Aitor Erce

European Union - European Investment Bank

98-100 Boulevard Konrad Adenauer

L-2950

Luxembourg

European University Institute

Villa Schifanoia

133 via Bocaccio

Firenze (Florence), Tuscany 50014

Italy

SCHOLARLY PAPERS

29

DOWNLOADS
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Top 22,387

in Total Papers Downloads

2,192

SSRN CITATIONS
Rank 1,074

SSRN RANKINGS

Top 1,074

in Total Papers Citations

123

CROSSREF CITATIONS

811

Scholarly Papers (29)

1.

Recent Episodes of Sovereign Debt Restructurings: A Case-Study Approach

Banco de Espana Occasional Paper No. 0804
Number of pages: 82 Posted: 07 Aug 2008
Banco de España, European Union - European Investment Bank and Banco de España
Downloads 384 (78,874)
Citation 71

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IMF, sovereign debt, restructurings, default, solvency

2.

The Role of the IMF in Recent Sovereign Debt Restructurings: Implications for the Policy of Lending into Arrears

Banco de Espana Occasional Paper No. 0805
Number of pages: 37 Posted: 07 Aug 2008
Banco de España, European Union - European Investment Bank and Banco de España
Downloads 222 (142,016)
Citation 56

Abstract:

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IMF, sovereign debt, restructurings, default, solvency

3.
Downloads 174 (177,849)
Citation 123

Gross Capital Flows: Dynamics and Crises

Banco de Espana Working Paper No. 1039
Number of pages: 52 Posted: 29 Apr 2011
CREI, World Bank, European Union - European Investment Bank and World Bank - Development Research Group (DECRG)
Downloads 91 (292,978)
Citation 6

Abstract:

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gross capital flows, net capital flows, domestic investors, foreign investors, crises

Gross Capital Flows: Dynamics and Crises

World Bank Policy Research Working Paper No. 5768
Number of pages: 50 Posted: 20 Apr 2016
CREI, World Bank, European Union - European Investment Bank and World Bank - Development Research Group (DECRG)
Downloads 79 (320,215)
Citation 1

Abstract:

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Emerging Markets, Macroeconomic Management, Economic Theory & Research, Debt Markets, Capital Flows

Gross Capital Flows: Dynamics and Crises

CEPR Discussion Paper No. DP8591
Number of pages: 51 Posted: 12 Oct 2011
CREI, World Bank, European Union - European Investment Bank and World Bank - Development Research Group (DECRG)
Downloads 4 (670,740)
Citation 14
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crises, domestic investors, foreign investors, gross capital flows, net capital flows

4.

Measuring and Explaining the Volatility of Capital Flows towards Emerging Countries

Banco de Espana Working Paper No. 0817
Number of pages: 33 Posted: 01 Sep 2008
Banco de España, Banco de España and European Union - European Investment Bank
Downloads 167 (184,273)
Citation 42

Abstract:

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capital flows, volatility, panel data, emerging markets

5.

Banking Crises and Sovereign Defaults in Emerging Markets: Exploring the Links

Banco de Espana Working Paper No. 1414
Number of pages: 46 Posted: 16 Jul 2014
Irina Balteanu and Aitor Erce
Banco de España and European Union - European Investment Bank
Downloads 156 (195,297)
Citation 47

Abstract:

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banking crises, sovereign defaults, feedback loops, balance sheets

6.
Downloads 112 (254,521)
Citation 2

Bank and Sovereign Risk Feedback Loops

European Stability Mechanism Working Paper No. 1
Number of pages: 32 Posted: 23 May 2015
Aitor Erce
European Union - European Investment Bank
Downloads 75 (332,877)
Citation 2

Abstract:

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Bank and Sovereign Risk Feedback Loops

Globalization and Monetary Policy Institute Working Paper No. 227
Number of pages: 26 Posted: 17 Aug 2015
Aitor Erce
European Union - European Investment Bank
Downloads 37 (460,474)

Abstract:

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7.

International Reserves and Gross Capital Flows - Dynamics During Financial Stress

Banco de Espana Working Paper No. 1211
Number of pages: 36 Posted: 22 Feb 2012
Bank for International Settlements (BIS), European Union - European Investment Bank and Bank for International Settlements (BIS)
Downloads 108 (259,326)
Citation 52

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gross capital flows, international reserves, systemic crises, capital retrenchment

Fiscal Multipliers and Foreign Holdings of Public Debt

European Stability Mechanism Working Paper No. 30
Number of pages: 76 Posted: 30 Mar 2018
CREI, European Stability Mechanism, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and European Union - European Investment Bank
Downloads 80 (317,757)
Citation 3

Abstract:

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sovereign debt, fiscal multiplier, foreign holdings of public debt

Fiscal Multipliers and Foreign Holdings of Public Debt

ECB Working Paper No. 2255 (2019); ISBN 978-92-899-3517-3
Number of pages: 75 Posted: 27 Mar 2019
CREI, European Stability Mechanism, European Union - European Investment Bank and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 17 (577,181)

Abstract:

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sovereign debt, fiscal multiplier, foreign holdings of public debt

Fiscal Multipliers and Foreign Holdings of Public Debt

CEPR Discussion Paper No. DP12960
Number of pages: 77 Posted: 05 Jun 2018 Last Revised: 22 Oct 2018
CREI, European Stability Mechanism, European Union - European Investment Bank and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
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Fiscal Multiplier, Foreign Holdings of Public Debt, Sovereign debt

9.

A Structural Model of Sovereign Debt Issuance: Assessing the Role of Financial Factors

Banco de España Working Paper No. 0809
Number of pages: 39 Posted: 16 Jun 2008
Aitor Erce
European Union - European Investment Bank
Downloads 97 (279,073)
Citation 47

Abstract:

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sovereign debt, financial markets, global liquidity, structural analysis

Risk Management for Sovereign Debt Financing with Sustainability Conditions

Federal Reserve Bank of Dallas Globalization Institute Working Paper 367, and European Stability Mechanism Working Paper 31 (Revised)
Number of pages: 49 Posted: 17 Sep 2018 Last Revised: 29 Aug 2019
University of Cyprus, University of Palermo - d/SEAS, European Stability Mechanism, European Stability Mechanism, European Stability Mechanism and European Union - European Investment Bank
Downloads 68 (352,098)
Citation 2

Abstract:

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sovereign debt, sustainability, debt financing, optimization, stochastic programming, scenario analysis, conditional value-at-risk, risk measures

Risk Management for Sovereign Debt Financing with Sustainability Conditions

Globalization and Monetary Policy Institute Working Paper No. 367
Number of pages: 49 Posted: 31 Oct 2019
University of Cyprus, University of Palermo - d/SEAS, European Stability Mechanism, European Stability Mechanism, Banco de España and European Union - European Investment Bank
Downloads 12 (612,050)

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sovereign debt, sustainability, debt financing, optimization, stochastic programming, scenario analysis, conditional Value-at-Risk, risk measures

The Benefits of Reducing Hold-Out Risk: Evidence from the Euro CAC Experiment, 2013-2018

European Stability Mechanism Working Paper No. 33
Number of pages: 33 Posted: 05 Dec 2018
European Stability Mechanism, European Union - European Investment Bank and European Stability Mechanism
Downloads 46 (422,321)
Citation 3

Abstract:

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Collective action clause, hold-outs, sovereign risk, bond yields

The Benefits of Reducing Hold-Out Risk: Evidence from the Euro CAC Experiment, 2013-2018

Forthcoming at Capital Markets Law Journal
Number of pages: 30 Posted: 05 Dec 2018
European Union - European Investment Bank, European Stability Mechanism and European Stability Mechanism
Downloads 17 (577,181)

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Collective action clause, hold-outs, sovereign risk, bond yields

12.

Linking Bank Crises and Sovereign Defaults: Evidence from Emerging Markets

European Stability Mechanism Working Paper No. 22
Number of pages: 44 Posted: 24 May 2017
Irina Balteanu and Aitor Erce
Banco de España and European Union - European Investment Bank
Downloads 62 (362,040)
Citation 3

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Banking Crises, Sovereign Defaults, Feedback Loops, Balance Sheets

13.

Debt Stocks Meet Gross Financing Needs: A Flow Perspective into Sustainability

European Stability Mechanism Working Paper No. 24
Number of pages: 29 Posted: 21 Jun 2017
European Stability Mechanism, European Union - European Investment Bank, European Stability Mechanism and European Stability Mechanism
Downloads 45 (418,324)
Citation 5

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Sovereign sustainability, debt stocks, financing needs, maturity

14.

Using Standstills to Manage Sovereign Debt Crises

Banco de España Research Paper No. WP-0636
Number of pages: 36 Posted: 12 Jan 2007
Aitor Erce
European Union - European Investment Bank
Downloads 43 (425,939)

Abstract:

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Sovereign Debt, liquidity runs, standstills, effort

15.

The Macroeconomic Effects of Official Debt Restructuring: Evidence from the Paris Club

European Stability Mechanism Working Paper No. 21
Number of pages: 28 Posted: 24 May 2017
European Stability Mechanism, Banco de España and European Union - European Investment Bank
Downloads 41 (433,628)
Citation 3

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Official Creditors, Sovereign Debt Restructuring, Growth, Fiscal Stance, External Sector Adjustment, Local Projections

16.

Does the IMF's Official Support Affect Sovereign Bond Maturities?

Banco de Espana Working Paper No. 1231
Number of pages: 35 Posted: 19 Sep 2012
Aitor Erce
European Union - European Investment Bank
Downloads 41 (433,628)

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sovereign debt, maturity, IMF, official support

17.

From Debt Collection to Relief Provision: 60 Years of Official Debt Restructurings Through the Paris Club

European Stability Mechanism Working Paper No. 20
Number of pages: 50 Posted: 24 May 2017
European Stability Mechanism, Banco de España and European Union - European Investment Bank
Downloads 37 (450,290)
Citation 1

Abstract:

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Official debt, Sovereign debt restructuring, Paris Club

18.
Downloads 37 (450,290)
Citation 1

Catalytic IMF? A Gross Flows Approach

Globalization and Monetary Policy Institute Working Paper No. 254
Number of pages: 38 Posted: 28 Jan 2016
Aitor Erce and Daniel Riera-Crichton
European Union - European Investment Bank and Bates College
Downloads 27 (512,081)

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Catalytic IMF? A Gross Flows Approach

European Stability Mechanism Working Paper No. 9; ISBN: 978-92-95085-15-2
Number of pages: 47 Posted: 19 Mar 2018
Aitor Erce and Daniel Riera-Crichton
European Union - European Investment Bank and Bates College
Downloads 10 (626,322)
Citation 3

Abstract:

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IMF, Catalysis, residence, capital flows

19.

International Reserves and Gross Capital Flows Dynamics

Fondo Latinoamericano de Reservas Discussion Paper No. 3
Number of pages: 25 Posted: 02 Aug 2014
Bank for International Settlements (BIS), European Union - European Investment Bank and Bank for International Settlements (BIS)
Downloads 37 (450,290)
Citation 2

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gross capital flows, international reserves, systemic crises, capital retrenchment

20.

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out

IMF Working Paper No. 13/270
Number of pages: 64 Posted: 11 Feb 2014
CREI, European Union - European Investment Bank, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 36 (454,594)

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Sovereign debt, Europe, Spillovers, Financial crisis, Bond issues, Investment, Economic models, rollover crises, secondary markets, economic growth, domestic creditors, domestic debt, debt crises, public debt, debt crisis, debt maturity, stock of debt, debt problems, private credit, sovereign defaults, central banks, government debt, debt dynamics, sovereign debt crises, short-term debt, sovereign debt crisis, debt holders, amount of debt, foreign debt, sovereign debts, external borrowing, public debts, debt renegotiation, debt data, private creditors, liquidity crises, debt accumulation, repurchases, sovereign bonds, bilateral agreements, low debts, debt stocks, debt restructuring, reserve

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects

Banco de Espana Working Paper No. 1402
Number of pages: 69 Posted: 15 Feb 2014
CREI, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI), Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and European Union - European Investment Bank
Downloads 23 (537,137)
Citation 5

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sovereign debt, discrimination, crowding out, rollover crises, economic growth

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects

NBER Working Paper No. w19676
Number of pages: 63 Posted: 28 Nov 2013
CREI, European Union - European Investment Bank, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 11 (619,230)
Citation 1

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Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects

CEPR Discussion Paper No. DP9761
Number of pages: 67 Posted: 25 Nov 2013
CREI, European Union - European Investment Bank, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 0
Citation 9
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crowding out, discrimination, economic growth, rollover crises, sovereign debt

22.

Selective Sovereign Defaults

FRB International Finance Discussion Paper No. 1239
Number of pages: 48 Posted: 27 Nov 2018 Last Revised: 21 Feb 2019
Aitor Erce and Enrico Mallucci
European Union - European Investment Bank and Board of Governors of the Federal Reserve System
Downloads 33 (467,790)

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Sovereign Default, Selective Defaults, Domestic Debt, External Debt, Credit, Imports

23.

International Reserves and Gross Capital Flow Dynamics

BIS Working Paper No. 512
Number of pages: 29 Posted: 02 Oct 2015
Bank for International Settlements (BIS), European Union - European Investment Bank and Bank for International Settlements (BIS)
Downloads 33 (467,790)

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Gross capital flows, international reserves, systemic crises, capital retrenchment

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel

IMF Working Paper No. 19/69
Number of pages: 92 Posted: 25 Apr 2019
International Monetary Fund Research Department, International Monetary Fund (IMF) - Research Department, European Union - European Investment Bank and University of Idaho - College of Business & Economics
Downloads 19 (563,609)

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Sovereign debt restructuring, Business cycles, Capital inflows, Domestic debt, Current account deficits, Sovereign Debt, Sovereign Defaults, Sovereign Debt Restructurings, GDP Growth, Investment, Banking Crisis, Local Projection, debt restructure, bank crisis, restructure, haircut, inflow

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel

European Stability Mechanism Working Paper No. 37
Number of pages: 81 Posted: 15 Nov 2019
International Monetary Fund Research Department, International Monetary Fund (IMF) - Research Department, European Union - European Investment Bank and University of Idaho - College of Business & Economics
Downloads 6 (655,391)

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sovereign debt; sovereign defaults; sovereign debt restructurings; GDP growth; investment; banking crisis; local projection

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel

European Stability Mechanism Working Paper Series 37/2019; ISBN 978-92-95085-68-8
Number of pages: 81 Posted: 19 Sep 2019
International Monetary Fund Research Department, International Monetary Fund (IMF) - Research Department, European Union - European Investment Bank and University of Idaho - College of Business & Economics
Downloads 3 (679,493)
Citation 2

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Sovereign Defaults; Sovereign Debt Restructurings; GDP Growth; Investment; Banking Crisis; Local Projection

25.

Official Debt Restructurings and Development

Globalization and Monetary Policy Institute Working Paper No. 339
Number of pages: 32 Posted: 15 Jun 2018
Gong Cheng, Javier Diaz-Cassou and Aitor Erce
European Stability Mechanism, London School of Economics & Political Science (LSE) and European Union - European Investment Bank
Downloads 13 (581,470)

Abstract:

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Official debt, sovereign debt restructuring, Paris Club

26.

Skewed Credit and Growth Dynamics after the Global Financial Crisis

Asian Development Bank Economics Working Paper Series No. 562 (October, 2018)
Number of pages: 51 Posted: 22 Feb 2019
Asian Development Bank - Economic Research, European Union - European Investment Bank, Asian Development Bank - Economic Research and European Stability Mechanism
Downloads 7 (621,004)

Abstract:

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credit dynamics, economic growth, skewness

Quantifying Risks to Sovereign Market Access: Methods and Challenges

European Stability Mechanism Working Paper No. 42
Number of pages: 87 Posted: 16 Jan 2020
Diana Zigraiova, Aitor Erce and Xu Jiang
Charles University in Prague, European Union - European Investment Bank and European Stability Mechanism
Downloads 3 (679,493)

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Euro area sovereign bond market; forecasting; sovereign debt crises, sovereign market access; variable selection

Quantifying Risks to Sovereign Market Access: Methods and Challenges

ESM Working Paper Series no. 42 (2020)
Number of pages: 87 Posted: 15 Jan 2020
Diana Zigraiova, Aitor Erce and Xu Jiang
Charles University in Prague, European Union - European Investment Bank and European Stability Mechanism
Downloads 1 (704,052)

Abstract:

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Euro area sovereign bond market; forecasting; sovereign debt crises; sovereign market access; variable selection

28.

Debt Sustainability and the Terms of Official Support

CEPR Discussion Paper No. DP13292
Number of pages: 53 Posted: 05 Nov 2018
Giancarlo Corsetti, Aitor Erce and Timothy Uy
University of Cambridge, European Union - European Investment Bank and Deloitte LLP
Downloads 1 (670,971)
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Bailouts, Debt maturities, default, Rollover Risk, Sovereign debt, Spread

29.

Official Sector Lending Strategies During the Euro Area Crisis

CEPR Discussion Paper No. DP12228
Number of pages: 57 Posted: 21 Aug 2017 Last Revised: 18 Sep 2017
University of Cambridge, European Union - European Investment Bank and University of Minnesota - Minneapolis
Downloads 0 (687,868)
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Crisis management, debt sustainability, loans maturity, market access, private sector involvement, seniority, yield curve.