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Debt Crises and the Development of International Capital Markets

Debt Crises and the Development of International Capital Markets »

Source: Debt Crises and the Development of International Capital Markets

Volume/Issue: 2004/44

Series: IMF Working Papers

Author(s): Amadou Sy , and Andrea Pescatori

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2004

ISBN: 9781451846447

Keywords: Bond spreads, debt crisis, bond, debt crises, sovereign bond, bonds, Financial Institutions and Services: General,

Crises on external sovereign debt are typically defined as defaults. Such a definition accurately captures debt-servicing difficulties in the 1980s, a period of numerous defaults on bank loans. However, defining de...

Emerging Market Bond Spreads and Sovereign Credit Ratings

Emerging Market Bond Spreads and Sovereign Credit Ratings »

Source: Emerging Market Bond Spreads and Sovereign Credit Ratings : Reconciling Market Views with Economic Fundamentals

Volume/Issue: 2001/165

Series: IMF Working Papers

Author(s): Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

ISBN: 9781451858051

Keywords: Bond spreads, monitoring, risk appetite, bond, bonds, emerging market bond, market bond, Financial Institutions and Services: General,

This paper uses a panel data estimation of a simple univariate model of sovereign spreads on ratings to analyze statistically significant deviations from the estimated relationship. We find evidence of an asymmetri...

Emerging Market Spreads

Emerging Market Spreads »

Source: Emerging Market Spreads : Then Versus Now

Volume/Issue: 2000/190

Series: IMF Working Papers

Author(s): Yishay Yafeh , Paolo Mauro , and Nathan Sussman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2000

ISBN: 9781451859652

Keywords: bond returns, international financial integration, brady bonds, bond, government bonds, bond yields

This paper analyzes yield spreads on sovereign debt issued by emerging markets using modern data from the 1990s and newly-collected historical data on debt traded in London during 1870–1913, a previous &#x20...

I Overview

I Overview »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

The way countries structure their public borrowing has long been considered an important determinant of economic performance. This topic has recently received renewed attention as a result of not only steep...

II Facts on Existing Public Debt Structures

II Facts on Existing Public Debt Structures »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

Public debt in emerging market countries differs in several respects from that in advanced economies. First, average debt levels were traditionally equivalent to a lower share of GDP in emerging market count...

III Rendering Debt Structures Less Crisis Prone with Existing Instruments

III Rendering Debt Structures Less Crisis Prone with Existing Instruments »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

Existing debt structures in emerging market countries seem to rely excessively on risky forms of debt—such as short-term and foreign-currency debt—which may amplify the economic cycle, increase the likelihoo...

Debt Crises and the Development of International Capital Markets

Debt Crises and the Development of International Capital Markets »

Volume/Issue: 2004/44

Series: IMF Working Papers

Author(s): Amadou Sy , and Andrea Pescatori

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2004

DOI: http://dx.doi.org/10.5089/9781451846447.001

ISBN: 9781451846447

Keywords: Bond spreads, debt crisis, bond, debt crises, sovereign bond, bonds, Financial Institutions and Services: General,

Crises on external sovereign debt are typically defined as defaults. Such a definition accurately captures debt-servicing difficulties in the 1980s, a period of numerous defaults on bank loans. However, defining de...

Emerging Market Bond Spreads and Sovereign Credit Ratings
			: Reconciling Market Views with Economic Fundamentals

Emerging Market Bond Spreads and Sovereign Credit Ratings : Reconciling Market Views with Economic Fundamentals »

Volume/Issue: 2001/165

Series: IMF Working Papers

Author(s): Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

DOI: http://dx.doi.org/10.5089/9781451858051.001

ISBN: 9781451858051

Keywords: Bond spreads, monitoring, risk appetite, bond, bonds, emerging market bond, market bond, Financial Institutions and Services: General,

This paper uses a panel data estimation of a simple univariate model of sovereign spreads on ratings to analyze statistically significant deviations from the estimated relationship. We find evidence of an asymmetri...

Emerging Market Spreads
			: Then Versus Now

Emerging Market Spreads : Then Versus Now »

Volume/Issue: 2000/190

Series: IMF Working Papers

Author(s): Yishay Yafeh , Paolo Mauro , and Nathan Sussman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2000

DOI: http://dx.doi.org/10.5089/9781451859652.001

ISBN: 9781451859652

Keywords: bond returns, international financial integration, brady bonds, bond, government bonds, bond yields

This paper analyzes yield spreads on sovereign debt issued by emerging markets using modern data from the 1990s and newly-collected historical data on debt traded in London during 1870–1913, a previous &#x20...

IV Explicit Seniority in Privately Held Sovereign Debt

IV Explicit Seniority in Privately Held Sovereign Debt »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

As described in Section II, the absence of explicit seniority is a striking difference between sovereign and corporate debt. This section argues that explicit seniority in sovereign debt—and, more generally,...