Sovereign debt contracts and financial stability in emerging market economies [Elektronische Ressource] / vorgelegt von Ossip Robert Hühnerbein

Sovereign Debt Contractsand Financial Stability inEmerging Market EconomiesInauguraldissertationzur Erlangung des GradesDoctor oeconomiae publicae (Dr. oec. publ.)an der Ludwig-Maximilians-Universit¨at Mun¨ chenVolkswirtschaftliche Fakult¨at2006vorgelegt vonOssip Robert Huhnerb¨ einReferent: Prof. Dr. Gerhard IllingKorreferent: Prof. Ray ReesPromotionsabschlussberatung: 07. Februar 2007Fur¨ meine Freunde”The study of economics does not seem to require any specialised giftsof an unusually high order. Is it not, intellectually regarded, a very easysubjectcomparedwiththehigherbranchesofphilosophyandpurescience?Yet good, or even competent, economists are the rarest of birds. An easysubject at which very few excel!”John Maynard Keynes, 1883 - 1946AcknowledgementsI would like to thank my supervisor Gerhard Illing for his encouragement and support in the lastthree years. I am also grateful to Frank Heinemann who has been a guiding counsellor, especially formy work on chapter 1. Special thanks go to Hyun Shin who invited me to join the research project”Stability of the Global Financial System” at the London School of Economics. I benefited a lot frommy stay there. I also profited from discussions with Klaus Schmidt, Amil Dasgupta, Jon Danielsson,Charles Goodhart, Ray Rees and thank Miguel Messmacher for making some of his data avaialbe tome.