks signal sovereign countries’ creditworthiness: Theory and tests. International Economic Review, 34, 795–817. doi: 10.2307/2526966
  • Agostino, D., & Lapsley, I. (2013). City-charity partnerships and the financial crisis: Case study evidence. Public Management Review, 15, 633–656. doi: 10.1080/14719037.2012.707678
  • Asenova, D., & Beck, M. (2003). The UK financial sector and risk management in PFI projects: A survey. Public Money and Management, 23, 195–202. doi: 10.1111/1467-9302.00368
  • Baglioni, A. (2015). Leveraged buybacks of sovereign debt: A model and an application to greece. Contemporary Economic Policy, 33, 87–103. doi: 10.1111/coep.12053
  • Bailey, S. J., Valkama, P., & Salonen, S. (2014). The EU’s public finance crisis: Causes, consequences and cure. Public Money & Management, 34, 83–90. doi: 10.1080/09540962.2014.887514
  • Baudouin, R., Silva, A. C., Akcadag, O., & Raghavan, I. (2015). Bond buybacks and exchanges: Background note. World Bank Group.
  • Bhimani, A. (2009). Risk management, corporate governance and management accounting: Emerging interdependencies. Management Accounting Research, 20, 2–5. doi: 10.1016/j.mar.2008.11.002
  • Bracci, E., Humphrey, C., Moll, J., & Steccolini, I. (2015). Public sector accounting, accountability and austerity: More than balancing the books? Accounting, Auditing & Accountability Journal, 28, 878–908. doi: 10.1108/AAAJ-06-2015-2090
  • Buch, C. M., Koetter, M., & Ohls, J. (2016). Banks and sovereign risk: A granular view. Journal of Financial Stability, 25, 1–15. doi: 10.1016/j.jfs.2016.05.002
  • Bulow, J., & Rogoff, K. (1988). The buyback boondoggle. Brookings Papers on Economic Activity, 1988, 675–704. doi: 10.2307/2534539
  • Bulow, J., & Rogoff, K. (1991). Sovereign debt repurchases: No cure for overhang. Quarterly Journal of Economics, 106, 1219–1235. doi: 10.2307/2937962
  • Claessens, S., & Dell’Ariccia, G. (2011). Are buybacks an efficient way to reduce sovereign debt? VOX. Retrieved from http://voxeu.org
  • Claessens, S., & Diwan, I. (1994). Recent experience with commercial bank debt reduction: Has the ‘menu’ outdone the market? World Development, 22, 201–213. doi: 10.1016/0305-750X(94)90070-1
  • Coe, P. J., Pesaran, M. H., & Vahey, S. P. (2005). The cost effectiveness of the UK’s sovereign debt portfolio. Oxford Bulletin of Economics and Statistics, 67, 467–495. doi: 10.1111/j.1468-0084.2005.00128.x
  • Cohen, S., Guillamón, M. D., Lapsley, I., & Robbins, G. (2015). Accounting for austerity: The Troika in the Eurozone, Accounting. Auditing & Accountability Journal, 28, 966–992. doi: 10.1108/AAAJ-04-2014-1668
  • Corte dei Conti. (2015). Indagine conoscitiva sulle tematiche relative agli strumenti finanziari derivati. Retrieved from http://www.corteconti.it
  • Dornbusch, R. (1988). Comments and discussion on: The buyback boondoggle. Brookings Papers on Economic Activity, 1988, 699–704.
  • European Commission. (2016). Vade mecum on the stability and growth pact. European Economy Institutional Papers. Retrieved from http://ec.europa.eu
  • Fingland, L., & Bailey, S. J. (2008). The EU’s stability and growth pact: Its credibility and sustainability. Public Money & Management, 28, 223–230. doi: 10.1111/j.1467-9302.2008.00648.x
  • Han, B., Longstaff, F. A., & Merrill, C. (2007). The U.S. treasury buyback auctions: The cost of retiring illiquid bonds. The Journal of Finance, 62, 2673–2693. doi: 10.1111/j.1540-6261.2007.01289.x
  • Heald, D., & Hodges, R. (2015). Will austerity be a critical juncture for European public sector financial reporting? Accounting, Auditing & Accountability Journal, 28, 993–1015. doi: 10.1108/AAAJ-04-2014-1661
  • IFAC. (2017a). Handbook of international public sector accounting pronouncements, Volume I. International Federation of Accountants.
  • IFAC. (2017b). Handbook of international public sector accounting pronouncements, volume II. International Federation of Accountants.
  • Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of Development Economics, 29, 253–268. doi: 10.1016/0304-3878(88)90044-2
  • Krugman, P. (1989). Market-based debt reduction schemes. In J. A. Frenkel, M. P. Dooley, & P. Wickham (Eds.), Analytical issues in debt. International Monetary Fund.
  • Lagna, A. (2015). Italian municipalities and the politics of financial derivatives: Rethinking the Foucauldian perspective. Competition and Change, 19, 283–300. doi: 10.1177/1024529415581969
  • Lewis, J. D., & Viñals, J. (2014). Revised guidelines for public debt management. International Monetary Fund.
  • Marchesi, S. (2006). Buybacks of domestic debt in public debt management. The European Journal of Finance, 12, 379–400. doi: 10.1080/13518470500459931
  • McBride, S. (2016). Constitutionalizing austerity: Taking the public out of public policy. Global Policy, 7, 5–14. doi: 10.1111/1758-5899.12271
  • Monacelli, D., Pazienza, M. G., & Rapallini, C. (2016). Municipality budget rules and debt: Is the Italian regulation effective? Public Budgeting & Finance, 36, 114–140. doi: 10.1111/pbaf.12094
  • Petmesidou, M., & Guillén, A. M. (2014). Can the welfare state as we know it survive? A view from the crisis-ridden south European periphery. South European Society & Politics, 19, 295–307. doi: 10.1080/13608746.2014.950369
  • Rotenberg, J. J. (1991). Sovereign debt buybacks can lower bargaining costs. Journal of International Money and Finance, 10, 330–348. doi: 10.1016/0261-5606(91)90014-B
  • Xafa, M. (2013). Life after Debt. World Economics, 14, 81–102.
  • Zandstra, D. (2011). The European sovereign debt crisis and its evolving resolution. Capital Markets Law Journal, 6, 285–316. doi: 10.1093/cmlj/kmr017
  • Zettelmeyer, J., Trebesch, C., & Gulati, M. (2013). The Greek debt restructuring: An autopsy. Economic Policy, 28, 513–563. doi: 10.1111/1468-0327.12014
  • Zorzetto, U. (2018). The use of derivatives contracts by Italian local authorities. Ca’ Foscari University of Venice.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.