Too Little, Too Late

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Author :
Publisher : Columbia University Press
ISBN 13 : 023154202X
Total Pages : 307 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Too Little, Too Late by : Martin Guzman

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.

Sovereign Debt Restructurings 1950-2010

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1475505531
Total Pages : 128 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das

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.

Sovereign Debt

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Author :
Publisher : Oxford University Press
ISBN 13 : 0192591398
Total Pages : 455 pages
Book Rating : 4.1/5 (925 download)

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Book Synopsis Sovereign Debt by : S. Ali Abbas

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 455 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.

Sovereign Debt Restructuring and Growth

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Publisher : International Monetary Fund
ISBN 13 : 1475526520
Total Pages : 42 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Sovereign Debt Restructuring and Growth by : Lorenzo Forni

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.

Sovereign Debt Management

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Author :
Publisher : OUP Oxford
ISBN 13 : 9780199671106
Total Pages : 0 pages
Book Rating : 4.6/5 (711 download)

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Book Synopsis Sovereign Debt Management by : Rosa Lastra

Download or read book Sovereign Debt Management written by Rosa Lastra and published by OUP Oxford. This book was released on 2014-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most authoritative and comprehensive book available on sovereign debt management written by practitioners and scholars of world renown.

Sovereign Debt Restructurings in Grenada

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1484311035
Total Pages : 58 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Sovereign Debt Restructurings in Grenada by : Mr.Tamon Asonuma

Download or read book Sovereign Debt Restructurings in Grenada written by Mr.Tamon Asonuma and published by International Monetary Fund. This book was released on 2017-07-24 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.

Structuring and Restructuring Sovereign Debt

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1451912099
Total Pages : 30 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Structuring and Restructuring Sovereign Debt by : Mr. Patrick Bolton

Download or read book Structuring and Restructuring Sovereign Debt written by Mr. Patrick Bolton and published by International Monetary Fund. This book was released on 2007-08-01 with total page 30 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 ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring.

Restructuring Sovereign Debt

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Author :
Publisher : Rowman & Littlefield
ISBN 13 : 9780815796114
Total Pages : 372 pages
Book Rating : 4.7/5 (961 download)

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Book Synopsis Restructuring Sovereign Debt by : Lex Rieffel

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.

A Survey of Experiences with Emerging Market Sovereign Debt Restructurings

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1498340474
Total Pages : 29 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis A Survey of Experiences with Emerging Market Sovereign Debt Restructurings by : International Monetary Fund. Monetary and Capital Markets Department

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.

Debt and Entanglements Between the Wars

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1513511793
Total Pages : 322 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Debt and Entanglements Between the Wars by : Mr.Thomas J Sargent

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.

Rethinking Sovereign Debt

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Publisher : Harvard University Press
ISBN 13 : 0674726405
Total Pages : 342 pages
Book Rating : 4.6/5 (747 download)

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Book Synopsis Rethinking Sovereign Debt by : Odette Lienau

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.

Managing the Sovereign-Bank Nexus

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Publisher : International Monetary Fund
ISBN 13 : 1484359623
Total Pages : 54 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Managing the Sovereign-Bank Nexus by : Mr.Giovanni Dell'Ariccia

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.

Until Debt Do Us Part

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Publisher : World Bank Publications
ISBN 13 : 0821397672
Total Pages : 654 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Until Debt Do Us Part by : Otaviano Canuto

Download or read book Until Debt Do Us Part written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-02-13 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Rapid urbanization in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Borrowing enables state and local governments to capture the benefits of major capital investments immediately and to finance infrastructure more equitably across multiple generations of service users. With debt comes the risk of insolvency. Subnational debt crises have reoccurred in both developed and developing countries. Restructuring debt and ensuring its sustainability confront moral hazard and fiscal incentives in a multilevel government system; individual subnational governments might free-ride common resources, and public officials at all levels might shift the cost of excessive borrowing to future generations. This book brings together the reform experiences of emerging economies and developed countries. Written by leading practitioners and experts in public finance in the context of multilevel government systems, the book examines the interaction of markets, regulators, subnational borrowers, creditors, national governments, taxpayers, ex-ante rules, and ex-post insolvency systems in the quest for subnational fiscal discipline. Such a quest is intertwined with a country s historical, political, and economic context. The formal legal framework interacts with political reality to influence the dynamics of and incentives for reform. Often, the resolution of a subnational debt crisis unfolds in the context of macroeconomic stabilization and structural reforms. The book includes reforms that have not been covered by previous literature, such as those of China, Colombia, France, Hungary, Mexico, and South Africa. The book also presents a comprehensive review of how the United States developed its debt market for state and local governments, through a series of reforms that are path dependent, including the reforms and lessons learned following state defaults in the 1840s and the debates that shaped the enactment of Chapter 9 of the Bankruptcy Code in 1937. Looking forward, pressures on subnational finance are likely to continue from the fragility of global recovery, the potentially higher cost of capital, refinancing risks, and sovereign risks. This book is essential reading for anyone wanting to know the challenges and reform options in debt restructuring, insolvency frameworks, and public debt market development.

Sovereign Debt Restructuring: the Role and Limits of Public International Law

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Author :
Publisher :
ISBN 13 : 9788892133884
Total Pages : 259 pages
Book Rating : 4.1/5 (338 download)

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Book Synopsis Sovereign Debt Restructuring: the Role and Limits of Public International Law by : Annamaria Viterbo

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:

COVID-19 and Sovereign Debt: The case of SADC

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Author :
Publisher : Pretoria University Law Press
ISBN 13 :
Total Pages : 383 pages
Book Rating : 4./5 ( download)

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Book Synopsis COVID-19 and Sovereign Debt: The case of SADC by : Daniel D. Bradlow

Download or read book COVID-19 and Sovereign Debt: The case of SADC written by Daniel D. Bradlow and published by Pretoria University Law Press. This book was released on 2022-02-23 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: This multi-disciplinary publication focuses on the issue of African sovereign debt management and renegotiation/ restructuring, with a particular concentration on the countries that are members of the Southern Africa Development Community (SADC). It contains a series of essays that were initially presented in several workshops held at the height of the pandemic, in 2020. These essays seek to both understand the debt challenges facing these countries and to offer some policy-oriented suggestions on how they can more effectively address these. They include contributions by global and regional scholars who are seasoned experts and newer researchers and discuss the complexities on debt management and restructuring within the context of the global COVID-19 pandemic. In particular, this presented an opportunity for junior researchers from the region to contribute to international discussions on a topic in which the views of young Africans are not heard as often or as clearly as they should be, especially given the importance of the topic to Africa and its future. Further, this book is expected to stimulate debate among academics, activists, policy makers and practitioners on how SADC should manage its debt.

Debt Restructuring

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Author :
Publisher : Oxford University Press, USA
ISBN 13 : 9780198725244
Total Pages : 0 pages
Book Rating : 4.7/5 (252 download)

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Book Synopsis Debt Restructuring by : Rodrigo Olivares-Caminal

Download or read book Debt Restructuring written by Rodrigo Olivares-Caminal and published by Oxford University Press, USA. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new second edition of Debt Restructuring provides detailed legal analysis of international corporate, banking, and sovereign debt restructuring, from the perspective of both creditors and debtors. It sets out practical guidance to help practitioners, policy-makers and academics to understand current developments in debt restructuring, and provides solutions for creditors holding distressed debt and debtor options in a distressed scenario. The Corporate Debt section includes a number of very significant changes such as the UK Supreme Court decision in Eurosail and the disapproval of the "point of no return" test for balance sheet insolvency or the endorsement of the Cheyne Finance decision on cashflow. The changes in treatment of schemes of arrangement since with the decision in Rodenstock are reflected as are the Recast European Insolvency Regulation (EIR) and the Supreme Court decision in Rubin. In the US chapter the new edition considers the limitations on bankruptcy court jurisdiction in Stern v. Marshall and, in the RadLax case, the right of secured creditors to credit bid in a sale of their collateral under a chapter 11 plan. Other significant case law includes consideration of the various safe harbour provisions of the Bankruptcy Code relating to derivative and other financial instruments and cases concerning the effect of foreign court orders in the US. In the Bank Resolution section, the UK part also has been substantially amended to reflect the new system of macro and micro prudential oversight with the establishment of the PRA, FCA, FPC, and the FSCS. Additionally it reflects changes introduced by the Financial Services Act 2012 and by the Financial Services (Banking Reform) Act 2013. Additionally there is a new chapter in this part on the EU framework on the resolution of banks and financial institutions which analyses and explains initiatives such as SRM, and the Bank Recovery and Resolution Directive. The US chapter reflects changes in Fannie and Freddie conservatorships, the FDIC's SPE strategy under Dodd-Frank, the proposed GLAC requirements, and resolution plan filings. In the Sovereign Debt section, there is detailed coverage of the New York litigation on the pari passu litigation and its interpretation in sovereign debt contracts. Also, this section of the book analyses the adoption of single-limb CACs in the aftermath of the Greek restructuring as well as the proposal for creditor engagement clauses. It also provides full analysis of the EU architecture implemented to prevent a sovereign debt crisis, including the creation of new stabilization mechanisms (EFSF and ESM), and the challenges presented to the single-currency area.

The Fund’s Lending Framework and Sovereign Debt - Annexes

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1498343333
Total Pages : 112 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Fund’s Lending Framework and Sovereign Debt - Annexes by : International Monetary Fund

Download or read book The Fund’s Lending Framework and Sovereign Debt - Annexes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-23 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL