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Sovereign Debt Restructurings 1950 2010
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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.
Book Synopsis Sovereign Debt Restructurings, 1950-2010 by : Udaibir S. Das
Download or read book Sovereign Debt Restructurings, 1950-2010 written by Udaibir S. Das and published by . This book was released on 2012 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 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.
Book Synopsis Restructuring Sovereign Debt by : Alexis Rieffel
Download or read book Restructuring Sovereign Debt written by Alexis 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.
Book Synopsis Sovereign Debt by : Vinod K. Aggarwal
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 310 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 :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)
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.
Book Synopsis Sovereign Debt by : Mr.Vivek B. Arora
Download or read book Sovereign Debt written by Mr.Vivek B. Arora and published by International Monetary Fund. This book was released on 1993-07-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys the literature on sovereign debt that deals with the issues of a country’s ability-to-pay, its willingness-to-pay, and the policy responses to the debt crisis of the 1980s. The existence of an ability-to-pay problem suggests a need for debt reduction, but plans for debt relief face potential incentive problems, and sovereign debt repurchases are not always a welfare maximizing method of debt restructuring. The paper synthesizes the main conclusions on these issues. With a willingness-to-pay problem, the potential penalties for debt repudiation are important in the endogenous determination of the repayment outcome. Penalties that are intertemporal in nature have different implications for debt repudiation than do intratemporal penalties. In addition, the asymmetric distribution of the costs of default can lead to a recurrent cycle of debt accumulation and default.
Download or read book Sovereign Debt written by Rob Quail and published by John Wiley & Sons. This book was released on 2011-02-25 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: An intelligent analysis of the dangers, opportunities, and consequences of global sovereign debt Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies. One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become. Understanding this dilemma is now more important than ever, that's why Robert Kolb has compiled Sovereign Debt. With this book as your guide, you'll gain a better perspective on the essential issues surrounding sovereign debt and default through discussions of national defaults, systemic risk, associated costs, and much more. Historical studies are also included to provide a realistic framework of reference. Contains up-to-date research and analysis on sovereign debt from today's leading practitioners and academics Details the dangers of defaults and their associated systemic risks Explores the past, present, and future of sovereign debt The repercussions of a national default are all-encompassing as global markets are intricately interwoven in the modern world. Sovereign Debt examines what it will take to overcome the challenges of this market and how you can deal with the uncertainty surrounding it.
Book Synopsis A New Approach to Sovereign Debt Restructuring by : Anne O. Krueger
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.
Book Synopsis The Liquidation of Government Debt by : Ms. Carmen Reinhart
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 ½ 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.
Book Synopsis Intercreditor Equity in Sovereign Debt Restructuring by : Astrid Iversen
Download or read book Intercreditor Equity in Sovereign Debt Restructuring written by Astrid Iversen and published by Oxford University Press. This book was released on 2023-03-07 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of intercreditor equity is one of the most contentious issues in debt restructuring, both historically and today. Intercreditor Equity in Sovereign Debt Restructuring maps and establishes the content of these intercreditor equity rules, and analyses how they influence the restructuring process. Through this analysis, Astrid Iversen outlines how creditors can predict their legal rights in the unfortunate event of a debt restructuring and strives to improve our understanding of the boundaries within which a debt restructuring offer must be designed. Iversen also seeks to shed light on the functioning of the legal framework governing sovereign debt more broadly. In this book, she examines whether intercreditor equity rules and the legal framework of sovereign debt are compatible with a debtor state's responsibility to ensure monetary and financial stability and to establish sustainable debt burdens. Iversen also explores how certain intercreditor equity rules constitute an obstacle to sustainable debt restructurings and highlights how the number of different intercreditor equity rules that a sovereign debtor state typically is bound by, as well as the scope of these rules, risk tightening the policy space of debtor states to the extent that it is difficult to design and implement a sustainable debt restructuring. Suitable as an introductory text for readers new to the topic of sovereign debt restructurings, and as an instructive guide for debt management offices, creditors, and their lawyers, this publication provides a comprehensive legal study of intercreditor equity rules in sovereign debt restructuring.
Book Synopsis Trade Costs of Sovereign Debt Restructurings by : Mr.Tamon Asonuma
Download or read book Trade Costs of Sovereign Debt Restructurings written by Mr.Tamon Asonuma and published by International Monetary Fund. This book was released on 2016-11-15 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign debt restructurings have been shown to influence the dynamics of imports and exports. This paper shows that the impact can vary substantially depending on whether the restructuring takes place preemptively without missing payments to creditors, or whether it takes place after a default has occurred. We document that countries with post-default restructurings experience on average: (i) a more severe and protracted decline in imports, (ii) a larger fall in exports, and (iii) a sharper and more prolonged decline in both GDP, investment and real exchange rate than preemptive cases. These stylized facts are confirmed by panel regressions and local projection estimates, and a range of robustness checks including for the endogeneity of the restructuring strategy. Our findings suggest that a country’s choice of how to go about restructuring its debt can have major implications for the costs it incurs from restructuring.
Book Synopsis Sovereign Debt Restructurings in Belize by : Mr.Tamon Asonuma
Download or read book Sovereign Debt Restructurings in Belize written by Mr.Tamon Asonuma and published by International Monetary Fund. This book was released on 2014-07-22 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fiscal solvency concerns. Despite differential treatment between residents and non-residents, both 2006–07 and 2012–13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities’ effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012–13 debt restructuring will still depend on the country’s ability to strengthen fiscal efforts and public debt management framework.
Book Synopsis Collective Action Clauses and the Restructuring of Sovereign Debt by : Patrick S. Kenadjian
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 278 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.
Book Synopsis The International Law of Sovereign Debt Dispute Settlement by : Kei Nakajima
Download or read book The International Law of Sovereign Debt Dispute Settlement written by Kei Nakajima and published by Cambridge University Press. This book was released on 2022-09-22 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book fills the normative gap arising from the absence of a multilateral mechanism for sovereign debt restructuring.
Book Synopsis Sovereign Debt Restructuring and the Law by : Sebastian Grund
Download or read book Sovereign Debt Restructuring and the Law written by Sebastian Grund and published by Taylor & Francis. This book was released on 2022-12-30 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts’ demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign’s interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.
Book Synopsis Public Debt Through the Ages by : Mr.Barry J. Eichengreen
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.
