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Sovereign Debt Buybacks As A Signal Of Creditworthiness
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Book Synopsis Sovereign Debt Buybacks as a Signal of Creditworthiness by : Sankarshan Acharya
Download or read book Sovereign Debt Buybacks as a Signal of Creditworthiness written by Sankarshan Acharya and published by . This book was released on 1989 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a signaling equilibrium, countries that buy debt back get debt relief. Those that do not buy debt back do not get debt relief.
Book Synopsis Sensible Debt Buybacks for Highly Indebted Countries by : Enrica Detragiache
Download or read book Sensible Debt Buybacks for Highly Indebted Countries written by Enrica Detragiache and published by World Bank Publications. This book was released on 1991 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concerted agreements in which debt repurchases are linked to reduced interest rates or new-money requirements can make buybacks at a fair price viable, while preventing a free-rider problem among riders.
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.
Book Synopsis The Menu Approach to Developing Country External Debt by : Asl? Demirgüç-Kunt
Download or read book The Menu Approach to Developing Country External Debt written by Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 1990 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Suppose that each creditor bank to a particular debtor country is confronted with a choice: each dollar of country debt held can be either rescheduled or sold at a given price. What choice will they make? Relatively strong banks will take advantage of a debt workout to exit from the debt. Relatively weak banks will relend.
Book Synopsis A Primer on Sovereign Debt Buybacks and Swaps by : Carlos I. Medeiros
Download or read book A Primer on Sovereign Debt Buybacks and Swaps written by Carlos I. Medeiros and published by International Monetary Fund. This book was released on 2007-03 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets forth some basic principles that could help debt managers in emerging market and other countries to plan and implement sovereign debt buyback and swap operations. It discusses the macroeconomic context in which buybacks and swaps are undertaken, the objectives of buybacks and swaps, the analytical framework for deciding whether to undertake a particular buyback or swap operation and for selecting among alternative operations, and some key issues in the determination of the strategy for executing buybacks and swaps. The focus is on developing the analytical framework for evaluating sovereign debt buyback and swap operations, since very little work has been done in this area. In this regard, the paper presents a step-wise decision-making procedure, in which discounted cash flow analysis and the use of strategic benchmarks for the debt play central roles.
Book Synopsis Sovereign Debt Buybacks Can Lower Bargaining Costs by : Julio Rotemberg
Download or read book Sovereign Debt Buybacks Can Lower Bargaining Costs written by Julio Rotemberg and published by . This book was released on 1988 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: I develop two models in which debt repurchases by highly indebted sovereign nations are advantageous for all parties. The models are based on the idea that when sovereign debts are large, bargaining costs are large. Creditors spend more resources convincing the debtor that they are tough when they have more at stake. Also, the sanctions which are sometimes triggered when bargaining fails to produce an agreement are larger when debts are larger. For both these reasons buybacks, which reduce the face value of the outstanding debt, can be beneficial. The resulting equilibria are constrained Pareto Optima. But, donors who subsidize buybacks increase overall welfare more than donors who make direct gifts. I also argue that Bulow and Rogoff (1988)'s empirical evidence on buybacks is consistent with my models.
Book Synopsis A Primer on Managing Sovereign Debt-Portfolio Risks by : Thordur Jonasson
Download or read book A Primer on Managing Sovereign Debt-Portfolio Risks written by Thordur Jonasson and published by International Monetary Fund. This book was released on 2018-04-06 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
Book Synopsis Handbook of International Economics by : G.M. Grossman
Download or read book Handbook of International Economics written by G.M. Grossman and published by Elsevier. This book was released on 1995-12-13 with total page 904 pages. Available in PDF, EPUB and Kindle. Book excerpt: This reference accords recognition to the recent revolution in macroeconomics wrought by imperfect competition. Grossman and Rogoff (Princeton U.) present chapters by two dozen contributors on two prime areas of research interest: international trade theory and policy (e.g. strategic trade patterns and policies, the relationship between trade and technological progress), and open economy macroeconomics and international finance (covering such topics as exchange rates, foreign lending, and policy coordination). The volume commences with Krugman's overview of the positive theory of international trade, and concludes with analyses of sovereign debt. Annotation copyrighted by Book News, Inc., Portland, OR.
Book Synopsis An Option-pricing Approach to Secondary Market Debt by : Stijn Claessens
Download or read book An Option-pricing Approach to Secondary Market Debt written by Stijn Claessens and published by World Bank Publications. This book was released on 1990 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pricing model for secondary market debt is designed to assess the impact of debt reduction on the value of remaining claims and the market value of different types of guarantees.
Book Synopsis Progress in Economics Research by : Albert Tavidze
Download or read book Progress in Economics Research written by Albert Tavidze and published by Nova Publishers. This book was released on 2007-04 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This series spans the globe presenting leading research in economics. It is perhaps a sign of the times that economic weapons such as sanctions seem to be as powerful as or more so than tanks. International applications and examples of economic progress are invaluable in a troubled world with economic booms bursting like so many penny balloons. Globalisation, outstanding and jobless recoveries present economic issues of concern to millions.
Book Synopsis Do Exporters Gain from Voluntary Export Restraints? by :
Download or read book Do Exporters Gain from Voluntary Export Restraints? written by and published by World Bank Publications. This book was released on with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Notes on Patents, Distortions, and Development by : Julio J. Nogués
Download or read book Notes on Patents, Distortions, and Development written by Julio J. Nogués and published by World Bank Publications. This book was released on 1990 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the economics of patents? What problems arise in implementing a patent system? How much do distortions in developing countries affect the benefits and costs of a patent system? And what are the policies that would increase the likelihood of patents benefiting a developing country?
Book Synopsis Earmaking Government Revenues: Does It Work? by :
Download or read book Earmaking Government Revenues: Does It Work? written by and published by World Bank Publications. This book was released on with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price and Quality Competitiveness of Socialist Countries' Exports by : Zdenek Drabek
Download or read book Price and Quality Competitiveness of Socialist Countries' Exports written by Zdenek Drabek and published by World Bank Publications. This book was released on 1989 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The centrally planned economies sell exports of raw materials, food, and some manufacturing goods at world market prices. Most of their exports of manufactured goods are underpriced - mostly because they are inferior in quality.
Book Synopsis Making Noisy Data Sing by : James R. Tybout
Download or read book Making Noisy Data Sing written by James R. Tybout and published by World Bank Publications. This book was released on with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Buybacks of LDC Debt and the Scope for Forgiveness by : Beatriz Armendariz
Download or read book Buybacks of LDC Debt and the Scope for Forgiveness written by Beatriz Armendariz and published by . This book was released on 1991 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of International Debt Relief by : A. Geske Dijkstra
Download or read book The Impact of International Debt Relief written by A. Geske Dijkstra and published by Routledge. This book was released on 2007-11-29 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: International debt relief continues to be a highly controversial subject. Although many heavily indebted poor countries have received large amounts of debt relief over the past quarter of a century, it doesn’t appear to be enough. This book examines the impact of international debt relief efforts since 1990. It assesses whether the various debt relief modalities have enhanced economic growth in eight highly indebted countries in Latin America and Africa. Dijkstra argues that fundamental changes of the international aid and debt architecture are necessary to stop the flow of new multilateral loans and the possible perverse effects of conditionality.
