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Overcoming Barriers to Reform

Overcoming Barriers to Reform »

Source: Overcoming Barriers to Reform : On Incentive-Compatible International Assistance

Volume/Issue: 2007/231

Series: IMF Working Papers

Author(s): Wolfgang Mayer , and Alex Mourmouras

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2007

ISBN: 9781451867954

Keywords: international assistance, incentives, optimal contracts, special interest groups, adverse selection, sovereign default, political instability, interest, interest group, repayment

International financial assistance (loans and grants) can potentially raise recipients' welfare in two ways, by affecting a direct resource transfer and by facilitating efficiency-enhancing reforms. In practice, ba...

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default »

Source: Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Volume/Issue: 2014/168

Series: IMF Working Papers

Author(s): Gabriel Desgranges , and Celine Rochon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2014

ISBN: 9781498379779

Keywords: Long Term Debt, Maturity Structure, Optimal Default, Sovereign Debt Crisis, Uncertainty, debt portfolio, debt burden, sovereign debt, hedging, financial institutions

We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fisca...

Overcoming Barriers to Reform
			: On Incentive-Compatible International Assistance

Overcoming Barriers to Reform : On Incentive-Compatible International Assistance »

Volume/Issue: 2007/231

Series: IMF Working Papers

Author(s): Wolfgang Mayer , and Alex Mourmouras

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2007

DOI: http://dx.doi.org/10.5089/9781451867954.001

ISBN: 9781451867954

Keywords: international assistance, incentives, optimal contracts, special interest groups, adverse selection, sovereign default, political instability, interest, interest group, repayment

International financial assistance (loans and grants) can potentially raise recipients' welfare in two ways, by affecting a direct resource transfer and by facilitating efficiency-enhancing reforms. In practice, ba...

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default »

Volume/Issue: 2014/168

Series: IMF Working Papers

Author(s): Gabriel Desgranges , and Celine Rochon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2014

DOI: http://dx.doi.org/10.5089/9781498379779.001

ISBN: 9781498379779

Keywords: Long Term Debt, Maturity Structure, Optimal Default, Sovereign Debt Crisis, Uncertainty, debt portfolio, debt burden, sovereign debt, hedging, financial institutions

We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fisca...