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Author : Augusto César Silva Rodrigues
Publisher :
ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.:/5 (81 download)
Download or read book Feasibility of the Sovereign Debt Restructuring Mechanism written by Augusto César Silva Rodrigues and published by . This book was released on 2003 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : 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 : 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 : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498329136
Total Pages : 36 pages
Book Rating : 4.4/5 (983 download)
Download or read book The Restructuring of Sovereign Debt - Assessing the Benefits, Risks, and Feasibility of Aggregating Claims written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2003-04-09 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Author : Mr.Biaggio Bossone
Publisher : International Monetary Fund
ISBN 13 : 1451973594
Total Pages : 27 pages
Book Rating : 4.4/5 (519 download)
Download or read book The New Approach to Sovereign Debt Restructuring written by Mr.Biaggio Bossone and published by International Monetary Fund. This book was released on 2002-03-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper discusses key incentive-related issues of the sovereign debt restructuring mechanism recently outlined by the IMF First Deputy Managing Director. The structure of incentives in the mechanism should be consistent with the principle of favoring market-oriented, voluntary solutions to financial crises. The paper frames the mechanism in the context of involving the private sector in financial crisis resolution (PSI), and identifies the conditions for setting up an appropriate incentive structure. The paper explores issues relating to the functioning of the mechanism, including access policy on IMF resources; the power to activate the mechanism; its relation with intermediate PSI instruments; and its impact on investment in emerging markets.
Author : Christoph G Paulus
Publisher : Bloomsbury Publishing
ISBN 13 : 1849468206
Total Pages : 343 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 343 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 : 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 : Virginia Skidmore Rutledge
Publisher : International Monetary Fund
ISBN 13 : 1475503903
Total Pages : 27 pages
Book Rating : 4.4/5 (755 download)
Download or read book From Bail-out to Bail-in written by Virginia Skidmore Rutledge and published by International Monetary Fund. This book was released on 2012-04-24 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
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 : Lorenzo Forni
Publisher : International Monetary Fund
ISBN 13 : 1475526520
Total Pages : 42 pages
Book Rating : 4.4/5 (755 download)
Download or read book Sovereign Debt Restructuring and Growth written by Lorenzo Forni and published by International Monetary Fund. This book was released on 2016-08-16 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that allow countries to exit a default spell (final restructurings) are associated with improving growth. The impact can be significant. In general, three years after restructuring, growth is about 5 percent lower compared to countries that did not face restructuring over the same period. The exception is for final restructurings, which result in positive growth in the years immediately after the restructuring. Final restructurings tend to be better for growth because they reduce countries’ debt, with the strongest effect for countries that exit restructurings with relatively low debt levels.
Author : Odette Lienau
Publisher : Harvard University Press
ISBN 13 : 0674726405
Total Pages : 342 pages
Book Rating : 4.6/5 (747 download)
Download or read book Rethinking Sovereign Debt written by Odette Lienau and published by Harvard University Press. This book was released on 2014-02-18 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.
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 : VITERBO ANNAMARIA
Publisher : G Giappichelli Editore
ISBN 13 : 8892187961
Total Pages : pages
Book Rating : 4.8/5 (921 download)
Download or read book Sovereign Debt Restructuring: The Role and Limits of Public International Law - e-Book written by VITERBO ANNAMARIA and published by G Giappichelli Editore. This book was released on 2020-06-09 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Spiegel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (989 download)
Download or read book Towards a Sovereign Debt Restructuring Mechanism written by Mark Spiegel and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1498340474
Total Pages : 29 pages
Book Rating : 4.4/5 (983 download)
Download or read book A Survey of Experiences with Emerging Market Sovereign Debt Restructurings written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2012-05-06 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of past episodes of debt restructuring and reviews the relevant literature. Based on cross-country experience from the late 1990s through 2010 of emerging markets it offers some stylized facts.
Author : Patrick Bolton
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (12 download)
Download or read book Structuring and Restructuring Sovereign Debt written by Patrick Bolton and published by International Monetary Fund. This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure. We show within a simple model how competition for repayment between lenders may result in sovereign debt that is excessively difficult to restructure in equilibrium. Alleviating this inefficiency requires a sovereign debt restructuring mechanism that fulfills some of the functions of corporate bankruptcy regimes, in particular the enforcement of seniority and subordination clauses in debt contracts.
