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Proposal For A Contingency Debt Sustainability Framework
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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.
Book Synopsis The Prospects of International Trade Regulation by : Thomas Cottier
Download or read book The Prospects of International Trade Regulation written by Thomas Cottier and published by Cambridge University Press. This book was released on 2011-04-14 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a long time, the GATT led a life of its own as a self-contained regime. The evolution from tariff to non-tariff barriers brought about increasing overlaps with other regulatory areas. WTO rules increasingly interface with other areas of law and policy, including environmental protection, agricultural policies, labour standards, investment, human rights and regional integration. Against this backdrop, this book examines fragmentation in international trade regulation across a wide array of regulatory fields. To this end, it uses a conceptually coherent theoretical framework which is based on the effort to bring about greater coherence among different policy goals and fields, and thus to embed the multilateral trading system within the broader framework of international economics, law and relations. It will appeal to those interested in a forward-looking discussion of the most pressing issues of the international trade agenda.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498346359 Total Pages :111 pages Book Rating :4.4/5 (983 download)
Book Synopsis Review of the Debt Sustainability Framework for Low Income Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Review of the Debt Sustainability Framework for Low Income Countries written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2017-02-10 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Debt Sustainability Framework for Low-income Countries (LIC DSF) has been the cornerstone of assessments of risks to debt sustainability in LICs. The framework classifies countries based on their assessed debt-carrying capacity, estimates threshold levels for selected debt burden indicators, evaluates baseline projections and stress test scenarios relative to these thresholds, and then combines indicative rules and staff judgment to assign risk ratings of external debt distress. The framework has demonstrated its operational value since the last review was conducted in 2012, but there are areas where new features can be introduced to enhance its performance in assessing risks. Against the backdrop of the evolving nature of risks facing LICs, both staff analysis and stakeholder feedback suggest gaps in the framework to be addressed. Complexity and lack of transparency have also been highlighted as causes for concern. This paper proposes a set of reforms to enhance the value of the LIC DSF for all users. In developing these reforms, staff has been guided by two over-arching principles: a) the core architecture of the DSF—model-based results complemented by judgment—remains appropriate; and b) reforms should ensure that the DSF maintains an appropriate balance by providing countries with early warnings of potential debt distress without unnecessarily constraining their borrowing for development.
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.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1513568329 Total Pages :124 pages Book Rating :4.5/5 (135 download)
Book Synopsis Review of The Debt Sustainability Framework For Market Access Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Review of The Debt Sustainability Framework For Market Access Countries written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2021-02-03 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: A careful review has revealed significant scope to modernize and better align the MAC DSA with its objectives and the IMF’s lending framework. This note proposes replacing the current framework with a new methodology based on risk assessments at three different horizons. Extensive testing has shown that the proposed framework has much better predictive accuracy than the current one. In addition to predicting sovereign stress, the framework can be used to derive statements about debt stabilization under current policies and about debt sustainability.
Book Synopsis A Risk-Based Debt Sustainability Framework by : Ms.Elena Loukoianova
Download or read book A Risk-Based Debt Sustainability Framework written by Ms.Elena Loukoianova and published by International Monetary Fund. This book was released on 2008-02-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a new framework for the analysis of public sector debt sustainability. The framework uses concepts and methods from modern practice of contingent claims to develop a quantitative risk-based model of sovereign credit risk. The motivation in developing this framework is to provide a clear and workable complement to traditional debt sustainability analysis which-although it has many useful applications-suffers from the inability to measure risk exposures, default probabilities and credit spreads. Importantly, this new framework can be adapted for policy analysis, including debt and reserve management.
Book Synopsis Applying the Debt Sustainability Framework for Low-Income Countries Post Debt Relief by : World Bank
Download or read book Applying the Debt Sustainability Framework for Low-Income Countries Post Debt Relief written by World Bank and published by International Monetary Fund. This book was released on 2006-06-11 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: In April 2006, the Executive Boards of the Bank and the Fund reviewed the debt sustainability framework (DSF) for low-income countries and the implications of the multilateral debt relief initiative. Directors thought that the DSF was broadly appropriate and that no major changes were warranted, but saw scope for additional guidance on the application of the framework in a context where the apparent borrowing space created by debt relief raises new challenges in terms of policy advice. Most Directors supported a case-by-case approach for assessing the appropriate pace of debt accumulation in countries with debt below the DSF thresholds, but requested the development of specific recommendations on the implementation of such a case-by-case approach.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498343333 Total Pages :112 pages Book Rating :4.4/5 (983 download)
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
Book Synopsis Public Debt Sustainability in Developing Asia by : Benno Ferrarini
Download or read book Public Debt Sustainability in Developing Asia written by Benno Ferrarini and published by Routledge. This book was released on 2012 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the global financial crisis has required fiscal intervention on a substantial scale by governments around the world. The consequent buildup of public debt, in particular its sustainability, has moved to center stage in the policy debate. If the Asia and Pacific region is to continue to serve as an engine for global growth, its public debt must be sustainable. Public Debt Sustainability in Developing Asia addresses this issue for Asia and the Pacific as a whole as well as for three of the most dynamic economies in the region: the People’s Republic of China, India, and Viet Nam. The book begins with a discussion of the reasons for increased attention to debt-related issues. It also introduces fiscal indicators for the Asian Development. Bank’s developing member countries and economies. The sustainability of their debt is assessed through extant approaches and with the most up-to-date data sources. The book also surveys the existing literature on debt sustainability, outlining the main issues related to it, and discusses the key implications for the application of debt sustainability analysis in developing Asia. Also highlighted is the importance of conducting individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g., federal), and the like, as well as the impact of debt on interest rates. The book further provides in-depth debt sustainability analyses for the People’s Republic of China, India, and Viet Nam. Public Debt Sustainability in Developing Asia offers a comprehensive analytical and empirical update on the sustainability of public debt in the region. It breaks new ground in examining characteristics that are crucial to understanding sustainability and offers richer policy analysis that should prove useful for policymakers, researchers, and graduate students.
Book Synopsis Chad by : International Monetary Fund. African Dept.
Download or read book Chad written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-09-09 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effect of an IMF Staff-Monitored Program for Chad to enhance economic development. Weak institutional capacity and governance concerns have limited economic development and donor support in Chad. It is highlighted that the reduction in the nonoil primary deficit envisaged in the 2013 budget appears appropriate, but expenditures linked to the regional security situation and lower than anticipated oil revenues imply large financing needs. There are significant economic and political risks to program implementation,; the regional security situation remains volatile, and the economy is highly dependent on volatile oil revenue.
Book Synopsis The Fund's Lending Framework and Sovereign Debt-Further Considerations by :
Download or read book The Fund's Lending Framework and Sovereign Debt-Further Considerations written by and published by INTERNATIONAL MONETARY FUND. This book was released on 2015-09-04 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.
Book Synopsis The Millennium Development Goals: Challenges, Prospects and Opportunities by : Nana #N/A
Download or read book The Millennium Development Goals: Challenges, Prospects and Opportunities written by Nana #N/A and published by Routledge. This book was released on 2017-07-05 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the 15-year Millennium Development Goals approach their conclusion, we can now measure their larger successes and failures in more than ?snapshot? fashion; and we can begin to consider how best to shape the international development agenda for the coming decades based on what we have learned. But the performance and outlook for the MDGs can neither be reduced to the sum of its eight goals, nor be divorced from international dynamics - the hard interests of states and other actors, and the global dynamics that impact on both. For that reason, this volume balances contextual analysis, the role of formative and constraining forces, the importance of normative considerations and illuminating case studies to deliver a study of the MDGs which has depth and nuance as well as breadth. Poised between judging the recent performance and the future promise of the MDGs, this book is substantial, provocative and timely.This book was published as a special issue of Third World Quarterly.
Book Synopsis The Impact of the Subprime Crisis on Global Financial Markets, Banks and International Trade by : Indranarain Ramlall
Download or read book The Impact of the Subprime Crisis on Global Financial Markets, Banks and International Trade written by Indranarain Ramlall and published by Cambridge Scholars Publishing. This book was released on 2014-10-02 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the occurrence of the US crisis, international focus has shifted from finance to financial stability. This book offers analyses of financial stability risk assessment at three main levels – namely international financial markets, banks and international trade – with the research being innovative, timely and much needed in terms of policy implications. New approaches to policy-making are also suggested to deal with the three crises that presently buffet the world: the debt crisis, an ageing population and climate change.
Book Synopsis Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-05-06 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: The framework for fiscal policy and public debt sustainability analysis (DSA) in market-access countries (MACs) was reviewed by the Executive Board in August 2011.1 The review responded to shortcomings in identifying fiscal vulnerabilities and assessing risks to debt sustainability against the backdrop of increased concerns over fiscal policy and public debt sustainability in many advanced economies.
Book Synopsis Guidelines for Public Debt Management -- Amended by : International Monetary Fund
Download or read book Guidelines for Public Debt Management -- Amended written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations by : International Monetary Fund. Legal Dept.
Download or read book The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2014-05-23 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a follow-up to the Executive Board's May 2013 discussion, this paper considers a possible direction for reform of the Fund's lending framework in the context of sovereign debt vulnerabilities. The primary focus of this paper relates to the Fund's exceptional access framework, since it is in this context that the Fund will most likely have to make the difficult judgment as to whether the member's problems can be resolved with or without a debt restructuring. The objective of the preliminary approaches set forth in this paper is to reduce the costs of crisis resolution for both creditors and debtors—relative to the alternatives—thereby benefitting the overall system. These ideas are market-based and their eventual implementation would require meaningful consultation with creditors.
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.
