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How Do Public Debt Cycles Interact with Financial Cycles?

How Do Public Debt Cycles Interact with Financial Cycles? »

Volume/Issue: 2015/248

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 November 2015

DOI: http://dx.doi.org/10.5089/9781513511641.001

ISBN: 9781513511641

Keywords: public debt cycles, credit cycles, asset price cycles, duration analysis, debt, public debt, price, prices, equity, General

We employ a duration model to study determinants of public debt cycles in 57 advanced and emerging economies over the 1960-2014 period, with a particular focus on the impact of financial cycles. The results suggest...

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare? »

Volume/Issue: 2019/138

Series: IMF Working Papers

Author(s): Jochen Andritzky , and Julian Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

DOI: http://dx.doi.org/10.5089/9781498317375.001

ISBN: 9781498317375

Keywords: International bond markets, Collective action clauses, International capital markets, Sovereign debt restructuring, Bond issues, Debt crisis, public debt, sovereign risk, sovereign default, bond restructuring

Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit strong post-crisis recoveries. To account for these aspects, we anal...

National Insurance Scheme Reforms in the Caribbean

National Insurance Scheme Reforms in the Caribbean »

Volume/Issue: 2016/206

Series: IMF Working Papers

Author(s): Koffie Ben Nassar , Joel Chiedu Okwuokei , Mike Li , Timothy Robinson , and Saji Thomas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 October 2016

DOI: http://dx.doi.org/10.5089/9781475545432.001

ISBN: 9781475545432

Keywords: Jamaica, Insurance, Grenada, Haiti, Dominica, Dominican Republic, Barbados, Bahamas, The, Asia and Pacific, Aging

Weighed down by population aging, slow economic growth, and high unemployment, National Insurance Schemes in the Caribbean are projected to run substantial deficits and deplete their assets in the next decades, rai...

Sovereign Credit Ratings and Spreads in Emerging Markets
			: Does Investment Grade Matter?

Sovereign Credit Ratings and Spreads in Emerging Markets : Does Investment Grade Matter? »

Volume/Issue: 2011/44

Series: IMF Working Papers

Author(s): Laura Jaramillo , and Michelle Tejada

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455218981.001

ISBN: 9781455218981

Keywords: Rating Agencies, public debt, external public debt, standard deviation, external debt, standard errors, Financial Markets and the Macroeconomy, International Finance: General, International Lending and Debt Problems,

Sovereign investment grade status is often associated with lower spreads in international markets. Using a panel framework for 35 emerging markets between 1997 and 2010, thispaper finds that investment grade status...

The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings

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The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings »

Volume/Issue: 2019/162

Series: IMF Working Papers

Author(s): Metodij Hadzi-Vaskov , and Luca Ricci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2019

DOI: http://dx.doi.org/10.5089/9781498325059.001

ISBN: 9781498325059

Keywords: Sovereign credit ratings, Credit ratings, Development, Financial markets, Financial management, Public debt, Credit rating agencies, Advanced economies, Emerging markets, Non-linearities

This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher pu...

Public Debt Markets in Central America, Panama, and the Dominican Republic

Public Debt Markets in Central America, Panama, and the Dominican Republic »

Volume/Issue: 2007/147

Series: IMF Working Papers

Author(s): Andreas Jobst , Laura Valderrama , Ivan Guerra , and Hemant Shah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

DOI: http://dx.doi.org/10.5089/9781451867114.001

ISBN: 9781451867114

Keywords: public debt markets, and capital market development, public debt, debt, central bank, debt management, external debt,

This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at...

IV Assessing Sovereign Debt Structures

IV Assessing Sovereign Debt Structures »

Source: Economic Growth and Integration in Central America

Series: Occasional Papers

Author(s): Alfred Schipke , and Dominique Desruelle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2007

ISBN: 9781589066168

Keywords: Economic conditions, Economic growth, Public debt, debt, inflation, pension, monetary policy

Since the Asian crises of the late 1990s, researchers and policymakers have put more emphasis on countries’ balance sheets to identify sources of vulnerability. This has led several authors to advocate a “ho...

IV. Conclusions

IV. Conclusions »

Source: Sovereign Debt Restructuring and Debt Sustainability : An Analysis of Recent Cross-Country Experience

Series: Occasional Papers

Author(s): Harald Finger , and Mauro Mecagni

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2007

ISBN: 9781589066106

Keywords: public debt, bonds, sovereign debt, debt restructuring, debt sustainability

The purpose of this paper was to review recent experience with the restructuring of sovereign debt owed to private creditors and to try to determine whether the objective of restoring sustainability has been...

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare? »

Source: Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?

Volume/Issue: 2019/138

Series: IMF Working Papers

Author(s): Jochen Andritzky , and Julian Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

ISBN: 9781498317375

Keywords: International bond markets, Collective action clauses, International capital markets, Sovereign debt restructuring, Bond issues, Debt crisis, public debt, sovereign risk, sovereign default, bond restructuring

Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit strong post-crisis recoveries. To account for these aspects, we anal...

The Macroeconomy of Central America

The Macroeconomy of Central America »

Series: Books

Author(s): Erik Offerdal , and Robert Rennhack

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2004

DOI: http://dx.doi.org/10.5089/9781403936523.071

ISBN: 9781403936523

Keywords: exchange rate, public debt, dollarization, exchange rate regime, debt service

Opportunities for growth and investment in Central America could well improve in the coming years, as the region's ties with the world economy grow closer. This integration, however, also presents important challen...