The Cost Of Aggressive Sovereign Debt Policies

The Cost Of Aggressive Sovereign Debt Policies Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of The Cost Of Aggressive Sovereign Debt Policies book. This book definitely worth reading, it is an incredibly well-written.

The Cost of Aggressive Sovereign Debt Policies

Christoph Trebesch
The Cost of Aggressive Sovereign Debt Policies Book PDF

Author : Christoph Trebesch
Publisher : International Monetary Fund
Page : 37 pages
File Size : 53,6 Mb
Release : 2009-02-01
Category : Business & Economics
ISBN : 9781451871760

Get Book

The Cost of Aggressive Sovereign Debt Policies by Christoph Trebesch Pdf

This paper proposes a new empirical measure of cooperative versus conflictual crisis resolution following sovereign default and debt distress. The index of government coerciveness is presented as a proxy for excusable versus inexcusable default behaviour and used to evaluate the costs of default for the domestic private sector, in particular its access to international debt markets. Our findings indicate that unilateral, aggressive sovereign debt policies lead to a strong decline in corporate access to external finance (loans and bond issuance). We conclude that coercive government actions towards external creditors can have strong signalling effects with negative spillovers on domestic firms. "Good faith" debt renegotiations may be crucial to minimize the domestic costs of sovereign defaults.

A Primer on Managing Sovereign Debt-Portfolio Risks

Thordur Jonasson,Mr.Michael G. Papaioannou
A Primer on Managing Sovereign Debt Portfolio Risks Book PDF

Author : Thordur Jonasson,Mr.Michael G. Papaioannou
Publisher : International Monetary Fund
Page : 133 pages
File Size : 51,5 Mb
Release : 2018-04-06
Category : Business & Economics
ISBN : 9781484350546

Get Book

A Primer on Managing Sovereign Debt-Portfolio Risks by Thordur Jonasson,Mr.Michael G. Papaioannou Pdf

This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.

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 : 45,8 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

Get Book

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.

Sovereign Debt and the Financial Crisis

Carlos A. Primo Braga,Gallina A. Vincelette
Sovereign Debt and the Financial Crisis Book PDF

Author : Carlos A. Primo Braga,Gallina A. Vincelette
Publisher : World Bank Publications
Page : 524 pages
File Size : 44,7 Mb
Release : 2010-11-16
Category : Business & Economics
ISBN : 0821385437

Get Book

Sovereign Debt and the Financial Crisis by Carlos A. Primo Braga,Gallina A. Vincelette Pdf

The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market and developed countries face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing and emerging market countries.

Managing Public Debt-Formulating Strategies and Strengthening Institutional Capacity

International Monetary Fund
Managing Public Debt Formulating Strategies and Strengthening Institutional Capacity Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 38 pages
File Size : 45,6 Mb
Release : 2009-04-03
Category : Business & Economics
ISBN : 9781498336222

Get Book

Managing Public Debt-Formulating Strategies and Strengthening Institutional Capacity by International Monetary Fund Pdf

In May 2007, the IMF and World Bank Boards discussed the paper "Strengthening Debt Management Practices: Lessons from Country Experiences and Issues Going Forward". In those discussions, the Boards of both institutions endorsed a public debt management (PDM) work program that was particularly focused on strengthening frameworks and capacity in low-income countries (LICs). This comprised three main elements: (i) develop a toolkit to help LICs formulate an effective Medium-Term Debt Management Strategy (MTDS) and apply it in 4–6 countries a year; (ii) undertake debt management performance assessments; and (iii) continue the provision of debt management and domestic market development technical assistance (TA) and advisory services to middle-income countries (MICs). This paper is a response to the Boards' request for an update on the development and implementation of that work program. Developing a Medium-Term Debt Management Strategy (MTDS)— Guidance Note for Country Authorities Debt Management Performance Assessment Tool (DEMPA) Developing a Medium Term Debt Management Strategy: User Guide and Analytical Tool — In March 2009, the Executive Boards of the World Bank and the IMF endorsed the Medium Term Debt Management Strategy (MTDS) Framework developed by IMF and World Bank staff to help countries elaborate effective debt management strategies. The MTDS framework and toolkit comprises two elements: An operational guidance note (GN) and a spreadsheet-based analytical tool (AT). The GN provides practical guidance on the process of developing an effective MTDS, describing each step involved, while the AT provides quantitative analysis to guide the MTDS decision-making process.

Sovereign Debt

Rob Quail
Sovereign Debt Book PDF

Author : Rob Quail
Publisher : John Wiley & Sons
Page : 435 pages
File Size : 48,8 Mb
Release : 2011-02-25
Category : Business & Economics
ISBN : 9781118017555

Get Book

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.

Resolving the European Debt Crisis

William R. Cline
Resolving the European Debt Crisis Book PDF

Author : William R. Cline
Publisher : Peterson Institute
Page : 305 pages
File Size : 40,6 Mb
Release : 2012-03-15
Category : Business & Economics
ISBN : 9780881326499

Get Book

Resolving the European Debt Crisis by William R. Cline Pdf

What began as a relatively localized crisis in Greece in early 2010 soon escalated to envelop Ireland and Portugal. By the second half of 2011, the contagion had spread to the far larger economies of Italy and Spain. In mid-September the Peterson Institute and Bruegel hosted a conference designed to contribute to the formulation of policies that could help resolve the euro area debt crisis. This volume presents the conference papers; several are updated through end-2011. European experts examine the political context in Greece (Loukas Tsoukalis), Ireland (Alan Ahearne), Portugal (Pedro Lourtie), Spain (Guillermo de la Dehesa), Italy (Riccardo Perissich), Germany (Daniela Schwarzer), and France (Zaki La�di). Lessons from past debt restructurings are then examined by Jeromin Zettelmeyer (economic) and Lee Buchheit (legal). The two editors separately consider the main current policy issues: debt sustainability by country, private sector involvement and contagion, alternative restructuring approaches, how to assemble a large emergency financing capacity, whether the European Central Bank (ECB) should be a lender of last resort, whether joint-liability "eurobonds" would be feasible and desirable, and the implications of a possible break-up of the euro area. The luncheon address by George Soros and a description (by Steven R. Weisman with Silvia B. Merler) of the policy simulation game played on the second day of the conference complete the volume. Involving market participants and experts representing the roles of euro area governments, the ECB, IMF, G-7, and credit rating agencies, the game led to a proposal for leveraging the capacity of the European Financial Stability Facility through arrangements with the ECB.

IMF Staff Papers, Volume 56, No. 4

International Monetary Fund. Research Dept.
IMF Staff Papers Volume 56 No 4 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 296 pages
File Size : 40,6 Mb
Release : 2009-11-04
Category : Business & Economics
ISBN : 9781589069107

Get Book

IMF Staff Papers, Volume 56, No. 4 by International Monetary Fund. Research Dept. Pdf

This paper empirically evaluates four types of costs that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises.

Debt Relief and Beyond

Carlos A. Primo Braga,D rte D meland
Debt Relief and Beyond Book PDF

Author : Carlos A. Primo Braga,D rte D meland
Publisher : World Bank Publications
Page : 480 pages
File Size : 44,6 Mb
Release : 2009-10-02
Category : Business & Economics
ISBN : 0821378759

Get Book

Debt Relief and Beyond by Carlos A. Primo Braga,D rte D meland Pdf

The history of debt relief goes back several decades. It reveals that a country s accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country s policies and institutions. In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief framework for low-income countries. In 2005, the Multilateral Debt Relief Initiative was established, which increased the level of debt relief provided to HIPCs. As of early 2009, assistance through these two initiatives had been committed to 35 countries and amounted to US$117 billion in nominal terms, or half of the 2007 GDP of these countries. 'Debt Relief and Beyond' assesses the implications of debt relief for low-income countries and how its benefits can be preserved and used to fight poverty. The chapter authors bring unique operational experience to their examination of debt relief, debt sustainability, and debt management. Several key questions are addressed, including, what consequences does debt relief have for poverty-reducing expenditures, growth, and access to finance? Can debt relief guarantee debt sustainability? How can debt management at all levels of government be improved? What lessons can be learned from countries that have experienced debt restructuring? Finally, this book provides sound empirical evidence using current econometric techniques.

Credit, Currency or Derivatives

Michael G. Papaioannou,Jay J. Choi
Credit Currency or Derivatives Book PDF

Author : Michael G. Papaioannou,Jay J. Choi
Publisher : Emerald Group Publishing
Page : 578 pages
File Size : 51,6 Mb
Release : 2009-11-13
Category : Business & Economics
ISBN : 9781849506021

Get Book

Credit, Currency or Derivatives by Michael G. Papaioannou,Jay J. Choi Pdf

Contains original papers that examine various issues concerning the role, the structure and functioning of credit, currency and derivatives instruments and markets as they relate to financial crises. This title stresses the importance of the inter-linkages of these instruments and markets in promoting or hindering financial stability or crises.

The Sovereign Debt Crisis

Anton Brender,Florence Pisani,Emile Gagna
The Sovereign Debt Crisis Book PDF

Author : Anton Brender,Florence Pisani,Emile Gagna
Publisher : Unknown
Page : 0 pages
File Size : 47,7 Mb
Release : 2013
Category : Business & Economics
ISBN : 9461383371

Get Book

The Sovereign Debt Crisis by Anton Brender,Florence Pisani,Emile Gagna Pdf

"The Sovereign Debt Crisis," 2012 edition, looked at how governments ran up substantial deficits in order to avert a worldwide depression and their subsequent attempts to rebalance their budgets. This updated edition concentrates on the delicate balancing act the economies of the United States, Japan, and the eurozone face between the present need to boost sluggish economic growth by providing sufficiently cheap, low-risk credit and the longer-term challenges of cutting massive debt and returning to a sustainable fiscal policy. The authors argue that many of the euro area economies, having noticeable difficulty paying their international debts, are in a sovereign debt crisis, while America and Japan are, for now, holding steady but in real danger of slipping into crisis. The book shows how the process has evolved in these three major developed economies and how their policy choices impact global financial markets.

Research Handbook on Hedge Funds, Private Equity and Alternative Investments

Phoebus Athanassiou
Research Handbook on Hedge Funds Private Equity and Alternative Investments Book PDF

Author : Phoebus Athanassiou
Publisher : Edward Elgar Publishing
Page : 521 pages
File Size : 52,5 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9781849806084

Get Book

Research Handbook on Hedge Funds, Private Equity and Alternative Investments by Phoebus Athanassiou Pdf

This unique and detailed Handbook provides a comprehensive source of analysis and research on alternative investment funds in the EU, the US and other leading jurisdictions. Expert contributors offer an unparalleled perspective on the contemporary alternative funds industry, the main areas of regulatory policy concern surrounding its activities, and the role that alternative funds have played in recent financial crises, as well as an account of the rules governing their operation in selected jurisdictions. Providing insight and analysis of the contemporary investment funds industry at a time of crisis and transition, the Research Handbook on Hedge Funds, Private Equity and Alternative Investments will be a valuable tool for scholars, practitioners and policymakers alike.

Sovereign Wealth and Sovereign Power

Brad Setser
Sovereign Wealth and Sovereign Power Book PDF

Author : Brad Setser
Publisher : Council on Foreign Relations
Page : 68 pages
File Size : 40,9 Mb
Release : 2008
Category : Business & Economics
ISBN : 9780876094150

Get Book

Sovereign Wealth and Sovereign Power by Brad Setser Pdf

The rise in China's trade surplus, the increase in oil prices, and a slowdown in demand for U.S. assets from private investors abroad has increased the United States' reliance on foreign governments for financing. This report examines whether America's ability to secure large quantities of external financing from foreign governments is a reflection of its political power, a constraint on its ability to exercise power, or a combination of the two.

Guidelines for Public Debt Management -- Amended

International Monetary Fund,World Bank
Guidelines for Public Debt Management Amended Book PDF

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 39 pages
File Size : 45,8 Mb
Release : 2003-09-12
Category : Business & Economics
ISBN : 9781498328920

Get Book

Guidelines for Public Debt Management -- Amended by International Monetary Fund,World Bank Pdf

NULL

Global Trends 2040

National Intelligence Council
Global Trends 2040 Book PDF

Author : National Intelligence Council
Publisher : Cosimo Reports
Page : 158 pages
File Size : 53,6 Mb
Release : 2021-03
Category : Electronic
ISBN : 1646794974

Get Book

Global Trends 2040 by National Intelligence Council Pdf

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.