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Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 112 pages
File Size : 46,8 Mb
Release : 2014-05-23
Category : Business & Economics
ISBN : 9781498343336
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Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 43 pages
File Size : 55,6 Mb
Release : 2014-05-23
Category : Business & Economics
ISBN : 9781498343350
As a follow-up to the Executive Board's May 2013 discussion, this paper considers a possible direction for reform of the Fund's lending framework in the context of sovereign debt vulnerabilities. The primary focus of this paper relates to the Fund's exceptional access framework, since it is in this context that the Fund will most likely have to make the difficult judgment as to whether the member's problems can be resolved with or without a debt restructuring. The objective of the preliminary approaches set forth in this paper is to reduce the costs of crisis resolution for both creditors and debtors—relative to the alternatives—thereby benefitting the overall system. These ideas are market-based and their eventual implementation would require meaningful consultation with creditors.
Author : Anonim
Publisher : INTERNATIONAL MONETARY FUND
Page : 99 pages
File Size : 40,9 Mb
Release : 2015-09-04
Category : Business & Economics
ISBN : 1498344739
In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.
Author : International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 50 pages
File Size : 46,6 Mb
Release : 2013-04-26
Category : Business & Economics
ISBN : 9781498341912
his paper reviews the recent application of the Fund’s policies and practices on sovereign debt restructuring. Specifically, the paper: • recaps in a holistic manner the various policies and practices that underpin the Fund's legal and policy framework for sovereign debt restructuring, including on debt sustainability, market access, financing assurances, arrears, private sector involvement (PSI), official sector involvement (OSI), and the use of legal instruments; • reviews how this framework has been applied in the context of Fund-supported programs and highlights the issues that have emerged in light of recent experience with debt restructuring; and • describes recent initiatives in various fora aimed at promoting orderly sovereign debt restructuring, highlighting differences with the Fund’s existing framework. Based on this stocktaking, the paper identifies issues that could be considered in further depth in follow-up work by staff to assess whether the Fund’s framework for debt restructuring should be adapted: • first, debt restructurings have often been too little and too late, thus failing to re-establish debt sustainability and market access in a durable way. Overcoming these problems likely requires action on several fronts, including (i) increased rigor and transparency of debt sustainability and market access assessments, (ii) exploring ways to prevent the use of Fund resources to simply bail out private creditors, and (iii) measures to alleviate the costs associated with restructurings; • second, while creditor participation has been adequate in recent restructurings, the current contractual, market-based approach to debt restructuring is becoming less potent in overcoming collective action problems, especially in pre-default cases. In response, consideration could be given to making the contractual framework more effective, including through the introduction of more robust aggregation clauses into international sovereign bonds bearing in mind the inter-creditor equity issues that such an approach may raise. The Fund may also consider ways to condition use of its financing more tightly to the resolution of collective action problems; • third, the growing role and changing composition of official lending call for a clearer framework for official sector involvement, especially with regard to non-Paris Club creditors, for which the modality for securing program financing commitments could be tightened; and • fourth, although the collaborative, good-faith approach to resolving external private arrears embedded in the lending into arrears (LIA) policy remains the most promising way to regain market access post-default, a review of the effectiveness of the LIA policy is in order in light of recent experience and the increased complexity of the creditor base. Consideration could also be given to extending the LIA policy to official arrears.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 35 pages
File Size : 47,6 Mb
Release : 2015-10-15
Category : Business & Economics
ISBN : 9781498344098
Background: As a follow-up to the May 2013 Executive Board’s discussion of the paper on Sovereign Debt Restructuring: Recent Developments and Implications for the Fund’s Legal and Policy Framework (hereinafter, the “2013 Paper“), this paper proposes a reform to the Fund’s policy on non-toleration of arrears owed to official bilateral creditors (“NTP”) with a view to addressing the major issues related to official sector involvement (OSI) discussed in the 2013 Paper. Unlike the Fund’s lending-into-arrears (“LIA”) policy for private creditors, the NTP prevents Fund lending to countries if they owe unresolved arrears to official bilateral creditors, unless the arrears are covered by a Paris Club agreement or the creditor consents to the Fund providing financing. Nature of the problem: As staff foreshadowed in the 2013 Paper, several aspects of the current NTP present challenges in a changing and increasingly diverse landscape for official bilateral finance. For example, the NTP’s reliance on the practices and conventions of the Paris Club creates challenges in an environment where a growing number of creditors are non-Paris Club members. In particular, the NTP’s dependence on the Paris Club’s comparability of treatment principle to deem away arrears to non-Paris Club bilateral creditors is difficult to justify in circumstances where a Paris Club agreement is not sufficiently representative and the bulk of official bilateral claims are held by non-Paris Club creditors. Further, where there is no Paris Club agreement, the current policy can give individual official bilateral creditors a veto over Fund lending decisions, drawing no distinction between creditors that are contributing to the financing requirements of the program and those that are not, thus leaving the system vulnerable to holdouts. Proposed modification: Staff’s proposal envisages a two-step process: in the first step, all creditors would be encouraged to reach a consensus. While the Paris Club is currently a well-established forum for OSI, the Fund would also recognize agreements among creditors reached in other representative fora, should such fora emerge. If an agreement is reached through the Paris Club and the creditor group so formed represents a significant portion of total official bilateral claims, the Fund would rely on its current practices and deem away arrears to nonparticipating creditors based on the Club’s comparability of treatment principle. Only when an agreement cannot be reached (i) with a representative group of creditors in the Paris Club, or (ii) with each creditor in an alternative grouping or bilaterally, would the Fund consider lending into arrears owed to official bilateral creditors in carefully circumscribed circumstances. The decision to lend in these situations would be subject to a need for prompt Fund assistance, an assessment that the debtor is making good faith efforts to reach an agreement and that the absence of a debt restructuring is due to the unwillingness of the creditor to reach an agreement consistent with the parameters of the Fund-supported program, and a judgment on whether the decision to lend could negatively affect the Fund’s ability to mobilize official financing packages in the future. Likely impact: Staff’s proposal will strengthen incentives for collective action among official bilateral creditors in situations where OSI is necessary. The two-step process encourages individual official bilateral creditors to be part of a multilateral agreement, thus reducing the risk that the Fund would be prevented from assisting a member in need because certain official bilateral creditors are seeking more favorable treatment of their claims at the expense of other contributing creditors. Importantly, the policy will continue to protect official bilateral creditors, as any decision to lend into arrears will be subject to the debtor’s good faith efforts, will be applied in a way that preserves the Fund’s ability to mobilize official financing packages in future, and be subject to the Board’s approval. Next steps: If the Board supports the proposed modification, the new policy will apply immediately to all future Fund disbursements (including under existing arrangements) with respect to existing and future arrears owed to official bilateral creditors.
Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 124 pages
File Size : 54,8 Mb
Release : 2021-02-03
Category : Business & Economics
ISBN : 9781513568324
A careful review has revealed significant scope to modernize and better align the MAC DSA with its objectives and the IMF’s lending framework. This note proposes replacing the current framework with a new methodology based on risk assessments at three different horizons. Extensive testing has shown that the proposed framework has much better predictive accuracy than the current one. In addition to predicting sovereign stress, the framework can be used to derive statements about debt stabilization under current policies and about debt sustainability.
Author : Anne O. Krueger
Publisher : International Monetary Fund
Page : 54 pages
File Size : 45,6 Mb
Release : 2002-04-16
Category : Business & Economics
ISBN : STANFORD:36105111603911
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.
Author : International Monetary Fund. Finance Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 46 pages
File Size : 40,9 Mb
Release : 2021-03-05
Category : Business & Economics
ISBN : 9781513571171
This paper provides background for initial considerations on the appropriate size of the Fund’s overall lending capacity over the medium term. The paper reviews developments in the demand for Fund resources during the global crisis. The paper also argues that the global economy is changing in fundamental ways, with implications for the size of the Fund. Against this background, the analysis suggests that the current overall lending capacity of the Fund should be seen as a minimum. Additional resources would be needed if the Fund were to introduce changes to its lending framework. While the financing structure of the Fund should be largely quota-based, staff sees a strong case for continuing to backstop quota resources with a standing borrowing facility. Maintaining the Fund’s current overall lending capacity would require swift action by the membership.
Author : Anonim
Publisher : Lulu.com
Page : 294 pages
File Size : 42,8 Mb
Release : 2004
Category : Bank capital
ISBN : 9789291316694
Author : Mr.Udaibir S. Das,Mr.Michael G Papaioannou,Christoph Trebesch
Publisher : International Monetary Fund
Page : 128 pages
File Size : 50,7 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505535
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.
Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 39 pages
File Size : 53,5 Mb
Release : 2003-09-12
Category : Business & Economics
ISBN : 9781498328920
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Author : Thordur Jonasson,Mr.Michael G. Papaioannou
Publisher : International Monetary Fund
Page : 133 pages
File Size : 47,8 Mb
Release : 2018-04-06
Category : Business & Economics
ISBN : 9781484350546
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.
Author : Mr.Giovanni Dell'Ariccia,Caio Ferreira,Nigel Jenkinson,Mr.Luc Laeven,Alberto Martin,Ms.Camelia Minoiu,Alex Popov
Publisher : International Monetary Fund
Page : 54 pages
File Size : 45,7 Mb
Release : 2018-09-07
Category : Business & Economics
ISBN : 9781484359624
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 230 pages
File Size : 40,9 Mb
Release : 2011-12-08
Category : Business & Economics
ISBN : 9781616351564
The global financial crisis of recent years and the associated large fiscal deficits and debt levels that have impacted many countries underscores the importance of reliable and timely government statistics and, more broadly, public sector debt as a critical element in countries fiscal and external sustainability. Public Sector Debt Statistics is the first international guide of its kind, and its primary objectives are to improve the quality and timeliness of key debt statistics and promote a convergence of recording practices to foster international comparability and as a reference for national compilers and users for compiling and disseminating these data. Like other statistical guides published by the IMF, this one was prepared in consultation with countries and international agencies, including the nine organizations of the Inter-Agency Task Force on Finance Statistics (TFFS). The guide's preparation was based on the broad range of experience of our institutions and benefitted from consultation with national compilers of government finance and public sector debt statistics. The guide's concepts are harmonized with those of the System of National Accounts (2008) and the Balance of Payments and International Investment Position Manual, Sixth Edition.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 88 pages
File Size : 43,5 Mb
Release : 2014-12-22
Category : Business & Economics
ISBN : 9781498342438
This paper explores how banking sector developments and characteristics influence the propagation of risks from the banking sector to sovereign debt, including how they affect the extent of fiscal costs of banking crises when those occur. It then proposes practices and policies for the fiscal authorities to help manage the risks and enhance crisis preparedness.