Sovereign risk: a world without risk-free assets?

Bank for International Settlements

No 72 in BIS Papers from Bank for International Settlements

Abstract: This volume presents and summarises the proceedings of a one-and-a-half day seminar on sovereign risk hosted by the BIS in January 2013. The event brought together senior central bankers, sovereign ratings analysts, fund managers and other market participants, sovereign legal specialists, risk managers at financial institutions and academics.

Date: 2013 Written 2013-07
ISBN: 92-9197-936-8
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (35)

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Chapters in this book:

Foreword , pp xxi-xxii

Jaime Caruana

Welcoming remarks , pp xxiii-xxviii

Jaime Caruana

Introduction of the policy panel , pp 1

Jaime Caruana

Panel remarks , pp 2-5

William Dudley

Panel remarks , pp 6-9

Már Guðmundsson

Panel remarks , pp 10-18

Patrick Honohan

Do good sovereigns default? Lessons of history , pp 19-25

Marc Flandreau

Rating agencies and sovereign risk: Moderator’s introduction , pp 26

Carlos Hamilton Araújo

Ratings and regulation , pp 27-33

Richard Cantor

Sovereign credit ratings: help or hindrance? , pp 34-38

John Kiff

On sovereign ratings: observations and implications , pp 39-49

Andrew Powell

Sovereign debt: financial market over-reliance on credit rating agencies , pp 50-62

Donato Masciandaro

Financial markets without a risk-free sovereign: Moderator’s introduction , pp 63-64

Harold James

Reflections on the meaning of "risk free" , pp 65-72

Peter Fisher

Risk-free assets in financial markets , pp 73-78

Alberto Giovannini

Financial markets without a risk-free sovereign , pp 79-81

Hiroshi Nakaso

Risk-free assets: an unreachable dream or a must , pp 82-85

Sergey Storchak

Think the unthinkable on US debt , pp 86-87

Robert Jenkins

The role of markets in sovereign debt crisis detection, prevention and resolution , pp 88-104

Hung Q Tran

Legal perspectives on sovereign debt: Moderator’s introduction , pp 105-106

Diego Devos

Sovereign debt restructurings: the legal context , pp 107-111

Lee Buchheit

Legal perspectives on sovereign default , pp 112-120

Antonio Sáinz de Vicuña

The pari passu clause in sovereign debt instruments: developments in recent litigation , pp 121-128

Rodrigo Olivares-Caminal

Risk managers on default probability for prime sovereigns , pp 129

Øystein Olsen

Risk management in the face of risky sovereign debt: four observations , pp 130-135

Thomas C Wilson

Reserve management and the use of ratings at the Swiss National Bank , pp 136-138

Jean-Pierre Danthine

Sovereign risk in bank regulation and supervision: Where do we stand? , pp 139-153

Hervé Hannoun

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