Cross Country Experience With Restructuring Of Sovereign Debt And Restoring Debt Sustainability

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Cross-Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability

International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Finance Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Cross Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability Book PDF

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Finance Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 59 pages
File Size : 43,7 Mb
Release : 2006-08-29
Category : Business & Economics
ISBN : 9781498332279

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Cross-Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability by International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Finance Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The paper is organized as follows: Section II provides a cross-country overview of the economic conditions, including the composition of sovereign debt and its dynamics prevailing prior to the debt operations, and a discussion of the scope and outcomes—in terms of the debt relief provided by creditors—of the debt restructurings. Section III analyzes the debt profile, liquidity position, DSAs and accompanying stress tests, and an EWS to assess whether debt sustainability has been restored in each country case. Conclusions are set out in Section IV.

Sovereign Debt Restructuring and Debt Sustainability

Mr.Harald Finger,Mauro Mecagni,International Monetary Fund
Sovereign Debt Restructuring and Debt Sustainability Book PDF

Author : Mr.Harald Finger,Mauro Mecagni,International Monetary Fund
Publisher : IMF
Page : 54 pages
File Size : 53,7 Mb
Release : 2007-04-10
Category : Business & Economics
ISBN : UOM:39076002626575

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Sovereign Debt Restructuring and Debt Sustainability by Mr.Harald Finger,Mauro Mecagni,International Monetary Fund Pdf

"In the difficult circumstances where a sovereign debt restructuring becomes unavoidable, restoring the country's debt to a sustainable path is key to ensuring a credible and durable exit from the crisis. In recent years, a number of countries -- including Argentina, the Dominican Reputlic, Ecuador, Moldova, Pakistan, Russia, Ukraine, and Uruguay -- have had to restructure their sovereign liabilities, either following a default, or preemptively to avoid a default. This study takes stock of these countries' experiences with debt-restructuring operations, with a view to assessing the outcomes and whether debt sustainability has been restored. The emphasis of the study is on sovereign debt owed to private creditors, and the analysis is based on information available as of late 2005..." -- Preface, p. v.

Sovereign Debt Restructurings 1950-2010

Mr.Udaibir S. Das,Mr.Michael G Papaioannou,Christoph Trebesch
Sovereign Debt Restructurings 1950 2010 Book PDF

Author : Mr.Udaibir S. Das,Mr.Michael G Papaioannou,Christoph Trebesch
Publisher : International Monetary Fund
Page : 128 pages
File Size : 53,8 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505535

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Sovereign Debt Restructurings 1950-2010 by Mr.Udaibir S. Das,Mr.Michael G Papaioannou,Christoph Trebesch Pdf

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 Restructurings in Grenada

Mr.Tamon Asonuma,Xin Li,Mr.Michael G. Papaioannou,Mr.Saji Thomas
Sovereign Debt Restructurings in Grenada Book PDF

Author : Mr.Tamon Asonuma,Xin Li,Mr.Michael G. Papaioannou,Mr.Saji Thomas
Publisher : International Monetary Fund
Page : 58 pages
File Size : 47,6 Mb
Release : 2017-07-26
Category : Business & Economics
ISBN : 9781484313176

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Sovereign Debt Restructurings in Grenada by Mr.Tamon Asonuma,Xin Li,Mr.Michael G. Papaioannou,Mr.Saji Thomas Pdf

This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.

Sovereign Debt Restructuring - Recent Developments and Implications for the Fund's Legal and Policy Framework

International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Sovereign Debt Restructuring Recent Developments and Implications for the Fund s Legal and Policy Framework Book PDF

Author : International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 50 pages
File Size : 42,7 Mb
Release : 2013-04-26
Category : Business & Economics
ISBN : 9781498341912

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Sovereign Debt Restructuring - Recent Developments and Implications for the Fund's Legal and Policy Framework by International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

his paper reviews the recent application of the Fund’s policies and practices on sovereign debt restructuring. Specifically, the paper: • recaps in a holistic manner the various policies and practices that underpin the Fund's legal and policy framework for sovereign debt restructuring, including on debt sustainability, market access, financing assurances, arrears, private sector involvement (PSI), official sector involvement (OSI), and the use of legal instruments; • reviews how this framework has been applied in the context of Fund-supported programs and highlights the issues that have emerged in light of recent experience with debt restructuring; and • describes recent initiatives in various fora aimed at promoting orderly sovereign debt restructuring, highlighting differences with the Fund’s existing framework. Based on this stocktaking, the paper identifies issues that could be considered in further depth in follow-up work by staff to assess whether the Fund’s framework for debt restructuring should be adapted: • first, debt restructurings have often been too little and too late, thus failing to re-establish debt sustainability and market access in a durable way. Overcoming these problems likely requires action on several fronts, including (i) increased rigor and transparency of debt sustainability and market access assessments, (ii) exploring ways to prevent the use of Fund resources to simply bail out private creditors, and (iii) measures to alleviate the costs associated with restructurings; • second, while creditor participation has been adequate in recent restructurings, the current contractual, market-based approach to debt restructuring is becoming less potent in overcoming collective action problems, especially in pre-default cases. In response, consideration could be given to making the contractual framework more effective, including through the introduction of more robust aggregation clauses into international sovereign bonds bearing in mind the inter-creditor equity issues that such an approach may raise. The Fund may also consider ways to condition use of its financing more tightly to the resolution of collective action problems; • third, the growing role and changing composition of official lending call for a clearer framework for official sector involvement, especially with regard to non-Paris Club creditors, for which the modality for securing program financing commitments could be tightened; and • fourth, although the collaborative, good-faith approach to resolving external private arrears embedded in the lending into arrears (LIA) policy remains the most promising way to regain market access post-default, a review of the effectiveness of the LIA policy is in order in light of recent experience and the increased complexity of the creditor base. Consideration could also be given to extending the LIA policy to official arrears.

A Survey of Experiences with Emerging Market Sovereign Debt Restructurings

International Monetary Fund. Monetary and Capital Markets Department
A Survey of Experiences with Emerging Market Sovereign Debt Restructurings Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 29 pages
File Size : 55,6 Mb
Release : 2012-05-06
Category : Business & Economics
ISBN : 9781498340472

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A Survey of Experiences with Emerging Market Sovereign Debt Restructurings by International Monetary Fund. Monetary and Capital Markets Department Pdf

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.

Restructuring Domestic Sovereign Debt: An Analytical Illustration

Mr. David A. Grigorian
Restructuring Domestic Sovereign Debt An Analytical Illustration Book PDF

Author : Mr. David A. Grigorian
Publisher : International Monetary Fund
Page : 29 pages
File Size : 53,7 Mb
Release : 2023-02-03
Category : Business & Economics
ISBN : 9798400232541

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Restructuring Domestic Sovereign Debt: An Analytical Illustration by Mr. David A. Grigorian Pdf

Sovereign domestic debt restructurings have become more common in recent years and touched upon a growing share of total public debt. This paper offers a simple framework for policymakers to think about the decision whether to restructure domestic sovereign debt as part of an effort to reduce overall public indebtedness. It also highlights a rather wide range of technical, legal, and operational issues a sovereign may face while restructuring domestic debt. As expected, factors such as debt reduction required to achieve sustainability, fiscal savings from a restructuring, and economic costs of a restructuring are key inputs into the decision making regarding a restructuring, but so are factors such as the composition of debt, financial stability costs, and crisis preparedness, all of which are discussed in the paper.

Policy Reform Proposals To Promote The Fund’s Capacity To Support Countries Undertaking Debt Restructuring

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept.
Policy Reform Proposals To Promote The Fund s Capacity To Support Countries Undertaking Debt Restructuring Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 110 pages
File Size : 55,8 Mb
Release : 2024-04-16
Category : Business & Economics
ISBN : 9798400273704

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Policy Reform Proposals To Promote The Fund’s Capacity To Support Countries Undertaking Debt Restructuring by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept. Pdf

A number of sovereign debt restructurings over the past three years faced significant delays but the cases are now moving forward. These delays slowed access of countries to much needed Fund financial support, and alongside creditors’ efforts the Fund had to find ways forward. With significant experience now gleaned from recent restructuring cases, it is important to extract the lessons for Fund policies from this episode. Delays in future Fund engagements need to be minimized where this can be done in a manner consistent with restoring the member to medium-term external viability and ensuring adequate safeguards for the Fund. Such delays can contribute to a deepening of debt distress, making adjustment more difficult, exacerbating the debt problem, and creating inefficiency costs for both the debtor and its creditors.

Too Little, Too Late

Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz
Too Little Too Late Book PDF

Author : Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz
Publisher : Columbia University Press
Page : 307 pages
File Size : 50,9 Mb
Release : 2016-05-10
Category : Business & Economics
ISBN : 9780231542029

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Too Little, Too Late by Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz Pdf

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.

Sovereign Debt Restructurings in Belize

Mr.Tamon Asonuma,Gerardo Peraza,Kristine Vitola,Mr.Takahiro Tsuda
Sovereign Debt Restructurings in Belize Book PDF

Author : Mr.Tamon Asonuma,Gerardo Peraza,Kristine Vitola,Mr.Takahiro Tsuda
Publisher : International Monetary Fund
Page : 28 pages
File Size : 54,6 Mb
Release : 2014-07-22
Category : Business & Economics
ISBN : 9781484350270

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Sovereign Debt Restructurings in Belize by Mr.Tamon Asonuma,Gerardo Peraza,Kristine Vitola,Mr.Takahiro Tsuda Pdf

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.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 44,7 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

The Fund’s Lending Framework and Sovereign Debt - Annexes

International Monetary Fund
The Fund s Lending Framework and Sovereign Debt Annexes Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 112 pages
File Size : 54,8 Mb
Release : 2014-05-23
Category : Business & Economics
ISBN : 9781498343336

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The Fund’s Lending Framework and Sovereign Debt - Annexes by International Monetary Fund Pdf

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Debt Relief and Beyond

Carlos Alberto Primo Braga,Dörte Dömeland
Debt Relief and Beyond Book PDF

Author : Carlos Alberto Primo Braga,Dörte Dömeland
Publisher : World Bank Publications
Page : 484 pages
File Size : 50,9 Mb
Release : 2009
Category : Debt relief
ISBN : UCSD:31822036508877

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Debt Relief and Beyond by Carlos Alberto Primo Braga,Dörte Dömeland Pdf

The book assesses the implications of debt relief for low-income countries after 12 years of the Heavily Indebted Poor Countries Initiative and discusses how the benefits from debt relief can be maintained.

Sovereign Debt

Rob Quail
Sovereign Debt Book PDF

Author : Rob Quail
Publisher : John Wiley & Sons
Page : 435 pages
File Size : 50,9 Mb
Release : 2011-02-25
Category : Business & Economics
ISBN : 9781118017555

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Sovereign Debt by Rob Quail Pdf

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.

Stability of the Financial System

Andreas R. Dombret,Otto Lucius
Stability of the Financial System Book PDF

Author : Andreas R. Dombret,Otto Lucius
Publisher : Edward Elgar Publishing
Page : 556 pages
File Size : 42,8 Mb
Release : 2013-01-01
Category : Business & Economics
ISBN : 9781782547846

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Stability of the Financial System by Andreas R. Dombret,Otto Lucius Pdf

ÔFinancial stability is necessary. To achieve this common target an on-going dialogue is required between industry, policymakers, academia and other relevant stakeholders. This book provides a welcome and refreshing perspective from different standpoints on the issues at stake, and reminds us of the remaining work ahead.Õ Ð Axel Weber, Chair of Supervisory Board, UBS ÔSince 2008, financial stability has moved to the center of the policy stage. This volume, combining contributions from leading policy makers and academics, is the essential introduction to the issues. Must reading.Õ Ð Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, US ÔThere was a world BC (Before Crisis) and there will be a world AD (After Deleveraging) Ð the challenge is to create an effective, efficient yet stable and sustainable financial system for this Ònew worldÓ. This book provides the most comprehensive and thought-provoking basis for action I have seen so far.Õ Ð Paul Achleitner, Chair of Supervisory Board Deutsche Bank AG ÔFinancial stability is an overarching goal. In open and democratic societies, ensuring financial stability is a matter of interest not only to central bankers, academics and financial market players, but also to all well-informed citizens. This book provides an excellent basis for a wide-ranging and rewarding debate.Õ Ð Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank ÔThe financial crisis demonstrated conclusively that for central bankers and other policymakers financial stability must always be of paramount concern, for without it the macroeconomy will perform badly and monetary policy will lose its effectiveness. This book underscores the importance of financial stability, laying out the key issues and what must be done to avoid such disasters in the future.Õ Ð William C. Dudley, President of the Federal Reserve Bank of New York, US In the aftermath of the financial crisis, new financial market regulation is being implemented, and increasing numbers of countries are establishing new legislation for macroprudential oversight. Against this backdrop, this thought provoking book provides a platform for the leading international experts to discuss and encourage future debate on financial stability. The breadth and scope of the issues addressed reflect the challenge of developing and consistently implementing a coherent set of financial reforms to promote financial stability. The book advocates the development of financial reforms that are effective in striking the optimal balance between realizing the enormous benefits of efficient financial intermediation, capital allocation and risk management on the one hand, and controlling systemic risks and maintaining financial stability on the other. Making an important contribution to deepening our understanding of the many facets of financial stability, this book will prove a challenging read for policy makers, regulators and central bankers as well as for researchers and scholars in the fields of economics, money, finance and banking.