Sovereign Debt Restructuring And Growth

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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 : 40,6 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

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 : 40,9 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 Debt

Mr.Vivek B. Arora
Sovereign Debt Book PDF

Author : Mr.Vivek B. Arora
Publisher : International Monetary Fund
Page : 34 pages
File Size : 53,7 Mb
Release : 1993-07-01
Category : Business & Economics
ISBN : 9781451968170

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Sovereign Debt by Mr.Vivek B. Arora Pdf

This paper surveys the literature on sovereign debt that deals with the issues of a country’s ability-to-pay, its willingness-to-pay, and the policy responses to the debt crisis of the 1980s. The existence of an ability-to-pay problem suggests a need for debt reduction, but plans for debt relief face potential incentive problems, and sovereign debt repurchases are not always a welfare maximizing method of debt restructuring. The paper synthesizes the main conclusions on these issues. With a willingness-to-pay problem, the potential penalties for debt repudiation are important in the endogenous determination of the repayment outcome. Penalties that are intertemporal in nature have different implications for debt repudiation than do intratemporal penalties. In addition, the asymmetric distribution of the costs of default can lead to a recurrent cycle of debt accumulation and default.

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 : 48,7 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.

Sovereign Debt Crises

Juan Pablo Bohoslavsky,Kunibert Raffer
Sovereign Debt Crises Book PDF

Author : Juan Pablo Bohoslavsky,Kunibert Raffer
Publisher : Cambridge University Press
Page : 309 pages
File Size : 51,5 Mb
Release : 2017-11-02
Category : Business & Economics
ISBN : 9781316510445

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Sovereign Debt Crises by Juan Pablo Bohoslavsky,Kunibert Raffer Pdf

Contributes to a better understanding of the policy, economic, and legal options of countries struggling with debt problems.

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 : 44,7 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.

Financial and Sovereign Debt Crises

Ms.Carmen Reinhart,Mr.Kenneth Rogoff
Financial and Sovereign Debt Crises Book PDF

Author : Ms.Carmen Reinhart,Mr.Kenneth Rogoff
Publisher : International Monetary Fund
Page : 21 pages
File Size : 40,9 Mb
Release : 2013-12-24
Category : Business & Economics
ISBN : 9781475553772

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Financial and Sovereign Debt Crises by Ms.Carmen Reinhart,Mr.Kenneth Rogoff Pdf

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.

Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings

Ms.Julie Kozack
Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings Book PDF

Author : Ms.Julie Kozack
Publisher : International Monetary Fund
Page : 29 pages
File Size : 55,8 Mb
Release : 2005-12-01
Category : Business & Economics
ISBN : 9781451975840

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Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings by Ms.Julie Kozack Pdf

Assessments regarding the effectiveness of sovereign debt restructurings are often summarized by comparisons of the net present value of debt service before and after the restructuring. These calculations are inherently sensitive to the choice of discount rate. This paper explores issues that arise in selecting discount rates when evaluating sovereign debt restructurings. It suggests using a range of discount rates and centering the analysis around the internal rate of return to assess whether the debt restructuring has generated net present value savings or costs to the debtor.

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 : 50,9 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 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 : 53,5 Mb
Release : 2014-07-22
Category : Business & Economics
ISBN : 9781498369510

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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.

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 and Human Rights

Ilias Bantekas,Cephas Lumina
Sovereign Debt and Human Rights Book PDF

Author : Ilias Bantekas,Cephas Lumina
Publisher : Oxford University Press, USA
Page : 641 pages
File Size : 50,5 Mb
Release : 2019-01-15
Category : Law
ISBN : 9780198810445

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Sovereign Debt and Human Rights by Ilias Bantekas,Cephas Lumina Pdf

Sovereign debt is necessary for the functioning of many modern states, yet its impact on human rights is underexplored in academic literature. This volume provides the reader with a step-by-step analysis of the debt phenomenon and how it affects human rights. Beginning by setting out thehistorical, political and economic context of sovereign debt, the book goes on to address the human rights dimension of the policies and activities of the three types of sovereign lenders: international financial institutions (IFIs), sovereigns and private lenders.Bantekas and Lumina, along with a team of global experts, establish the link between debt and the manner in which the accumulation of sovereign debt violates human rights, examining some of the conditions imposed by structural adjustment programs on debtor states with a view to servicing their debt.They outline how such conditions have been shown to exacerbate the debt itself at the expense of economic sovereignty, concluding that such measures worsen the borrower's economic situation, and are injurious to the entrenched rights of peoples.

Trade Costs of Sovereign Debt Restructurings

Mr.Tamon Asonuma,Marcos Chamon,Akira Sasahara
Trade Costs of Sovereign Debt Restructurings Book PDF

Author : Mr.Tamon Asonuma,Marcos Chamon,Akira Sasahara
Publisher : International Monetary Fund
Page : 57 pages
File Size : 47,7 Mb
Release : 2016-11-15
Category : Business & Economics
ISBN : 9781475553956

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Trade Costs of Sovereign Debt Restructurings by Mr.Tamon Asonuma,Marcos Chamon,Akira Sasahara Pdf

Sovereign debt restructurings have been shown to influence the dynamics of imports and exports. This paper shows that the impact can vary substantially depending on whether the restructuring takes place preemptively without missing payments to creditors, or whether it takes place after a default has occurred. We document that countries with post-default restructurings experience on average: (i) a more severe and protracted decline in imports, (ii) a larger fall in exports, and (iii) a sharper and more prolonged decline in both GDP, investment and real exchange rate than preemptive cases. These stylized facts are confirmed by panel regressions and local projection estimates, and a range of robustness checks including for the endogeneity of the restructuring strategy. Our findings suggest that a country’s choice of how to go about restructuring its debt can have major implications for the costs it incurs from restructuring.

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 : 50,9 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.

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 : 47,6 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.