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Avantages et inconvénients de la dollarisation intégrale

Avantages et inconvénients de la dollarisation intégrale »

Source: Dollarisation intégrale : Avantages et inconvénients

Series: Economic Issues

Author(s): Eduardo Borensztein , and Andrew Berg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 July 2001

Language: French

ISBN: 9781557759948

Keywords: Dollarization, dollarization, currency board, domestic currency, central bank, currency boards, currency crises, currency risk, capital flows, international borrowing

Depuis la disparition du système de taux de change fixes de Bretton Woods, il y a près de trente ans, le vieux problème de la mise en place d’un système viable de taux de change est...

Banks, Government Bonds, and Default

Banks, Government Bonds, and Default »

Source: Banks, Government Bonds, and Default : What do the Data Say?

Volume/Issue: 2014/120

Series: IMF Working Papers

Author(s): Nicola Gennaioli , Alberto Martin , and Stefano Rossi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 2014

ISBN: 9781498391993

Keywords: Sovereign Default, Government Bonds, bonds, bond, public bonds, bond returns, sovereign bond, International Lending and Debt Problems, Financial Aspects of Economic Integration,

We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particul...

'Beneficial' Delays in Debt Restructuring Negotiations

'Beneficial' Delays in Debt Restructuring Negotiations »

Source: 'Beneficial' Delays in Debt Restructuring Negotiations

Volume/Issue: 2008/38

Series: IMF Working Papers

Author(s): Ran Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

ISBN: 9781451869002

Keywords: debt renegotiation, stochastic bargaining, renegotiation delays, bond, bond spreads,

Delays in debt restructuring negotiations are widely regarded as inefficient. This paper argues that delays can allow the economy to recover from a crisis, make more resources available for debt settlement, and ena...

Capital Flows with Debt- and Equity-Financed Investment-Equilibrium Structure and Efficiency Implications1

Capital Flows with Debt- and Equity-Financed Investment-Equilibrium Structure and Efficiency Implications1 »

Source: Capital Flows with Debt- and Equity-Financed Investment-Equilibrium Structure and Efficiency Implications

Volume/Issue: 1998/159

Series: IMF Working Papers

Author(s): Assaf Razin , Chi-Wa Yuen , and Efraim Sadka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1998

ISBN: 9781451857641

Keywords: debt and equity, efficient capital flows, asymmetric information, corrective policy, equity market, capital flows, equity finance, stock of capital, capital market

This paper distinguishes between debt and equity flows in the presence of information asymmetry between the firm’s “insiders” and “outsiders” in a small open economy. It shows the...

Crisis Resolution

Crisis Resolution »

Source: Crisis Resolution : Next Steps

Volume/Issue: 2003/196

Series: IMF Working Papers

Author(s): Kenneth Kletzer , Barry Eichengreen , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2003

ISBN: 9781451859980

Keywords: Collective Action, Aggregation, Transition, bonds, bond, bondholders, sovereign debt, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging...

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...

Debt Dilution and Sovereign Default Risk

Debt Dilution and Sovereign Default Risk »

Source: Debt Dilution and Sovereign Default Risk

Volume/Issue: 2011/70

Series: IMF Working Papers

Author(s): Leonardo Martinez , Juan Carlos Hatchondo , and Cesar Sosa Padilla

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

ISBN: 9781455227099

Keywords: Sovereign Default, Endogenous Borrowing Constraints, Long-term Debt, Overborrowing, Markov Perfect Equilibrium., bonds, sovereign debt, bond, bondholders, Markov Perfect Equilibrium,

We propose a modification to a baseline sovereign default framework that allows us to quantify the importance of debt dilution in accounting for the level and volatility of the interest rate spread paid by sovereig...

Debt Maturity and the International Financial Architecture

Debt Maturity and the International Financial Architecture »

Source: Debt Maturity and the International Financial Architecture

Volume/Issue: 2004/137

Series: IMF Working Papers

Author(s): Olivier Jeanne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

ISBN: 9781451855944

Keywords: debt contract, international financial architecture, debt contracts, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Short-term Debt, Collective Action Clause, International Bankruptcy Court,

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...

Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies

Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies »

Source: Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies

Volume/Issue: 2004/58

Series: IMF Working Papers

Author(s): John Cady

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2004

ISBN: 9781451847895

Keywords: Sovereign debt and yield spreads, data transparency, SDDS, bond, capital markets, international capital, bonds, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

Does macroeconomic data transparency-as signaled by subscription to the IMF's Special Data Dissemination Standard (SDDS)-help reduce borrowing costs in private capital markets? This question is examined using detai...

Exits from Heavily Managed Exchange Rate Regimes

Exits from Heavily Managed Exchange Rate Regimes »

Source: Exits from Heavily Managed Exchange Rate Regimes

Volume/Issue: 2005/39

Series: IMF Working Papers

Author(s): Enrica Detragiache , Eisuke Okada , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2005

ISBN: 9781451860580

Keywords: orderly and disorderly exits, exchange rate, real exchange rate, international financial statistics, exchange rate regime, exchange rate regimes, International Lending and Debt Problems, orderly, and disorderly exits,

A widely held nostrum is that countries should exit heavily managed exchange rate regimes when the going is good, rather than when the exchange rate is under pressure to depreciate. Have countries followed this adv...