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Cover Prevention and Resolution of Sovereign Debt Crises
Prevention and Resolution of Sovereign Debt Crises
Ms. Julianne Ams, Mr. Tamon Asonuma, Mr. Wolfgang Bergthaler, Ms. Chanda M DeLong, Ms. Nouria El Mehdi, Mr. Mark J Flanagan, Mr. Sean Hagan, Ms. Yan Liu, Charlotte J. Lundgren, Mr. Martin Mühleisen, Alex Pienkowski, Mr. Gustavo Pinto, and Mr. Eric Robert

Abstract

“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 chapters, tracking four historical phases: the 1980s debt crisis; the Mexican crisis and the design of policies to ensure adequate private sector involvement (“creditor bail-in”); the Argentine crisis and the search for a durable crisis resolution framework; and finally, the global financial crisis, the Eurozone crisis, and their aftermaths.

Keywords:
SLIPS; debt; crisis; financing; fund; IMF support; IMF policy response; policy development; IMF responsibility; crisis resolution role; fund support; Global; Eastern Europe; Sovereign debt restructuring; Sovereign bonds; Arrears; Commercial banks; fund policy; IMF's policy; IMF approval
Cover IMF Staff Country Reports
The United States: Spillover Report: 2011 Article IV Consultation
International Monetary Fund
The size of the U.S. economy and, in particular, the global dominance of its financial markets creates uniquely large policy spillovers. Concerns that the end of QE2 could lead to a rapid reversal of emerging market capital flows appear overblown. A credible plan for a gradual U.S. fiscal consolidation would likely have limited short-term spillovers and substantial longer-term benefits. Overall, U.S. and foreign goals appear better aligned for U.S. fiscal and financial policies than for monetary policies. Fiscal consolidation and sounder financial regulation will help.
Keywords:
ISCR; CR; interest rate; financial market; exchange rate risk; market response; risk premium; credit default swap; global bond; asset price; Treasury yield; banking sector; Spillovers; Emerging and frontier financial markets; Yield curve; Exports; Global; Europe; Central America
Cover IMF Working Papers
Debt Maturity and the International Financial Architecture
Mr. Olivier D Jeanne
This paper presents a theory of the maturity of international sovereign debt and derives its implications for the reform of the international financial architecture. It presents a general equilibrium model in which the need to roll over external debt disciplines the policies of debtor countries but makes them vulnerable to unwarranted debt crises owing to bad shocks. The paper presents a welfare analysis of several measures that have been discussed in recent debates, such as the adoption of renegotiation-friendly clauses in debt contracts and the establishment of an international bankruptcy regime for sovereigns.
Keywords:
WP; short-term debt; debtor country