How Do Political Factors Shape the Bank Risk-Sovereign Risk Nexus in Emerging Markets?

被引：1

作者：

Eichler, Stefan ^{[1
,2
]}

机构：

[1] Leibniz Univ Hannover, Inst Money & Int Finance, Hannover, Germany

[2] Halle Inst Econ Res, Dept Financial Markets, Halle, Germany

来源：

REVIEW OF DEVELOPMENT ECONOMICS | 2017年 / 21卷 / 03期

关键词：

DEVELOPING-COUNTRIES; DEBT CRISES; EMPIRICAL-ANALYSIS; PANEL-DATA; LEADING INDICATORS; DEFAULT RISK; BOND SPREADS; CREDIT RISK; CDS SPREADS; DETERMINANTS;

D O I：

10.1111/rode.12274

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

This paper studies the role of political factors for determining the impact of banking sector distress on sovereign bond yield spreads for a sample of 19 emerging market economies in the period 1994-2013. Using interaction models, I find that the adverse impact of banking sector distress on sovereign solvency is less pronounced for countries with a high degree of political stability, a high level of power sharing within the government coalition, a low level of political constraint within the political system, and for countries run by powerful and effective governments. The electoral cycle pronounces the bank risk-sovereign risk transfer.

引用

页码：451 / 474

页数：24

共 56 条

[1] A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk [J].