https://macropaperwarehouse.com/authors/prachi-mishra/Prachi MishraHugo -- gohugo.ioen-usThu, 01 Jan 2026 00:00:00 +0000https://macropaperwarehouse.com/papers/cross-border-spillovers-how-u.s.-monetary-conditions-affect-mas-around-the-world/Thu, 01 Jan 2026 00:00:00 +0000https://macropaperwarehouse.com/papers/cross-border-spillovers-how-u.s.-monetary-conditions-affect-mas-around-the-world/<p>This paper examines how unexpected changes in U.S. monetary policy transmit to cross-border merger and acquisition (M&amp;A) activity globally, covering both the volume of deals and their quality as measured by acquirer stock price reactions. The motivation is threefold: M&amp;As represent a large, discrete form of capital reallocation with measurable quality proxies (announcement returns); their financing structure makes them especially sensitive to balance-sheet conditions; and cross-border deals offer a clean lens on international spillovers from core-country monetary policy.</p>https://macropaperwarehouse.com/papers/sovereign-debt-restructuring-and-reduction-in-debt-to-gdp-ratio/Thu, 01 Jan 2026 00:00:00 +0000https://macropaperwarehouse.com/papers/sovereign-debt-restructuring-and-reduction-in-debt-to-gdp-ratio/<p>Sovereign debt restructuring is a central tool for countries in debt distress, yet surprisingly little evidence exists on whether it actually reduces the debt-to-GDP ratio — the metric used in virtually every debt sustainability analysis. This paper fills that gap. The debt-to-GDP ratio is not a simple pass-through from restructuring: the numerator (debt stock) only falls at the completion of a restructuring episode, while the denominator (GDP) can be depressed from the start of the crisis. Cash flow relief and face value reductions affect the numerator along different timelines, and fiscal consolidation — or its absence — can erode or reinforce whatever gains restructuring provides. These complexities make the net effect on the ratio genuinely non-obvious.</p>