Sovereign Debt Structure For Crisis Prevention

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Sovereign Debt Structure for Crisis Prevention

Mr.Eduardo Borensztein,Mr.Olivier Jeanne,Mr.Paolo Mauro,Mr.Jeronimo Zettelmeyer,Mr.Marcos Chamon
Sovereign Debt Structure for Crisis Prevention Book PDF

Author : Mr.Eduardo Borensztein,Mr.Olivier Jeanne,Mr.Paolo Mauro,Mr.Jeronimo Zettelmeyer,Mr.Marcos Chamon
Publisher : International Monetary Fund
Page : 72 pages
File Size : 48,8 Mb
Release : 2005-01-26
Category : Business & Economics
ISBN : 9781589063778

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Sovereign Debt Structure for Crisis Prevention by Mr.Eduardo Borensztein,Mr.Olivier Jeanne,Mr.Paolo Mauro,Mr.Jeronimo Zettelmeyer,Mr.Marcos Chamon Pdf

The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This paper seeks to broaden this debate. It asks how government debt could be structured to pursue other objectives, including crisis prevention, international risk-sharing, and facilitating the adjustment of fiscal variables to changes in domestic economic conditions. To that end, the paper considers recently developed analytical approaches to improving sovereign debt structure using existing instruments, and reviews a number of proposals--including the introduction of explicit seniority and GDP-linked instruments--in the sovereign context.

Sovereign Debt Structure for Crisis Prevention

International Monetary Fund. Research Dept.
Sovereign Debt Structure for Crisis Prevention Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 94 pages
File Size : 42,7 Mb
Release : 2004-02-07
Category : Business & Economics
ISBN : 9781498330251

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Sovereign Debt Structure for Crisis Prevention by International Monetary Fund. Research Dept. Pdf

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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
Page : 288 pages
File Size : 46,9 Mb
Release : 2019-10-21
Category : Business & Economics
ISBN : 9780192591401

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

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.

Prevention and Resolution of Sovereign Debt Crises

Ms.Julianne Ams,Mr.Tamon Asonuma,Mr.Wolfgang Bergthaler,Ms.Chanda M DeLong,Ms.Nouria El Mehdi,Mr.Mark J Flanagan,Mr.Sean Hagan,Ms.Yan Liu,Charlotte J. Lundgren,Mr.Martin Mühleisen,Alex Pienkowski,Mr.Gustavo Pinto,Mr.Eric Robert
Prevention and Resolution of Sovereign Debt Crises Book PDF

Author : Ms.Julianne Ams,Mr.Tamon Asonuma,Mr.Wolfgang Bergthaler,Ms.Chanda M DeLong,Ms.Nouria El Mehdi,Mr.Mark J Flanagan,Mr.Sean Hagan,Ms.Yan Liu,Charlotte J. Lundgren,Mr.Martin Mühleisen,Alex Pienkowski,Mr.Gustavo Pinto,Mr.Eric Robert
Publisher : INTERNATIONAL MONETARY FUND
Page : 22 pages
File Size : 50,9 Mb
Release : 2018-09-13
Category : Business & Economics
ISBN : 1484371321

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Prevention and Resolution of Sovereign Debt Crises by Ms.Julianne Ams,Mr.Tamon Asonuma,Mr.Wolfgang Bergthaler,Ms.Chanda M DeLong,Ms.Nouria El Mehdi,Mr.Mark J Flanagan,Mr.Sean Hagan,Ms.Yan Liu,Charlotte J. Lundgren,Mr.Martin Mühleisen,Alex Pienkowski,Mr.Gustavo Pinto,Mr.Eric Robert Pdf

“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.

The Dynamics of Sovereign Debt Crises and Bailouts

Mr.Francisco Roch,Harald Uhlig
The Dynamics of Sovereign Debt Crises and Bailouts Book PDF

Author : Mr.Francisco Roch,Harald Uhlig
Publisher : International Monetary Fund
Page : 46 pages
File Size : 41,6 Mb
Release : 2016-07-11
Category : Business & Economics
ISBN : 9781475581027

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The Dynamics of Sovereign Debt Crises and Bailouts by Mr.Francisco Roch,Harald Uhlig Pdf

Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a "sunspot"-coordinated buyers strike. We introduce a bailout agency, and characterize the minimal actuarially fair intervention that guarantees the no-buyers-strike fundamental equilibrium, relying on the market for residual financing. The intervention makes it cheaper for governments to borrow, inducing them borrow more, leaving default probabilities possibly rather unchanged. The maximal backstop will be pulled precisely when fundamentals worsen.

Dealing with Systemic Sovereign Debt Crises

Mr.Damiano Sandri
Dealing with Systemic Sovereign Debt Crises Book PDF

Author : Mr.Damiano Sandri
Publisher : International Monetary Fund
Page : 43 pages
File Size : 43,9 Mb
Release : 2015-10-16
Category : Business & Economics
ISBN : 9781513569246

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Dealing with Systemic Sovereign Debt Crises by Mr.Damiano Sandri Pdf

The paper presents a tractable model to understand how international financial institutions (IFIs) should deal with the sovereign debt crisis of a systemic country, in which case private creditors' bail-ins entail international spillovers. Besides lending to the country up to its borrowing capacity, IFIs face the difficult issue of how to address the remaining financing needs with a combination of fiscal consolidation, bail-ins and possibly official transfers. To maximize social welfare, IFIs should differentiate the policy mix depending on the strength of spillovers. In particular, stronger spillovers call for smaller bail-ins and greater fiscal consolidation. Furthermore, to avoid requiring excessive fiscal consolidation, IFIs should provide highly systemic countries with official transfers. To limit the moral hazard consequences of transfers, it is important that IFIs operate under a predetermined crisis-resolution framework that ensures commitment.

Sovereign Bond Restructuring

Kenneth Kletzer
Sovereign Bond Restructuring Book PDF

Author : Kenneth Kletzer
Publisher : International Monetary Fund
Page : 26 pages
File Size : 49,8 Mb
Release : 2003-06-01
Category : Business & Economics
ISBN : 9781451855623

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Sovereign Bond Restructuring by Kenneth Kletzer Pdf

This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sovereign debt renegotiation while unanimity rules offer incentives for opportunistic behavior by bondholders that leads to inefficient outcomes. With collective action clauses, the mutual gains from renegotiation can be internalized by bondholders so that the holders of each bond issue have incentives to participate in a collective debt restructuring. The analysis abstracts from transactions costs, and the last conclusion might well be sensitive to renegotiation and coordination costs.

Debt Seniority and Sovereign Debt Crises

Mr.Anil Ari,Giancarlo Corsetti,Luca Dedola
Debt Seniority and Sovereign Debt Crises Book PDF

Author : Mr.Anil Ari,Giancarlo Corsetti,Luca Dedola
Publisher : International Monetary Fund
Page : 43 pages
File Size : 51,8 Mb
Release : 2018-05-09
Category : Business & Economics
ISBN : 9781484353691

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Debt Seniority and Sovereign Debt Crises by Mr.Anil Ari,Giancarlo Corsetti,Luca Dedola Pdf

Is the seniority structure of sovereign debt neutral for a government's decision between defaulting and raising surpluses? In this paper, we address this question using a model of debt crises where a discretionary government endogenously chooses distortionary taxation and whether to apply an optimal haircut to bondholders. We show that when the size of senior tranches is small, a version of the Modigliani-Miller theorem holds: tranching just redistributes government revenues from junior to senior bondholders, while taxes and government borrowing costs remain unchanged. However, as senior tranches become sufficiently large, default costs on senior debt transpire into a stronger commitment to repay not only the senior tranche, but also the junior one. We show that there is a lower threshold for senior bonds above which tranching can eliminate default on both junior and senior debt, and an upper threshold beyond which the government defaults also on senior debt.

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 : 49,8 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.

Debt Limits and the Structure of Public Debt

Alex Pienkowski
Debt Limits and the Structure of Public Debt Book PDF

Author : Alex Pienkowski
Publisher : International Monetary Fund
Page : 21 pages
File Size : 40,6 Mb
Release : 2017-05-22
Category : Business & Economics
ISBN : 9781484301005

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Debt Limits and the Structure of Public Debt by Alex Pienkowski Pdf

This paper provides a tractable framework to assess how the structure of debt instruments—specifically by currency denomination and indexation to GDP—can raise the debt limit of a sovereign. By calibrating the model to different country fundamentals, it is clear that there is no one-size-fits-all approach to optimal instrument design. For instance, low income countries may find benefit in issuing local currency debt; while in advanced economies debt tolerance can be substantially enhanced through issuing GDP-linked bonds. By looking at the marginal impact of these instruments, the paper also provides insight into the optimal portfolio compostion.

Sovereign Debt Crisis and International Financial Architecture

Christoph Yew
Sovereign Debt Crisis and International Financial Architecture Book PDF

Author : Christoph Yew
Publisher : GRIN Verlag
Page : 28 pages
File Size : 54,6 Mb
Release : 2008-12-03
Category : Political Science
ISBN : 9783640225460

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Sovereign Debt Crisis and International Financial Architecture by Christoph Yew Pdf

Seminar paper from the year 2006 in the subject Business economics - Economic Policy, grade: 2.0, University of Osnabrück (Fachbereich Internationale Wirtschaftspolitik), course: Schuldenkrisen, 18 entries in the bibliography, language: English, abstract: If we have a look at the composition of total debt of different countries it is easy to see (Figure 1.2) that from 1992 to 2002 the advanced countries’ total debts mainly consisted of domestic currency, whereas those of emerging market countries where mainly borrowed in foreign currency. If we focus our view on sovereign debt only, this difference vanishes. From 1980 to 2003 about 99.7 percent (Table 1) of sovereign debt in emerging market countries was borrowed in foreign currency. In advanced economies it was slightly less (92.5%). Nevertheless, in both cases the U.S. dollar was the dominating foreign currency. A reason for this might be that this currency is considered as very important in international trade. A comparison between these facts leads me to the conclusion that private persons in advanced countries trust their own currency, whereas private persons in emerging market economies seem to trust foreign currencies. Otherwise the currency composition between total debt and sovereign debt would not differ so much from each other. Another interesting fact concerns which other currencies states prefer to borrow in. They like advanced economies’ currencies instead those of emerging market countries. Another important point concerning public debt structure is their composition structure concerning maturity. It can be seen (Figure 4.2) that during 1988 the average maturity of sovereign debt issued in both kinds of countries was little below 8 years. But during the following 14 years the average maturity rate in emerging market countries decreased to about 5 years while the maturity rate of advanced countries sovereign debt increased to almost 10 years. This tendency towards short-term debt can also be seen on Figure 4.1. It is interesting to note the fall in 1999 in both markets (Figure 4.2) which was nevertheless stronger in emerging countries.[...]

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 : 45,5 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.

Sovereign Debt at the Crossroads

Adjunct Professor at School of International and Public Affairs Chris Jochnick,Chris Jochnick,Fraser A. Preston,Fraser A.. Preston,Oxford University Press
Sovereign Debt at the Crossroads Book PDF

Author : Adjunct Professor at School of International and Public Affairs Chris Jochnick,Chris Jochnick,Fraser A. Preston,Fraser A.. Preston,Oxford University Press
Publisher : Oxford University Press on Demand
Page : 353 pages
File Size : 47,6 Mb
Release : 2006-04-13
Category : Business & Economics
ISBN : 0195168003

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Sovereign Debt at the Crossroads by Adjunct Professor at School of International and Public Affairs Chris Jochnick,Chris Jochnick,Fraser A. Preston,Fraser A.. Preston,Oxford University Press Pdf

This is a comprehensive overview of the problems associated with Third World debt and describes new and practical approaches to overcoming them. As contributions come from leading thinkers across a range of disciplines, the text offers a timely guide for understanding and influencing the debt debate.

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 : 54,7 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.

Predicting Sovereign Debt Crises

Paolo Manasse,Mr.Axel Schimmelpfennig,Nouriel Roubini
Predicting Sovereign Debt Crises Book PDF

Author : Paolo Manasse,Mr.Axel Schimmelpfennig,Nouriel Roubini
Publisher : International Monetary Fund
Page : 42 pages
File Size : 47,6 Mb
Release : 2003-11-01
Category : Business & Economics
ISBN : 9781451875256

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Predicting Sovereign Debt Crises by Paolo Manasse,Mr.Axel Schimmelpfennig,Nouriel Roubini Pdf

We develop an early-warning model of sovereign debt crises. A country is defined to be in a debt crisis if it is classified as being in default by Standard & Poor's, or if it has access to nonconcessional IMF financing in excess of 100 percent of quota. By means of logit and binary recursive tree analysis, we identify macroeconomic variables reflecting solvency and liquidity factors that predict a debt-crisis episode one year in advance. The logit model predicts 74 percent of all crises entries while sending few false alarms, and the recursive tree 89 percent while sending more false alarms.