Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download A Sovereign Debt Restructuring Mechanism For The Euro Area full books in PDF, epub, and Kindle. Read online A Sovereign Debt Restructuring Mechanism For The Euro Area ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Download or read book A Sovereign Debt Restructuring Mechanism for the Euro Area written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christoph G Paulus
Publisher : Bloomsbury Publishing
ISBN 13 : 1849468214
Total Pages : 288 pages
Book Rating : 4.8/5 (494 download)
Download or read book A Debt Restructuring Mechanism for Sovereigns written by Christoph G Paulus and published by Bloomsbury Publishing. This book was released on 2014-12-01 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Eurozone crisis which started in spring 2010 as a Greek budget crisis has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting states reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentina crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis. The present book collects contributions from authors most of whom have participated in a conference on this issue in January 2012 at the Humboldt-Universität zu Berlin. The presentations, thus, provide a unique overview of the present discussion both from an economic and legal perspective.
Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1475505531
Total Pages : 128 pages
Book Rating : 4.4/5 (755 download)
Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Author : Stefano Rossi
Publisher :
ISBN 13 : 9789284648221
Total Pages : 34 pages
Book Rating : 4.6/5 (482 download)
Download or read book Sovereign Debt Restructuring and Debt Mutualisation in the Euro Area written by Stefano Rossi and published by . This book was released on 2019 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing proposals for reform in the euro area, including the introduction of an orderly sovereign debt restructuring mechanism and of forms of debt mutualisation, rely on similar implicit or explicit assumptions: The “diabolic loop” between sovereign debt and domestic banks is to be mitigated or avoided; market discipline has to be maintained; and moral hazard has to be avoided. This paper discusses the stated goals of existing proposals, together with their likely anticipated and unanticipated effects and trade-offs. It recognizes that several of these underlying assumptions and frameworks are at odds with the extant empirical evidence. It concludes by setting forth a proposal for introducing a more explicit seniority structure in sovereign debt.
Author : Sebastian Grund
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (13 download)
Download or read book A Sovereign Debt Restructuring Framework for the Euro Area written by Sebastian Grund and published by . This book was released on 2019 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the legal framework for sovereign debt restructuring in the Euro area - both de lege lata and de lege ferenda. Sovereign debt restructurings remain exceptional events that come with profound implications for financial stability and monetary policy transmission. However, they may be necessary as part of a financial assistance program to a euro area Member State, as was the case for Greece in 2012. This paper seeks to contribute to the ongoing discussion on how to enhance the functioning of the Economic and Monetary Union (EMU) by exploring the legal aspects of sovereign debt restructuring in the euro area. This includes an analysis on whether and how the procedures for sovereign debt restructuring in the euro area can be made more orderly, fair, and predictable by establishing a European Sovereign Debt Restructuring Framework (ESDRF). Drawing upon international standards for sovereign bond documentation, one may consider the inclusion of enhanced Collective Action Clauses (CACs) as well as certain technical amendment clauses. In addition, two options for a sovereign debt dispute resolution mechanism are discussed: (i) a separate chamber at the Court of Justice of the European Union (CJEU) and (ii) a sovereign debt arbitration mechanism. The paper makes no judgement on the economic or political feasibility and necessity for such changes, but seeks to shed some light on the legal aspects to be taken into account in the context of reforming the euro area's framework for sovereign debt restructuring.
Author : Jochen Andritzky
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (954 download)
Download or read book A Mechanism to Regulate Sovereign Debt Restructuring in the Euro Area written by Jochen Andritzky and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Annamaria Viterbo
Publisher :
ISBN 13 : 9788892133884
Total Pages : 259 pages
Book Rating : 4.1/5 (338 download)
Download or read book Sovereign Debt Restructuring: the Role and Limits of Public International Law written by Annamaria Viterbo and published by . This book was released on 2020 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Patrick S. Kenadjian
Publisher : Walter de Gruyter
ISBN 13 : 3110314525
Total Pages : 280 pages
Book Rating : 4.1/5 (13 download)
Download or read book Collective Action Clauses and the Restructuring of Sovereign Debt written by Patrick S. Kenadjian and published by Walter de Gruyter. This book was released on 2013-08-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume contains articles based on presentations given at a conference hosted by the Institute for Law and Finance of Goethe University on October 27, 2011. Collective action clauses are an example of the typical dichotomy of financial regulation: While the problems are economic in nature, the solutions need to be implemented by law. The Institute for Law and Finance strives to bring together law and finance in order to foster a better mutual understanding of both disciplines and to improve the regulation of financial markets. Thus, the organizers are particularly pleased that eminent experts from the fields of law and finance agreed to participate in the event and to share their views on and experiences with collective action clauses. The presentations given at the conference have been updated in 2012 to reflect recent developments.
Author : Anne O. Krueger
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.F/5 ( download)
Download or read book A New Approach to Sovereign Debt Restructuring written by Anne O. Krueger and published by International Monetary Fund. This book was released on 2002-04-16 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years there has been extensive discussion inside and outside the IMF on the need to develop a new approach to sovereign debt restructuring. Exploring ways to improve the sovereign debt restructuring process is a key part of the international community’s efforts to strengthen the architecture of the global financial system. This pamphlet by IMF First Deputy Managing Director Anne O.Krueger draws together the latest IMF thinking on the controversial issue in a single publication.
Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498329853
Total Pages : 30 pages
Book Rating : 4.4/5 (983 download)
Download or read book Proposed Features of a Sovereign Debt Restructuring Mechanism written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2003-12-02 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper follows up on the Executive Board’s December 2002 discussion of the design of the Sovereign Debt Restructuring Mechanism and seeks to make further progress on the formulation of a concrete proposal for a statutory sovereign debt restructuring mechanism.
Author : Mr.Shekhar Aiyar
Publisher : International Monetary Fund
ISBN 13 : 1513511653
Total Pages : 79 pages
Book Rating : 4.5/5 (135 download)
Download or read book A Strategy for Resolving Europe's Problem Loans written by Mr.Shekhar Aiyar and published by International Monetary Fund. This book was released on 2015-09-24 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498328121
Total Pages : 77 pages
Book Rating : 4.4/5 (983 download)
Download or read book The Design of the Sovereign Debt Restructuring Mechanism - Further Considerations written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2002-11-27 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Author : Mr.Marco Committeri
Publisher : International Monetary Fund
ISBN 13 : 1475533829
Total Pages : 50 pages
Book Rating : 4.4/5 (755 download)
Download or read book You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending written by Mr.Marco Committeri and published by International Monetary Fund. This book was released on 2013-01-22 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most important is the IMF’s lending framework (policies, financing facilities, and financial resources), which is designed to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary pillar is represented by such contractual provisions as Collective Action Clauses (CACs) in sovereign bonds, which aim to facilitate coordination among private creditors in order to contain the costs of a debt default or restructuring. We analyze the most significant changes (and their consequences) prompted by the recent crises to the Fund’s lending framework, not only in terms of additional financial resources, new financing facilities (including precautionary ones), and cooperation with euro-area institutions, but also as regards the criteria governing exceptional access to the Fund’s financial resources. We highlight a crucial innovation to these criteria, namely that, for the first time, they now explicitly take account of the risk of international systemic spillovers. Finally, we discuss how the recent crises have provided new political support for a broader dissemination of CACs in euro-area sovereign bonds. Importantly, in the first case involving an advanced economy, CACs were activated in the debt exchange undertaken by Greece in Spring 2012.
Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
ISBN 13 : 1484359623
Total Pages : 54 pages
Book Rating : 4.4/5 (843 download)
Download or read book Managing the Sovereign-Bank Nexus written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2018-09-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author : Mr.Thomas J Sargent
Publisher : International Monetary Fund
ISBN 13 : 1513516868
Total Pages : 322 pages
Book Rating : 4.5/5 (135 download)
Download or read book Debt and Entanglements Between the Wars written by Mr.Thomas J Sargent and published by International Monetary Fund. This book was released on 2019-11-08 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: World War I created a set of forces that affected the political arrangements and economies of all the countries involved. This period in global economic history between World War I and II offers rich material for studying international monetary and sovereign debt policies. Debt and Entanglements between the Wars focuses on the experiences of the United States, United Kingdom, four countries in the British Commonwealth (Australia, New Zealand, Canada, Newfoundland), France, Italy, Germany, and Japan, offering unique insights into how political and economic interests influenced alliances, defaults, and the unwinding of debts. The narratives presented show how the absence of effective international collaboration and resolution mechanisms inflicted damage on the global economy, with disastrous consequences.
Author : Theresa Arnold
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (116 download)
Download or read book Euro Area Sovereign Debt written by Theresa Arnold and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries with large debts stocks are vulnerable to the vagaries of the markets. Confidence crises can arise out of nowhere, constricting access to the markets. Hence, the question arises as to whether these countries should put in place mechanisms that will help them better prepare for the possibility of crisis. In effect, the choice is whether to buy insurance. The cost of buying such insurance is that the possibility that markets will see the sovereign's proactive steps to protect against a crisis not as an indication of prudent governance but rather as an indicator that a crisis is imminent. In this article, we use the case of a hypothetical euro area country (Italy) with a large debt stock and a known vulnerability to confidence crises to set forth its options, as of 2019, to anticipate a possible future debt restructuring. It can: do nothing, do a little; and do something substantial.
Author : Phoebus L. Athanassiou
Publisher : Routledge
ISBN 13 : 1000423093
Total Pages : 165 pages
Book Rating : 4.0/5 (4 download)
Download or read book The European Sovereign Debt Crisis written by Phoebus L. Athanassiou and published by Routledge. This book was released on 2021-08-23 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Sovereign Debt Crisis: Breaking the Vicious Circle between Sovereigns and Banks explains why the euro area’s progress towards reining in the risks arising from the well-documented bi-directional financial contagion transmission mechanism that links sovereigns to commercial banks has been more prominent compared to the channel of contagion moving from banks to sovereigns. Providing an analysis of the legal and regulatory measures that Europe and the euro area have taken to mitigate the exposure of sovereigns to financial crises generated by commercial banks, this book draws attention to areas where improvements to the arsenal of tools hitherto introduced are either desirable or necessary. Chapters further explain – with recourse to economic and legal arguments – why the channel of contagion moving from sovereigns to commercial banks has proven harder to close, and explores ways in which progress could be made in the direction of closing it so as to avert the risk of future banking sector crises. This work provides essential reading for students, researchers and practitioners with an interest in sovereign debt crises and the euro-area banking system.
