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Author : Mark M. Spiegel
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (835 download)
Download or read book "Burden Sharing" in Sovereign Debt Reduction written by Mark M. Spiegel and published by . This book was released on 1992 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Spiegel
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)
Download or read book "Burden Sharing" in Sovereign Debt Reduction written by Mark Spiegel and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Aslı Demirgüç-Kunt
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)
Download or read book Burden-sharing Among Official and Private Creditors written by Aslı Demirgüç-Kunt and published by World Bank Publications. This book was released on 1992 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ishac Diwan
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (129 download)
Download or read book Debt reduction, adjutsment lending, and burden sharing written by Ishac Diwan and published by . This book was released on 1992 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Michael P. Dooley
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)
Download or read book A Noteon Burden Sharing Among Creditors written by Mr.Michael P. Dooley and published by International Monetary Fund. This book was released on 1992-03 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a framework for evaluating the relative contributions of different creditors in cases where only partial payments can be made by the debtor country. A methodology is developed to calculate partial payments—or alternatively put—determine residual financing. By focusing on the relative seniority of creditors and expectations of the debtor’s ability to repay, alternative sharing rules are quantified. The measure is based on the expected present value of payments. Creditors earning a below-market rate of return suffer a burden; creditors earning the same rate of return are said to share the burden equally.
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 : Ishac Diwan
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (256 download)
Download or read book Debt Reduction, Adjustment Lending, and Burden Sharing written by Ishac Diwan and published by . This book was released on 1992 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that the disincentive effect of a debt overhang is generally small and consequently that debt reduction does not lead to important efficiency gains on this account. Instead, we develop a framework that highlights the inefficiency created by the liquidity constraint faced by over-indebted countries. Often, adjustment/investment opportunities that are profitable at the world interest rate cannot be undertaken for lack of sufficient funds. New creditors are deterred from investing as they expect to be 'taxed" by the old creditors who stand to gain disproportionately. This leads to an inefficient situation when a class of new creditors have a comparative advantage relative to the old creditors. We focus on the time inconsistency introduced by the shortage of liquidity. New (unconditional) loans will be consumed rather than invested. In this context conditional lending can release the liquidity constraint in a time consistent way and lead to efficiency gains that can be shared between the debtor, the old creditors, and the new creditors. The role of debt reduction then is to create the "headroom" needed for these new and more efficient creditors to step in
Author : Lex Rieffel
Publisher : Rowman & Littlefield
ISBN 13 : 9780815796114
Total Pages : 372 pages
Book Rating : 4.7/5 (961 download)
Download or read book Restructuring Sovereign Debt written by Lex Rieffel and published by Rowman & Littlefield. This book was released on 2003-09-05 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. Restructuring Sovereign Debt explains why ad hoc machinery would function more effectively in the Bretton Woods system. By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed exposition of this important policy issue. Rieffel's book is an important tool for policymakers and the public, particularly as the global community seeks to resolve the debt problems of countries as diverse as Argentina, Iraq, and Côte d'Ivoire.
Author : Ishac Diwan
Publisher : Princeton Univ International Economics
ISBN 13 : 9780881652451
Total Pages : 54 pages
Book Rating : 4.6/5 (524 download)
Download or read book External Debt, Adjustment, and Burden Sharing written by Ishac Diwan and published by Princeton Univ International Economics. This book was released on 1992 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : S. Ali Abbas
Publisher : Oxford University Press
ISBN 13 : 0192591401
Total Pages : 288 pages
Book Rating : 4.1/5 (925 download)
Download or read book Sovereign Debt written by S. Ali Abbas and published by Oxford University Press. This book was released on 2019-10-21 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude -for better and for worse - will play out over coming decades. Sovereign Debt: A Guide for Economists and Practitioners is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners and policymakers through this complicated, but not intractable, subject. Sovereign Debt brings together some of the world's leading researchers and specialists in sovereign debt to cover a range of sub-disciplines within this vast topic. It explores debt management with debt sustainability; debt reduction policies with crisis prevention policies; and the history with the conjuncture. It is a foundation text for all those interested in sovereign debt, with a particular focus real world examples and issues.
Author : Vinod K. Aggarwal
Publisher : Chatham House (Formerly Riia)
ISBN 13 :
Total Pages : 312 pages
Book Rating : 4.:/5 (321 download)
Download or read book Sovereign Debt written by Vinod K. Aggarwal and published by Chatham House (Formerly Riia). This book was released on 2003 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the ongoing debate on resolving sovereign debt defaults and alleviating the debt burden of heavily indebted poor countries. Concentrating primarily on the period from the 1982 and focusing on money owed to both the public and the private sector, the volume examines the origins of debt crises, rescheduling tactics, and efforts to create a more enduring solution to the problem of coping with debt, as well as its efficacy. Policy recommendations are put forward for dealing with the onerous problem of debt default and rescheduling.
Author : Mr. David A. Grigorian
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.4/5 (2 download)
Download or read book Restructuring Domestic Sovereign Debt: An Analytical Illustration written by Mr. David A. Grigorian and published by International Monetary Fund. This book was released on 2023-02-03 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign domestic debt restructurings have become more common in recent years and touched upon a growing share of total public debt. This paper offers a simple framework for policymakers to think about the decision whether to restructure domestic sovereign debt as part of an effort to reduce overall public indebtedness. It also highlights a rather wide range of technical, legal, and operational issues a sovereign may face while restructuring domestic debt. As expected, factors such as debt reduction required to achieve sustainability, fiscal savings from a restructuring, and economic costs of a restructuring are key inputs into the decision making regarding a restructuring, but so are factors such as the composition of debt, financial stability costs, and crisis preparedness, all of which are discussed in the paper.
Author : Mr.Barry J. Eichengreen
Publisher : International Monetary Fund
ISBN 13 : 1484392892
Total Pages : 60 pages
Book Rating : 4.4/5 (843 download)
Download or read book Public Debt Through the Ages written by Mr.Barry J. Eichengreen and published by International Monetary Fund. This book was released on 2019-01-15 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.
Author : Ishac Diwan
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (129 download)
Download or read book Debt Reduction, Adjustment Lending, and Burden Sharing written by Ishac Diwan and published by . This book was released on 2002 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that the disincentive effect of a debt overhang is generally small and consequently that debt reduction does not lead to important efficiency gains on this account. Instead, we develop a framework that highlights the inefficiency created by the liquidity constraint faced by over-indebted countries. Often, adjustment/investment opportunities that are profitable at the world interest rate cannot be undertaken for lack of sufficient funds. New creditors are deterred from investing as they expect to be 'taxedquot; by the old creditors who stand to gain disproportionately. This leads to an inefficient situation when a class of new creditors have a comparative advantage relative to the old creditors. We focus on the time inconsistency introduced by the shortage of liquidity. New (unconditional) loans will be consumed rather than invested. In this context conditional lending can release the liquidity constraint in a time consistent way and lead to efficiency gains that can be shared between the debtor, the old creditors, and the new creditors. The role of debt reduction then is to create the quot;headroomquot; needed for these new and more efficient creditors to step in.
Author : Ms.Carmen Reinhart
Publisher : International Monetary Fund
ISBN 13 : 1498338380
Total Pages : 47 pages
Book Rating : 4.4/5 (983 download)
Download or read book The Liquidation of Government Debt written by Ms.Carmen Reinhart and published by International Monetary Fund. This book was released on 2015-01-21 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Author : Martin Guzman
Publisher : Columbia University Press
ISBN 13 : 023154202X
Total Pages : 307 pages
Book Rating : 4.2/5 (315 download)
Download or read book Too Little, Too Late written by Martin Guzman and published by Columbia University Press. This book was released on 2016-05-10 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
Author : Anton Brender
Publisher :
ISBN 13 : 9789461383372
Total Pages : 0 pages
Book Rating : 4.3/5 (833 download)
Download or read book The Sovereign Debt Crisis written by Anton Brender and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Sovereign Debt Crisis," 2012 edition, looked at how governments ran up substantial deficits in order to avert a worldwide depression and their subsequent attempts to rebalance their budgets. This updated edition concentrates on the delicate balancing act the economies of the United States, Japan, and the eurozone face between the present need to boost sluggish economic growth by providing sufficiently cheap, low-risk credit and the longer-term challenges of cutting massive debt and returning to a sustainable fiscal policy. The authors argue that many of the euro area economies, having noticeable difficulty paying their international debts, are in a sovereign debt crisis, while America and Japan are, for now, holding steady but in real danger of slipping into crisis. The book shows how the process has evolved in these three major developed economies and how their policy choices impact global financial markets.
