III. Sovereign Debt Restructuring
Author: International Monetary Fund
Language:
English
Keywords:
SEM; central bank; bank; country; payment system safety; issuing country; IMF arrangement; IMF's article; bank merger; Anti-money laundering and combating the financing of terrorism (AML/CFT); Currencies; Legal support in revenue administration; Securities; Global; Europe; West Africa; Caribbean; Western Europe

Abstract

Greater integration of capital markets and the shift from syndicated bank loans to traded securities have had a profound impact on the way that emerging market sovereigns finance themselves. Sovereigns increasingly issue debt in a range of legal jurisdictions, using a variety of different instruments, to a diverse and diffuse group of creditors. Creditors often have different time horizons for their investments and will respond differently should the sovereign encounter a shock to its debt servicing capacity. This is a positive development: it expands sources of sovereign financing and diversifies risk.

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Cover Current Developments in Monetary and Financial Law, Vol. 3
Current Developments in Monetary and Financial Law, Vol. 3
Author: International Monetary Fund
ISBN:
9781589063341
Publication Date:
29 Apr 2005
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589063341.072
Pages:
1009