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Debt Relief for Low-Income Countries
			: The Enhanced HIPC Initiative

Debt Relief for Low-Income Countries : The Enhanced HIPC Initiative »

Series: Pamphlet Series

Author(s): Kamau Thugge , and Anthony Boote

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 December 1999

DOI: http://dx.doi.org/10.5089/9781463904869.054

ISBN: 9781463904869

Keywords: stock-of-debt operation, external debt, present value, debt relief, debt reduction

This pamphlet describes the IMF-World Bank initiative begun in 1996 to address in a comprehensive manner the overall debt burden of eligible heavily indebted poor countries (HIPCs) pursuing programs of adjustment a...

Australia

Australia »

Source: Australia : Addressing Systemic Risk Through Higher Loss Absorbency-Technical Note

Volume/Issue: 2012/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2012

ISBN: 9781475542776

Keywords: market capitalization, banking, tier 1 capital, banking system, present value

Australia's four largest banks can be considered domestically systemic. They make up the lion's share of the banking system, use similar business models, and are interconnected. The top four banks are relatively si...

United States

United States »

Source: United States : Information Note on the United States' Fiscal Data

Volume/Issue: 2007/266

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

ISBN: 9781451839708

Keywords: pension, financial assets, employee pension, pension funds, net present value

This paper reports on a pilot study to present the United States fiscal data in a manner consistent with the Government Finance Statistics Manual (GFSM 2001). The study incorporates cash and accrual source data in...

Pricing An Interest Payment Guarantee

Pricing An Interest Payment Guarantee »

Source: Pricing An Interest Payment Guarantee : A Contribution to Debt Reduction Techniques

Volume/Issue: 1989/65

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 August 1989

ISBN: 9781451962390

Keywords: bond, debt reduction, bond issuer, bonds, present value

This paper describes an approach for computing the market value of an interest guarantee on a bond where the principal is fully collateralized and which is exchanged for discounted sovereign debts. The cost of the...

Bank Capitalization As a Signal

Bank Capitalization As a Signal »

Source: Bank Capitalization As a Signal

Volume/Issue: 2012/114

Series: IMF Working Papers

Author(s): Daniel Hardy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503357

Keywords: pro-cyclicality, signaling games, probability, equation, probability of default, present value,

The level of a bank‘s capitalization can effectively transmit information about its riskiness and therefore support market discipline, but asymmetry information may induce exaggerated or distortionary behavior: ban...

Haircuts

Haircuts »

Source: Haircuts : Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005

Volume/Issue: 2005/137

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , and Federico Sturzenegger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

ISBN: 9781451861563

Keywords: Defaults, bond, bonds, debt, present value, discount rate, International Lending and Debt Problems,

This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructuring...

Fiscal Policy and the Predictability of Exchange Rate Collapse

Fiscal Policy and the Predictability of Exchange Rate Collapse »

Source: Fiscal Policy and the Predictability of Exchange Rate Collapse

Volume/Issue: 1997/133

Series: IMF Working Papers

Author(s): Betty Daniel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1997

ISBN: 9781451855456

Keywords: exchange rate, present value, foreign exchange, fixed exchange rate, exchange reserves

It is well known that the long-run viability of a fixed exchange rate regime imposes constraints on monetary policy. This paper shows that, in a model with forward-looking agents, short-run viability imposes a fisc...

On Myopic Equilibria in Dynamic Games with Endogenous Discounting

On Myopic Equilibria in Dynamic Games with Endogenous Discounting »

Source: On Myopic Equilibria in Dynamic Games with Endogenous Discounting

Volume/Issue: 2006/302

Series: IMF Working Papers

Author(s): Wilko Bolt , and Alexander Tieman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2006

ISBN: 9781451865622

Keywords: dynamic game, myopic equlibrium, discounting, equilibrium selection, probability, equation, probabilities, present value, Noncooperative Games, Myopic Equilibrium,

This paper derives an equilibrium for a competitive multi-stage game in which an agents' current action influences his probability of survival into the next round of play. This is directly relevant in banking, wher...

Credit Risk Spreads in Local and Foreign Currencies

Credit Risk Spreads in Local and Foreign Currencies »

Source: Credit Risk Spreads in Local and Foreign Currencies

Volume/Issue: 2009/110

Series: IMF Working Papers

Author(s): Zvi Wiener , and Dan Galai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2009

ISBN: 9781451872576

Keywords: credit spread, currency mismatch, Merton&;amp;#x2019;s model, correlation, bond, present value, probability,

The paper shows how-in a Merton-type model with bankruptcy-the currency composition of debt changes the risk profile of a company raising a given amount of financing, and thus affects the cost of debt. Foreign curr...

Overpricing in Emerging Market Credit-Default-Swap Contracts

Overpricing in Emerging Market Credit-Default-Swap Contracts »

Source: Overpricing in Emerging Market Credit-Default-Swap Contracts : Some Evidence from Recent Distress Cases

Volume/Issue: 2005/125

Series: IMF Working Papers

Author(s): Jochen Andritzky , and Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2005

ISBN: 9781451861440

Keywords: recovery value, cheapest-to-deliver bond, credit-default-swap contract, ISDA, bond, bonds, bond prices, present value, bond price, International Lending and Debt Problems

Since recent debt restructurings that constitute credit events have been more frequent than outright defaults, sovereign bond prices may not collapse during distress. In this case, the likely high recovery values a...