Aitor Erce

European Stability Mechanism

Senior Researcher

6a Circuit de la Foire Internationale

Luxembourg, 1347

Luxembourg

Banco de España - Associate Directorate General International Affairs

Alcala 50

Madrid 28014

Spain

SCHOLARLY PAPERS

28

DOWNLOADS
Rank 23,012

SSRN RANKINGS

Top 23,012

in Total Papers Downloads

2,034

CITATIONS
Rank 1,548

SSRN RANKINGS

Top 1,548

in Total Papers Citations

494

Scholarly Papers (28)

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 Stability Mechanism and Banco de España
Downloads 371 (78,831)
Citation 67

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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 Stability Mechanism and Banco de España
Downloads 218 (139,000)
Citation 55

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IMF, sovereign debt, restructurings, default, solvency

3.
Downloads 171 (173,769)
Citation 116

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 Stability Mechanism and World Bank - Development Research Group (DECRG)
Downloads 89 (286,257)
Citation 6

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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 Stability Mechanism and World Bank - Development Research Group (DECRG)
Downloads 78 (310,768)
Citation 1

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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 Stability Mechanism and World Bank - Development Research Group (DECRG)
Downloads 4 (645,687)
Citation 5
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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 Stability Mechanism
Downloads 164 (180,130)
Citation 41

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 Stability Mechanism
Downloads 151 (193,174)
Citation 41

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banking crises, sovereign defaults, feedback loops, balance sheets

6.

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 Stability Mechanism and Bank for International Settlements (BIS)
Downloads 107 (251,408)
Citation 50

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

7.
Downloads 103 (258,189)
Citation 1

Bank and Sovereign Risk Feedback Loops

European Stability Mechanism Working Paper No. 1
Number of pages: 32 Posted: 23 May 2015
Aitor Erce
European Stability Mechanism
Downloads 68 (336,394)
Citation 1

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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 Stability Mechanism
Downloads 35 (452,484)

Abstract:

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8.

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 Stability Mechanism
Downloads 94 (274,245)
Citation 46

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sovereign debt, financial markets, global liquidity, structural analysis

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 Stability Mechanism
Downloads 77 (313,219)
Citation 2

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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 Stability Mechanism and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 3 (654,528)

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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 Stability Mechanism and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
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Fiscal Multiplier, Foreign Holdings of Public Debt, Sovereign debt

10.

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 Stability Mechanism
Downloads 59 (357,324)
Citation 1

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Banking Crises, Sovereign Defaults, Feedback Loops, Balance Sheets

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 Stability Mechanism and European Stability Mechanism
Downloads 35 (452,484)
Citation 2

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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 Stability Mechanism, European Stability Mechanism and European Stability Mechanism
Downloads 14 (575,594)

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

12.

Risk Management for Sovereign Debt Financing with Sustainability Conditions

European Stability Mechanism Working Paper No. 31 (Revised)
Number of pages: 48 Posted: 17 Sep 2018 Last Revised: 12 Aug 2019
University of Cyprus, University of Palermo - d/SEAS, European Stability Mechanism, European Stability Mechanism, European Stability Mechanism and European Stability Mechanism
Downloads 46 (399,680)
Citation 2

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

13.

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 Stability Mechanism
Downloads 43 (410,477)

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Sovereign Debt, liquidity runs, standstills, effort

14.

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 Stability Mechanism, European Stability Mechanism and European Stability Mechanism
Downloads 41 (417,882)
Citation 3

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Sovereign sustainability, debt stocks, financing needs, maturity

15.

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 Stability Mechanism
Downloads 41 (417,882)

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sovereign debt, maturity, IMF, official support

16.

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 Stability Mechanism
Downloads 37 (433,927)
Citation 1

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

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 Stability Mechanism
Downloads 35 (442,148)
Citation 3

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Official debt, Sovereign debt restructuring, Paris Club

18.

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 Stability Mechanism and Bank for International Settlements (BIS)
Downloads 35 (442,148)
Citation 2

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

19.

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 Stability Mechanism, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 34 (446,303)

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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

20.
Downloads 33 (450,622)
Citation 2

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 Stability Mechanism and Bates College
Downloads 25 (504,989)

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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 Stability Mechanism and Bates College
Downloads 8 (616,610)
Citation 1

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IMF, Catalysis, residence, capital flows

21.

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 Stability Mechanism and Bank for International Settlements (BIS)
Downloads 33 (450,622)

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

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 Stability Mechanism
Downloads 21 (530,133)
Citation 1

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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 Stability Mechanism, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 9 (609,716)
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 Stability Mechanism, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 0
Citation 1
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crowding out, discrimination, economic growth, rollover crises, sovereign debt

23.

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 Stability Mechanism and Board of Governors of the Federal Reserve System
Downloads 25 (490,165)

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

24.

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 Stability Mechanism and University of Idaho - College of Business & Economics
Downloads 16 (541,825)

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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

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 Stability Mechanism
Downloads 12 (565,995)

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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 Stability Mechanism, Asian Development Bank - Economic Research and European Stability Mechanism
Downloads 5 (610,594)

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credit dynamics, economic growth, skewness

27.

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 Stability Mechanism and Deloitte LLP
Downloads 1 (647,983)
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Bailouts, Debt maturities, default, Rollover Risk, Sovereign debt, Spread

28.

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 Stability Mechanism and University of Minnesota - Minneapolis
Downloads 0 (665,900)
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Crisis management, debt sustainability, loans maturity, market access, private sector involvement, seniority, yield curve.