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Prevention and Resolution of Sovereign Debt Crises

Prevention and Resolution of Sovereign Debt Crises »

Series: Selected Legal and Institutional Papers Series

Author(s): Julianne Ams , Tamon Asonuma , Wolfgang Bergthaler , Chanda DeLong , Nouria El Mehdi , Mark Flanagan , Sean Hagan , Yan Liu , Charlotte Lundgren , Martin Mühleisen , Alex Pienkowski , Gustavo Pinto , and Eric Robert

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2018

DOI: http://dx.doi.org/10.5089/9781484371329.009

ISBN: 9781484371329

Keywords: IMF, sovereign debt, crisis resolution, financial stability, Argentine crisis, global financial crisis, Mexican crisis, SDRM, collective action clauses, eurozone crisis

'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 chapt...

The Dynamics of Sovereign Debt Crises and Bailouts

The Dynamics of Sovereign Debt Crises and Bailouts »

Source: The Dynamics of Sovereign Debt Crises and Bailouts

Volume/Issue: 2016/136

Series: IMF Working Papers

Author(s): Francisco Roch , and Harald Uhlig

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2016

ISBN: 9781475581027

Keywords: Default, Bailouts, Self-fulfilling Crises, Endogenous Borrowing Constraints, Long-term Debt, OMT, Eurozone Debt Crisis.

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 "sunspo...

Chapter 2: The Mexican Crisis and its Implications for Bonded Debt

Chapter 2: The Mexican Crisis and its Implications for Bonded Debt »

Source: Prevention and Resolution of Sovereign Debt Crises

Series: Selected Legal and Institutional Papers Series

Author(s): Julianne Ams , Tamon Asonuma , Wolfgang Bergthaler , Chanda DeLong , Nouria El Mehdi , Mark Flanagan , Sean Hagan , Yan Liu , Charlotte Lundgren , Martin Mühleisen , Alex Pienkowski , Gustavo Pinto , and Eric Robert

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2018

ISBN: 9781484371329

Keywords: IMF, sovereign debt, crisis resolution, financial stability, Argentine crisis, global financial crisis, Mexican crisis, SDRM, collective action clauses, eurozone crisis

1. The debt crisis ended along with the 1980s, and 1989 saw interest rates drop and prospects for economic growth brighten. With the 1990s, private capital began flowing again to emerging and de...

Chapter 3: Argentina and its Implications, The Exceptional Access Policy, and Mechanisms to Resolve Collective Action Problems

Chapter 3: Argentina and its Implications, The Exceptional Access Policy, and Mechanisms to Resolve Collective Action Problems »

Source: Prevention and Resolution of Sovereign Debt Crises

Series: Selected Legal and Institutional Papers Series

Author(s): Julianne Ams , Tamon Asonuma , Wolfgang Bergthaler , Chanda DeLong , Nouria El Mehdi , Mark Flanagan , Sean Hagan , Yan Liu , Charlotte Lundgren , Martin Mühleisen , Alex Pienkowski , Gustavo Pinto , and Eric Robert

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2018

ISBN: 9781484371329

Keywords: IMF, sovereign debt, crisis resolution, financial stability, Argentine crisis, global financial crisis, Mexican crisis, SDRM, collective action clauses, eurozone crisis

40]. The circumstances of the crisis highlighted the need to establish a better framework for countries to exit in a timely fashion from unsustainable debt dynamics. In the aftermath of the cris...

Preface

Preface »

Source: Prevention and Resolution of Sovereign Debt Crises

Series: Selected Legal and Institutional Papers Series

Author(s): Julianne Ams , Tamon Asonuma , Wolfgang Bergthaler , Chanda DeLong , Nouria El Mehdi , Mark Flanagan , Sean Hagan , Yan Liu , Charlotte Lundgren , Martin Mühleisen , Alex Pienkowski , Gustavo Pinto , and Eric Robert

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2018

ISBN: 9781484371329

Keywords: IMF, sovereign debt, crisis resolution, financial stability, Argentine crisis, global financial crisis, Mexican crisis, SDRM, collective action clauses, eurozone crisis

The Selected Legal and Institutional Papers Series ("SLIPS") is a publication by the IMF's Legal Department, in collaboration with other departments, and is designed to make available IMF staff papers in the...

Introduction

Introduction »

Source: Prevention and Resolution of Sovereign Debt Crises

Series: Selected Legal and Institutional Papers Series

Author(s): Julianne Ams , Tamon Asonuma , Wolfgang Bergthaler , Chanda DeLong , Nouria El Mehdi , Mark Flanagan , Sean Hagan , Yan Liu , Charlotte Lundgren , Martin Mühleisen , Alex Pienkowski , Gustavo Pinto , and Eric Robert

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2018

ISBN: 9781484371329

Keywords: IMF, sovereign debt, crisis resolution, financial stability, Argentine crisis, global financial crisis, Mexican crisis, SDRM, collective action clauses, eurozone crisis

Over the last four decades, the Fund has played a central role in preventing and resolving sovereign debt crises. The legal basis for the Fund’s work in this area stems from the Articles of Agreement, which...

Chapter 1: The 1980s Debt Crisis

Chapter 1: The 1980s Debt Crisis »

Source: Prevention and Resolution of Sovereign Debt Crises

Series: Selected Legal and Institutional Papers Series

Author(s): Julianne Ams , Tamon Asonuma , Wolfgang Bergthaler , Chanda DeLong , Nouria El Mehdi , Mark Flanagan , Sean Hagan , Yan Liu , Charlotte Lundgren , Martin Mühleisen , Alex Pienkowski , Gustavo Pinto , and Eric Robert

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2018

ISBN: 9781484371329

Keywords: IMF, sovereign debt, crisis resolution, financial stability, Argentine crisis, global financial crisis, Mexican crisis, SDRM, collective action clauses, eurozone crisis

1. The origins of the 1980s Debt Crisis can be traced back to the acute shocks to the international monetary system in the 1970s: the collapse of the Bretton Wood system; the major oil prices hikes; and the...

Chapter 4: The Global Financial Crisis and the Euro-Area Crisis

Chapter 4: The Global Financial Crisis and the Euro-Area Crisis »

Source: Prevention and Resolution of Sovereign Debt Crises

Series: Selected Legal and Institutional Papers Series

Author(s): Julianne Ams , Tamon Asonuma , Wolfgang Bergthaler , Chanda DeLong , Nouria El Mehdi , Mark Flanagan , Sean Hagan , Yan Liu , Charlotte Lundgren , Martin Mühleisen , Alex Pienkowski , Gustavo Pinto , and Eric Robert

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2018

ISBN: 9781484371329

Keywords: IMF, sovereign debt, crisis resolution, financial stability, Argentine crisis, global financial crisis, Mexican crisis, SDRM, collective action clauses, eurozone crisis

chapter 3), largely due to balance of payments problems in the current account, and relatively few sovereign debt restructurings (e.g., Uruguay, Dominican Republic, Grenada, and Belize). However...

The Eurozone Crisis

The Eurozone Crisis »

Source: The Eurozone Crisis : How Banks and Sovereigns Came to Be Joined At the Hip

Volume/Issue: 2011/269

Series: IMF Working Papers

Author(s): Damiano Sandri , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

ISBN: 9781463925215

Keywords: sovereign spreads, stock market, eurozone, Bear Stearns, Anglo Irish, public debt, bonds, sovereign bond, debt ratios, Macroeconomic - Aspects Of Public Finance

We use the rise and dispersion of sovereign spreads to tell the story of the emergence and escalation of financial tensions within the eurozone. This process evolved through three stages. Following the onset of the...

Paths to Eurobonds

Paths to Eurobonds »

Source: Paths to Eurobonds

Volume/Issue: 2012/172

Series: IMF Working Papers

Author(s): Ashoka Mody , Stijn Claessens , and Shahin Vallée

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

ISBN: 9781475505207

Keywords: Eurobonds, eurozone, fiscal risk-sharing, bonds, bond, financial markets, moral hazard, Financial Markets and the Macroeconomy, International Monetary Arrangements and Institutions, Financial Aspects of Economic Integration

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help...