Sovereign Debt Structure For Crisis Prevention

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Sovereign Debt Structure for Crisis Prevention

Author : Mr.Eduardo Borensztein
Publisher : International Monetary Fund
ISBN 13 : 1589063775
Total Pages : 72 pages
Book Rating : 4.5/5 (89 download)

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Book Synopsis Sovereign Debt Structure for Crisis Prevention by : Mr.Eduardo Borensztein

Download or read book Sovereign Debt Structure for Crisis Prevention written by Mr.Eduardo Borensztein and published by International Monetary Fund. This book was released on 2005-01-26 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This paper seeks to broaden this debate. It asks how government debt could be structured to pursue other objectives, including crisis prevention, international risk-sharing, and facilitating the adjustment of fiscal variables to changes in domestic economic conditions. To that end, the paper considers recently developed analytical approaches to improving sovereign debt structure using existing instruments, and reviews a number of proposals--including the introduction of explicit seniority and GDP-linked instruments--in the sovereign context.

Sovereign Debt Structure for Crisis Prevention

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498330258
Total Pages : 94 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Sovereign Debt Structure for Crisis Prevention by : International Monetary Fund. Research Dept.

Download or read book Sovereign Debt Structure for Crisis Prevention written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2004-02-07 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL

Sovereign Debt Structure for Crisis Prevention

Author : Internationaler Währungsfonds
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Sovereign Debt Structure for Crisis Prevention by : Internationaler Währungsfonds

Download or read book Sovereign Debt Structure for Crisis Prevention written by Internationaler Währungsfonds and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sovereign Debt Structure for Crisis Prevention

Author :
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (466 download)

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Book Synopsis Sovereign Debt Structure for Crisis Prevention by :

Download or read book Sovereign Debt Structure for Crisis Prevention written by and published by . This book was released on 2004 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sovereign Debt

Author : S. Ali Abbas
Publisher : Oxford University Press
ISBN 13 : 0192591398
Total Pages : 288 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 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.

The Dynamics of Sovereign Debt Crises and Bailouts

Author : Mr.Francisco Roch
Publisher : International Monetary Fund
ISBN 13 : 1475533241
Total Pages : 46 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The Dynamics of Sovereign Debt Crises and Bailouts by : Mr.Francisco Roch

Download or read book The Dynamics of Sovereign Debt Crises and Bailouts written by Mr.Francisco Roch and published by International Monetary Fund. This book was released on 2016-09-06 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a "sunspot"-coordinated buyers strike. We introduce a bailout agency, and characterize the minimal actuarially fair intervention that guarantees the no-buyers-strike fundamental equilibrium, relying on the market for residual financing. The intervention makes it cheaper for governments to borrow, inducing them borrow more, leaving default probabilities possibly rather unchanged. The maximal backstop will be pulled precisely when fundamentals worsen.

Prevention and Resolution of Sovereign Debt Crises

Author : Ms.Julianne Ams
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781484371329
Total Pages : 22 pages
Book Rating : 4.3/5 (713 download)

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Book Synopsis Prevention and Resolution of Sovereign Debt Crises by : Ms.Julianne Ams

Download or read book Prevention and Resolution of Sovereign Debt Crises written by Ms.Julianne Ams and published by INTERNATIONAL MONETARY FUND. This book was released on 2018-09-13 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The IMF’s Role in the Prevention and Resolution of Sovereign Debt Crises” provides a guided narrative to the IMF’s policy papers on sovereign debt produced over the last 40 years. The papers are divided into chapters, tracking four historical phases: the 1980s debt crisis; the Mexican crisis and the design of policies to ensure adequate private sector involvement (“creditor bail-in”); the Argentine crisis and the search for a durable crisis resolution framework; and finally, the global financial crisis, the Eurozone crisis, and their aftermaths.

Sovereign Debt Crisis and International Financial Architecture

Author : Christoph Yew
Publisher : GRIN Verlag
ISBN 13 : 3656146268
Total Pages : 65 pages
Book Rating : 4.6/5 (561 download)

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Book Synopsis Sovereign Debt Crisis and International Financial Architecture by : Christoph Yew

Download or read book Sovereign Debt Crisis and International Financial Architecture written by Christoph Yew and published by GRIN Verlag. This book was released on 2012-03-06 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2006 in the subject Business economics - Economic Policy, grade: 2.0, University of Osnabrück (Fachbereich Internationale Wirtschaftspolitik), course: Schuldenkrisen, language: English, abstract: If we have a look at the composition of total debt of different countries it is easy to see (Figure 1.2) that from 1992 to 2002 the advanced countries' total debts mainly consisted of domestic currency, whereas those of emerging market countries where mainly borrowed in foreign currency. If we focus our view on sovereign debt only, this difference vanishes. From 1980 to 2003 about 99.7 percent (Table 1) of sovereign debt in emerging market countries was borrowed in foreign currency. In advanced economies it was slightly less (92.5%). Nevertheless, in both cases the U.S. dollar was the dominating foreign currency. A reason for this might be that this currency is considered as very important in international trade. A comparison between these facts leads me to the conclusion that private persons in advanced countries trust their own currency, whereas private persons in emerging market economies seem to trust foreign currencies. Otherwise the currency composition between total debt and sovereign debt would not differ so much from each other. Another interesting fact concerns which other currencies states prefer to borrow in. They like advanced economies' currencies instead those of emerging market countries. Another important point concerning public debt structure is their composition structure concerning maturity. It can be seen (Figure 4.2) that during 1988 the average maturity of sovereign debt issued in both kinds of countries was little below 8 years. But during the following 14 years the average maturity rate in emerging market countries decreased to about 5 years while the maturity rate of advanced countries sovereign debt increased to almost 10 years. This tendency towards short-term debt can also be seen on Figure 4.1. It is interesting to n

Sovereign Debt at the Crossroads

Author : Chris Jochnick
Publisher : Oxford University Press
ISBN 13 : 0190290579
Total Pages : 336 pages
Book Rating : 4.1/5 (92 download)

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Book Synopsis Sovereign Debt at the Crossroads by : Chris Jochnick

Download or read book Sovereign Debt at the Crossroads written by Chris Jochnick and published by Oxford University Press. This book was released on 2006-04-13 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, coupled with the highly publicized Bono/O'Neill tour of Africa, and the spectacular default and economic implosion of Argentina have helped spur a global debate over debt. A growing chorus of globalization critics, galvanized by the Catholic Church's demand for forgiveness and bolstered by recent defaults, has put debt near the top of the international agenda. Creditor governments and international financial institutions have belatedly recognized the need for more sustainable progress on debt as an inescapable step towards economic recovery in many parts of the world. This book is intended to advance the dialogue around these issues by providing a comprehensive overview of the problems raised by debt and describing new and practical approaches to overcoming them. It will be the first in more than a decade to bring together under one cover the voices of prominent members of the international debt community. It will include pieces from the most relevant constituencies: from creditors (the IMF/World Bank, government lenders, private investors) to critics (debtor representatives, activists, and academics) and analysis from economists, bankers, lawyers, social scientists, and politicians. As contributions come from such leading thinkers across a range of disciplines, this book will offer a timely guide for understanding and influencing the debt debate.

Debt Defaults and Lessons from a Decade of Crises

Author : Federico Sturzenegger
Publisher : MIT Press
ISBN 13 : 0262195534
Total Pages : 399 pages
Book Rating : 4.2/5 (621 download)

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Book Synopsis Debt Defaults and Lessons from a Decade of Crises by : Federico Sturzenegger

Download or read book Debt Defaults and Lessons from a Decade of Crises written by Federico Sturzenegger and published by MIT Press. This book was released on 2007-01-05 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: Detailed case studies of debt defaults by Russia, Ukraine, Pakistan, Ecuador, Moldova, and Uruguay, framed by a comprehensive discussion of the history, economic theory, legal issues, and policy lessons of sovereign debt crises. The debt crises in emerging market countries over the past decade have given rise to renewed debate about crisis prevention and resolution. In Debt Defaults and Lessons from a Decade of Crises, Federico Sturzenegger and Jeromin Zettelmeyer examine the facts, the economic theory, and the policy implications of sovereign debt crises. They present detailed case histories of the default and debt crises in seven emerging market countries between 1998 and 2005: Russia, Ukraine, Pakistan, Ecuador, Argentina, Moldova, and Uruguay. These accounts are framed with a comprehensive overview of the history, economics, and legal issues involved and a discussion from both domestic and international perspectives of the policy lessons that can be derived from these experiences. Sturzenegger and Zettelmeyer examine how each crisis developed, what the subsequent restructuring encompassed, and how investors and the defaulting country fared. They discuss the new theoretical thinking on sovereign debt and the ultimate costs entailed, for both debtor countries and private creditors. The policy debate is considered first from the perspective of policymakers in emerging market countries and then in terms of international financial architecture. The authors' surveys of legal and economic issues associated with debt crises, and of the crises themselves, are the most comprehensive to be found in the literature on sovereign debt and default, and their theoretical analysis is detailed and nuanced. The book will be a valuable resource for investors as well as for scholars and policymakers.

Sovereign Debt Restructurings 1950-2010

Author : Mr.Udaibir S. Das
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

Author : Vinod K. Aggarwal
Publisher : Chatham House (Formerly Riia)
ISBN 13 :
Total Pages : 312 pages
Book Rating : 4.:/5 (321 download)

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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 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.

Predicting Sovereign Debt Crises

Author : Paolo Manasse
Publisher : International Monetary Fund
ISBN 13 : 1451875258
Total Pages : 42 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Predicting Sovereign Debt Crises by : Paolo Manasse

Download or read book Predicting Sovereign Debt Crises written by Paolo Manasse and published by International Monetary Fund. This book was released on 2003-11-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop an early-warning model of sovereign debt crises. A country is defined to be in a debt crisis if it is classified as being in default by Standard & Poor's, or if it has access to nonconcessional IMF financing in excess of 100 percent of quota. By means of logit and binary recursive tree analysis, we identify macroeconomic variables reflecting solvency and liquidity factors that predict a debt-crisis episode one year in advance. The logit model predicts 74 percent of all crises entries while sending few false alarms, and the recursive tree 89 percent while sending more false alarms.

Managing Sovereign Debt and Debt Markets through a Crisis - Practical Insights and Policy Lessons

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498338941
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Managing Sovereign Debt and Debt Markets through a Crisis - Practical Insights and Policy Lessons by : International Monetary Fund

Download or read book Managing Sovereign Debt and Debt Markets through a Crisis - Practical Insights and Policy Lessons written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-04-18 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis highlighted the importance of debt management in containing debt-related risks and the associated impact on debt markets. The impact of the crisis on debt levels, and the consequent implications for fiscal consolidation, has been the subject of much discussion and analysis. However, there has been relatively less focus on the issue of how that debt should be managed, including how its composition should be structured so as to mitigate key risk exposures, and its implications for debt market functioning. That task proved significantly complex and challenging through the crisis, particularly in advanced economies, with additional dimensions of risk revealed.

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Author : Gabriel Desgranges
Publisher : International Monetary Fund
ISBN 13 : 149837977X
Total Pages : 43 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Optimal Maturity Structure of Sovereign Debt in Situation of Near Default by : Gabriel Desgranges

Download or read book Optimal Maturity Structure of Sovereign Debt in Situation of Near Default written by Gabriel Desgranges and published by International Monetary Fund. This book was released on 2014-09-12 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a debt crisis in case a large initial issuance of long term debt is followed by a sequence of negative macro shocks. Prior uncertainty about future fundamentals is then a source of default through its effect on long term interest rates and the optimal debt issuance. Intuitively, the Sovereign chooses a portfolio implying a risk of default because this risk generates a correlation between the future value of long term debt and future fundamentals. Long term debt serves as a hedging instrument against the risk on fundamentals. When expected fundamentals are high, the Sovereign issues a large amount of long term debt, the expected default probability increases, and so does the long term interest rate.

Sovereign Debt

Author : Rob Quail
Publisher : John Wiley & Sons
ISBN 13 : 1118017552
Total Pages : 435 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis Sovereign Debt by : Rob Quail

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.

Financial and Sovereign Debt Crises

Author : Ms.Carmen Reinhart
Publisher : International Monetary Fund
ISBN 13 : 1475552874
Total Pages : 21 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial and Sovereign Debt Crises by : Ms.Carmen Reinhart

Download or read book Financial and Sovereign Debt Crises written by Ms.Carmen Reinhart and published by International Monetary Fund. This book was released on 2013-12-24 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression. As we document, this claim is at odds with the historical track record of most advanced economies, where debt restructuring or conversions, financial Repression, and a tolerance for higher inflation, or a combination of these were an integral part of the resolution of significant past debt overhangs.