The Resolution Of Sovereign Debt Crises

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Too Little, Too Late

Author : Martin Guzman
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.

Too Little, Too Late

Author : Martin Guzman
Publisher :
ISBN 13 : 9780231179263
Total Pages : 284 pages
Book Rating : 4.1/5 (792 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 . This book was released on 2016 with total page 284 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 do too little. 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.

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.

Overcoming Developing Country Debt Crises

Author : Barry Herman
Publisher : OUP Oxford
ISBN 13 : 019161470X
Total Pages : 532 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis Overcoming Developing Country Debt Crises by : Barry Herman

Download or read book Overcoming Developing Country Debt Crises written by Barry Herman and published by OUP Oxford. This book was released on 2010-04-01 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developing country debt crises have been a recurrent phenomenon over the past two centuries. In recent times sovereign debt insolvency crises in developing and emerging economies peaked in the 1980s and, again, from the middle 1990s to the start of the new millennium. Despite the fact that several developing countries now have stronger economic fundamentals than they did in the 1990s, sovereign debt crises will reoccur again. The reasons for this are numerous, but the central one is that economic fluctuations are inherent features of financial markets, the boom and bust nature of which intensify under liberalized financial environments that developing countries have increasingly adopted since the 1970s. Indeed, today we are in the midst of an almost unprecedented global "bust." The timing of the book is important. The conventional wisdom is that the international economic and financial system is broken. Policymakers in both the poorest and the richest countries are likely to seriously consider how to restructure the international trade and financial system, including how to resolve sovereign debt crises in a more effective and fair manner. This book calls for the international reform of sovereign debt workouts which derives from both economic theory and real-world experiences. Country case studies underline the point that we need to do better. This book recognizes that the politics of the international treatment of sovereign debt have not supported systemic reform efforts thus far; however, failure in the past does not preclude success in the future in an evolving international political environment, and the book thus puts forth alternative reform ideas for consideration.

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.

Resolving Sovereign Debt Crises

Author : Jürgen Kaiser
Publisher :
ISBN 13 : 9783868724776
Total Pages : 39 pages
Book Rating : 4.7/5 (247 download)

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Book Synopsis Resolving Sovereign Debt Crises by : Jürgen Kaiser

Download or read book Resolving Sovereign Debt Crises written by Jürgen Kaiser and published by . This book was released on 2010 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sovereign Debt Crises

Author : Juan Pablo Bohoslavsky
Publisher : Cambridge University Press
ISBN 13 : 1108245579
Total Pages : 309 pages
Book Rating : 4.1/5 (82 download)

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Book Synopsis Sovereign Debt Crises by : Juan Pablo Bohoslavsky

Download or read book Sovereign Debt Crises written by Juan Pablo Bohoslavsky and published by Cambridge University Press. This book was released on 2017-11-02 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an obvious need to learn more about why some countries succeed and others fail when dealing with debt crises. Why do some sovereign debtors overcome economic problems very quickly and at minor human rights costs for their people, while others remain trapped by debts for years struggling with overwhelming debt burdens and exacerbating economic problems and human suffering? This book analyzes fourteen unique or singular country cases of sovereign debt problems that differ characteristically from the 'ordinary' debtor countries, and have not yet received enough or proper attention - some regarded as successful, some as unsuccessful in dealing with debt crises. The aim is to contribute to a better understanding of the policy options available to countries struggling with debt problems, or how to resolve a debt overhang while protecting human rights, the Rule of Law and the debtor's economic recovery.

Life After Debt

Author : J. Stiglitz
Publisher : Springer
ISBN 13 : 1137411481
Total Pages : 503 pages
Book Rating : 4.1/5 (374 download)

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Book Synopsis Life After Debt by : J. Stiglitz

Download or read book Life After Debt written by J. Stiglitz and published by Springer. This book was released on 2014-07-23 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a pluralistic discussion from world-renowned scholars on the international aspects of the debt crisis and prospects for resolution. It provides a comprehensive evaluation of how the debt crisis has impacted Western Europe, the emerging markets and Latin America, and puts forward different suggestions for recovery.

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.

In Good Times Prepare for Crisis

Author : Ira Lieberman
Publisher : Brookings Institution Press
ISBN 13 : 0815735464
Total Pages : 554 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis In Good Times Prepare for Crisis by : Ira Lieberman

Download or read book In Good Times Prepare for Crisis written by Ira Lieberman and published by Brookings Institution Press. This book was released on 2018-10-09 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign debt crises are a little like the weather: One can get ready to endure them and maybe take some steps to lessen their impact, but so far it hasn't been possible to prevent them. Like the weather, they just keep happening. That's the overriding thesis of this book tracing the major debt crises of the past century, starting with the Great Depression and running through the recent Great Recession. Written by a former World Bank expert on debt crises, this book discusses best practices for how such crises can be resolved. As the painful experience of the past decade reminded everyone, frequent debt crises and defaults do great damage to economies and cause vast personal hardship. But resolving them has proven difficult—both economically and politically—and has taken time, almost always requiring a lender of last resort such as a country's central bank or the International Monetary Fund. Too often, efforts to end debt crises have been little more than a palliative, and the debt overhang from one crisis contributes to the next, as illustrated by the ongoing saga in Greece. Both private and sovereign debts have increased substantially since the 2008 crisis, with inadequate deleveraging. This debt overhang leaves countries vulnerable and with limited maneuverability to address the next crisis. This book does not pretend to describe how debt crises can be prevented. But it does draw useful lessons from recent crises that can help economists, bankers, policymakers, and others resolve the inevitable future crises with the least possible damage.

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.

The Resolution of Sovereign Debt Crises

Author : Jeannette Abel
Publisher : Routledge
ISBN 13 : 9780367182359
Total Pages : 0 pages
Book Rating : 4.1/5 (823 download)

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Book Synopsis The Resolution of Sovereign Debt Crises by : Jeannette Abel

Download or read book The Resolution of Sovereign Debt Crises written by Jeannette Abel and published by Routledge. This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the current mechanisms for solving sovereign debt crises. Ultimately, it explores possible insolvency proceedings for states at EU level and their implementation options.

Crisis Resolution

Author : Mr.Ashoka Mody
Publisher : International Monetary Fund
ISBN 13 : 1451859988
Total Pages : 60 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Crisis Resolution by : Mr.Ashoka Mody

Download or read book Crisis Resolution written by Mr.Ashoka Mody and published by International Monetary Fund. This book was released on 2003-10-01 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other emerging market countries. This paper reviews the developments leading up to that event, its implications, and prospects for the future. It asks whether we can expect to see additional issuance by emerging markets of bonds featuring CACs, whether such a trend would in fact help to make the world a safer financial place, and what additional steps might be taken to further enhance modalities for crisis resolution.

Crisis Resolution in the Context of Sovereign Debt Restructuring - A Summary of Considerations

Author : International Monetary Fund. Policy Development and Review Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498329888
Total Pages : 32 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Crisis Resolution in the Context of Sovereign Debt Restructuring - A Summary of Considerations by : International Monetary Fund. Policy Development and Review Dept.

Download or read book Crisis Resolution in the Context of Sovereign Debt Restructuring - A Summary of Considerations written by International Monetary Fund. Policy Development and Review Dept. and published by International Monetary Fund. This book was released on 2003-01-28 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL

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

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

Early Ideas on Sovereign Bankruptcy Reorganization

Author : Mr.Kenneth Rogoff
Publisher : International Monetary Fund
ISBN 13 : 1451847785
Total Pages : 20 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Early Ideas on Sovereign Bankruptcy Reorganization by : Mr.Kenneth Rogoff

Download or read book Early Ideas on Sovereign Bankruptcy Reorganization written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2002-03-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.