Structuring And Restructuring Sovereign Debt

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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 : 46,5 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.

Structuring and Restructuring Sovereign Debt

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

Author : Patrick Bolton,Olivier Jeanne
Publisher : International Monetary Fund
Page : 0 pages
File Size : 52,7 Mb
Release : 2005
Category : Debt relief
ISBN : OCLC:1025048591

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Structuring and Restructuring Sovereign Debt by Patrick Bolton,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. We show within a simple model how competition for repayment between lenders may result in sovereign debt that is excessively difficult to restructure in equilibrium. Alleviating this inefficiency requires a sovereign debt restructuring mechanism that fulfills some of the functions of corporate bankruptcy regimes, in particular the enforcement of seniority and subordination clauses in debt contracts.

The New Approach to Sovereign Debt Restructuring

Mr.Biaggio Bossone,Mr.Carlo A. Sdralevich
The New Approach to Sovereign Debt Restructuring Book PDF

Author : Mr.Biaggio Bossone,Mr.Carlo A. Sdralevich
Publisher : International Monetary Fund
Page : 27 pages
File Size : 55,6 Mb
Release : 2002-03-01
Category : Business & Economics
ISBN : 9781451973594

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The New Approach to Sovereign Debt Restructuring by Mr.Biaggio Bossone,Mr.Carlo A. Sdralevich Pdf

The paper discusses key incentive-related issues of the sovereign debt restructuring mechanism recently outlined by the IMF First Deputy Managing Director. The structure of incentives in the mechanism should be consistent with the principle of favoring market-oriented, voluntary solutions to financial crises. The paper frames the mechanism in the context of involving the private sector in financial crisis resolution (PSI), and identifies the conditions for setting up an appropriate incentive structure. The paper explores issues relating to the functioning of the mechanism, including access policy on IMF resources; the power to activate the mechanism; its relation with intermediate PSI instruments; and its impact on investment in emerging markets.

A New Approach to Sovereign Debt Restructuring

Anne O. Krueger
A New Approach to Sovereign Debt Restructuring Book PDF

Author : Anne O. Krueger
Publisher : International Monetary Fund
Page : 54 pages
File Size : 55,9 Mb
Release : 2002-04-16
Category : Business & Economics
ISBN : STANFORD:36105111603911

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A New Approach to Sovereign Debt Restructuring by Anne O. Krueger Pdf

In recent years there has been extensive discussion inside and outside the IMF on the need to develop a new approach to sovereign debt restructuring. Exploring ways to improve the sovereign debt restructuring process is a key part of the international community’s efforts to strengthen the architecture of the global financial system. This pamphlet by IMF First Deputy Managing Director Anne O.Krueger draws together the latest IMF thinking on the controversial issue in a single publication.

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 : 44,8 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

Mauro Megliani
Sovereign Debt Book PDF

Author : Mauro Megliani
Publisher : Springer
Page : 617 pages
File Size : 52,8 Mb
Release : 2014-11-21
Category : Law
ISBN : 9783319084640

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Sovereign Debt by Mauro Megliani Pdf

This book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt – bilateral debt, multilateral debt, syndicated debt and bonded debt – in relation to three crucial contexts: genesis, restructuring and litigation. Its treatise-style approach makes it possible to capture in a systematic manner a phenomenon characterized by high complexity and unclear boundaries. Though the analysis is mainly conducted on the basis of international law, the breadth of this topical subject has made it necessary to include other sources, such as private international law, domestic law and financial practice; moreover, references are made to international financial relations and international financial history so as to provide a more complete understanding. Although it follows the structure of a continental tractatus, the work strikes a balance between consideration of doctrinal and jurisprudential sources, making it a valuable reference work for scholars and practitioners alike.

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 : 49,7 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 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 : 54,5 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

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 : 40,9 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.

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 : 288 pages
File Size : 48,6 Mb
Release : 2014-12-01
Category : Law
ISBN : 9781849468213

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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.

Collective Action Clauses and the Restructuring of Sovereign Debt

Patrick S. Kenadjian,Klaus-Albert Bauer,Andreas Cahn
Collective Action Clauses and the Restructuring of Sovereign Debt Book PDF

Author : Patrick S. Kenadjian,Klaus-Albert Bauer,Andreas Cahn
Publisher : Walter de Gruyter
Page : 280 pages
File Size : 44,7 Mb
Release : 2013-08-01
Category : Law
ISBN : 9783110314526

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Collective Action Clauses and the Restructuring of Sovereign Debt by Patrick S. Kenadjian,Klaus-Albert Bauer,Andreas Cahn Pdf

The volume contains articles based on presentations given at a conference hosted by the Institute for Law and Finance of Goethe University on October 27, 2011. Collective action clauses are an example of the typical dichotomy of financial regulation: While the problems are economic in nature, the solutions need to be implemented by law. The Institute for Law and Finance strives to bring together law and finance in order to foster a better mutual understanding of both disciplines and to improve the regulation of financial markets. Thus, the organizers are particularly pleased that eminent experts from the fields of law and finance agreed to participate in the event and to share their views on and experiences with collective action clauses. The presentations given at the conference have been updated in 2012 to reflect recent developments.

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 : 47,8 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 : 48,5 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 Bond Restructuring

Kenneth Kletzer
Sovereign Bond Restructuring Book PDF

Author : Kenneth Kletzer
Publisher : International Monetary Fund
Page : 26 pages
File Size : 45,7 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.

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 : 46,6 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.