Serial Sovereign Defaults And Debt Restructurings

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Serial Sovereign Defaults and Debt Restructurings

Mr.Tamon Asonuma
Serial Sovereign Defaults and Debt Restructurings Book PDF

Author : Mr.Tamon Asonuma
Publisher : International Monetary Fund
Page : 25 pages
File Size : 43,5 Mb
Release : 2016-03-16
Category : Business & Economics
ISBN : 9781513596648

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Serial Sovereign Defaults and Debt Restructurings by Mr.Tamon Asonuma Pdf

Emerging countries that have defaulted on their debt repayment obligations in the past are more likely to default again in the future than are non-defaulters even with the same external debt-to-GDP ratio. These countries actually have repeated defaults or restructurings in short periods. This paper explains these stylized facts within a dynamic stochastic general equilibrium framework by explicitly modeling renegotiations between a defaulting country and its creditors. The quantitative analysis of the model reveals that the equilibrium probability of default for a given debt-to-GDP level is weakly increasing with the number of past defaults. The model also accords with an additional fact: lower recovery rates (high NPV haircuts) are associated with increases in spreads at renegotiation.

Serial Sovereign Defaults and Debt Restructurings

Anonim
Serial Sovereign Defaults and Debt Restructurings Book PDF

Author : Anonim
Publisher : Unknown
Page : 45 pages
File Size : 46,5 Mb
Release : 2024-07-03
Category : Debt relief
ISBN : 1475561954

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Serial Sovereign Defaults and Debt Restructurings by Anonim Pdf

Emerging countries that have defaulted on their debt repayment obligations in the past are more likely to default again in the future than are non-defaulters even with the same external debt-to-GDP ratio. These countries actually have repeated defaults or restructurings in short periods. This paper explains these stylized facts within a dynamic stochastic general equilibrium framework by explicitly modeling renegotiations between a defaulting country and its creditors. The quantitative analysis of the model reveals that the equilibrium probability of default for a given debt-to-GDP level is weakly increasing with the number of past defaults. The model also accords with an additional fact: lower recovery rates (high NPV haircuts) are associated with increases in spreads at renegotiation.--Abstract.

Sovereign Debt

Rob Quail
Sovereign Debt Book PDF

Author : Rob Quail
Publisher : John Wiley & Sons
Page : 435 pages
File Size : 54,5 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.

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel

Mr.Tamon Asonuma,Mr.Marcos d Chamon,Aitor Erce,Akira Sasahara
Costs of Sovereign Defaults Restructuring Strategies Bank Distress and the Capital Inflow Credit Channel Book PDF

Author : Mr.Tamon Asonuma,Mr.Marcos d Chamon,Aitor Erce,Akira Sasahara
Publisher : International Monetary Fund
Page : 91 pages
File Size : 47,9 Mb
Release : 2019-03-25
Category : Business & Economics
ISBN : 9781498304962

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Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel by Mr.Tamon Asonuma,Mr.Marcos d Chamon,Aitor Erce,Akira Sasahara Pdf

Sovereign debt restructurings are associated with declines in GDP, investment, bank credit, and capital flows. The transmission channels and associated output and banking sector costs depend on whether the restructuring takes place preemptively, without missing payments to creditors, or whether it takes place after a default has occurred. Post-default restructurings are associated with larger declines in bank credit, an increase in lending interest rates, and a higher likelihood of triggering a banking crisis than pre-emptive restructurings. Our local projection estimates show large declines in GDP, investment, and credit amplified by severe sudden stops and transmitted through a “capital inflow-credit channel”.

Sovereign Debt

S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff
Sovereign Debt Book PDF

Author : S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff
Publisher : Oxford University Press, USA
Page : 455 pages
File Size : 54,9 Mb
Release : 2019
Category : Business & Economics
ISBN : 9780198850823

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Sovereign Debt by S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff Pdf

This book 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 Default Risk Valuation

Jochen Andritzky
Sovereign Default Risk Valuation Book PDF

Author : Jochen Andritzky
Publisher : Springer Science & Business Media
Page : 261 pages
File Size : 46,7 Mb
Release : 2006-11-23
Category : Business & Economics
ISBN : 9783540374497

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Sovereign Default Risk Valuation by Jochen Andritzky Pdf

Past cycles of sovereign lending and default suggest that debt crises will recur at some point. This book shows why investors should reckon with similar credit events in the future. Surveying the sovereign bond market, the author provides investors with a useful toolkit for analyzing sovereign bonds and foreseeing trends in the international financial architecture. The result should be a better understanding of debt crises and more deliberate investment decisions.

Debt Defaults and Lessons from a Decade of Crises

Federico Sturzenegger,Jeromin Zettelmeyer
Debt Defaults and Lessons from a Decade of Crises Book PDF

Author : Federico Sturzenegger,Jeromin Zettelmeyer
Publisher : MIT Press
Page : 399 pages
File Size : 53,9 Mb
Release : 2007-01-05
Category : Business & Economics
ISBN : 9780262195539

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Debt Defaults and Lessons from a Decade of Crises by Federico Sturzenegger,Jeromin Zettelmeyer Pdf

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.

A Debt Restructuring Mechanism for Sovereigns

Christoph G Paulus
A Debt Restructuring Mechanism for Sovereigns Book PDF

Author : Christoph G Paulus
Publisher : Bloomsbury Publishing
Page : 343 pages
File Size : 47,5 Mb
Release : 2014-12-01
Category : Law
ISBN : 9781849468206

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A Debt Restructuring Mechanism for Sovereigns by Christoph G Paulus Pdf

The Eurozone crisis which started in spring 2010 as a Greek budget crisis has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting states reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentina crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis. The present book collects contributions from authors most of whom have participated in a conference on this issue in January 2012 at the Humboldt-Universität zu Berlin. The presentations, thus, provide a unique overview of the present discussion both from an economic and legal perspective.

Sovereign Debt Restructuring and Growth

Lorenzo Forni,Mr.Geremia Palomba,Ms.Joana Pereira,Christine J. Richmond
Sovereign Debt Restructuring and Growth Book PDF

Author : Lorenzo Forni,Mr.Geremia Palomba,Ms.Joana Pereira,Christine J. Richmond
Publisher : International Monetary Fund
Page : 42 pages
File Size : 48,5 Mb
Release : 2016-07-22
Category : Business & Economics
ISBN : 9781498382236

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Sovereign Debt Restructuring and Growth by Lorenzo Forni,Mr.Geremia Palomba,Ms.Joana Pereira,Christine J. Richmond Pdf

This paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that allow countries to exit a default spell (final restructurings) are associated with improving growth. The impact can be significant. In general, three years after restructuring, growth is about 5 percent lower compared to countries that did not face restructuring over the same period. The exception is for final restructurings, which result in positive growth in the years immediately after the restructuring. Final restructurings tend to be better for growth because they reduce countries’ debt, with the strongest effect for countries that exit restructurings with relatively low debt levels.

Sovereign Debt

Mr. Leonardo Martinez,Mr. Francisco Roch,Francisco Roldán,Mr. Jeromin Zettelmeyer
Sovereign Debt Book PDF

Author : Mr. Leonardo Martinez,Mr. Francisco Roch,Francisco Roldán,Mr. Jeromin Zettelmeyer
Publisher : International Monetary Fund
Page : 47 pages
File Size : 49,8 Mb
Release : 2022-06-17
Category : Business & Economics
ISBN : 9798400213250

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Sovereign Debt by Mr. Leonardo Martinez,Mr. Francisco Roch,Francisco Roldán,Mr. Jeromin Zettelmeyer Pdf

This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries but risky in others. The answers relate to the unique power of the sovereign. One the one hand, a sovereign has the power to tax, making debt relatively safe; on the other, it also has control over its territory and most of its assets, making debt enforcement difficult. The paper discusses debt contracts and the sovereign debt market, sovereign debt restructurings, and the empirical and theoretical literatures on the costs and causes of defaults. It describes the adverse impact of sovereign default risk on the issuing countries and what explains this impact. The survey concludes with a discussion of policy options to reduce sovereign risk, including fiscal frameworks that act as commitment devices, state-contingent debt, and independent and credible monetary policy.

Why Not Default?

Jerome E. Roos
Why Not Default Book PDF

Author : Jerome E. Roos
Publisher : Princeton University Press
Page : 412 pages
File Size : 45,7 Mb
Release : 2021-03-02
Category : Business & Economics
ISBN : 9780691217437

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Why Not Default? by Jerome E. Roos Pdf

How creditors came to wield unprecedented power over heavily indebted countries—and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates—why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone—including the dramatic capitulation of Greece’s short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis—with devastating social consequences and far-reaching implications for democracy.

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 : 55,9 Mb
Release : 2017-07-24
Category : Business & Economics
ISBN : 9781484311035

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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.

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 : 51,9 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.

Structuring and Restructuring Sovereign Debt

Mr.Patrick Bolton,Mr.Olivier Jeanne
Structuring and Restructuring Sovereign Debt Book PDF

Author : Mr.Patrick Bolton,Mr.Olivier Jeanne
Publisher : International Monetary Fund
Page : 29 pages
File Size : 52,9 Mb
Release : 2007-08-01
Category : Business & Economics
ISBN : 9781451867565

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Structuring and Restructuring Sovereign Debt by Mr.Patrick Bolton,Mr.Olivier Jeanne Pdf

In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring.

Sovereign Debt

Vinod K. Aggarwal,Brigitte Granville
Sovereign Debt Book PDF

Author : Vinod K. Aggarwal,Brigitte Granville
Publisher : Chatham House (Formerly Riia)
Page : 312 pages
File Size : 42,8 Mb
Release : 2003
Category : Business & Economics
ISBN : STANFORD:36105114378420

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Sovereign Debt by Vinod K. Aggarwal,Brigitte Granville Pdf

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.