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Appendix I. The Role of the IMF

Appendix I. The Role of the IMF »

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 restructurings generally occurred while IMF arrangements were in place. 49 All eight countries had an IMF arrangement when they restructured th...

Appendix II. Outcomes of Recent Restructurings

Appendix II. Outcomes of Recent Restructurings »

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

In September and October 1998, Ukraine restructured treasury bills equivalent to approximately $300 million and held by nonresidents into a two-year zero-coupon Eurobond with an ann...

Appendix III. Debt Decompositions in the Post-Restructuring Phase

Appendix III. Debt Decompositions in the Post-Restructuring Phase »

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

This appendix provides an analysis of the comparison between the actual debt dynamics of the countries in their post-restructuring periods with the projections in the IMF staff repo...

Appendix IV Public Debt Ratios and Probabilities of Debt Crises

Appendix IV Public Debt Ratios and Probabilities of Debt Crises »

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

We analyze the relationship between the probability of a crisis and the ratio of public debt to GDP using a pooled probit model on an unbalanced sample of 55 low- and middle-income...

I. Overview

I. Overview »

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

In the extreme circumstances where a restructuring of sovereign debt becomes unavoidable, an overarching objective is to restore the country’s debt to a sustainable path—a situation in which the borrower is...

II. Cross-Country Experience with Recent Sovereign Debt Restructurings

II. Cross-Country Experience with Recent Sovereign Debt Restructurings »

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

To provide the context, the initial conditions that led to a restructuring of sovereign debt are examined; then the scope and salient features of the debt restructurings are reviewed; and, finally, the outco...

III. Sovereign Debt Restructuring and Debt Sustainability

III. Sovereign Debt Restructuring and Debt Sustainability »

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

Given the different initial conditions, scopes, and outcomes of each of the debt operations, this chapter attempts to examine the extent to which debt sustainability has been restored. However, assessing the...

Structuring and Restructuring Sovereign Debt
			: The Role of a Bankruptcy Regime

Structuring and Restructuring Sovereign Debt : The Role of a Bankruptcy Regime »

Volume/Issue: 2007/192

Series: IMF Working Papers

Author(s): Patrick Bolton , and Olivier Jeanne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

DOI: http://dx.doi.org/10.5089/9781451867565.001

ISBN: 9781451867565

Keywords: Sovereign Debt Restructuring Mechanism (SDRM), debt structure, sovereign debt restructuring, debt renegotiations, Sovereign Debt Restructuring Mechanism (sdrm) Mechanism (sdrm),

In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competi...

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...

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

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

DOI: http://dx.doi.org/10.5089/9781589066106.084

ISBN: 9781589066106

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

Restoring a country's debt to a sustainable path after a sovereign debt restructuring is key to ensuring a credible and durable exit from the crisis. In recent years, a number of countries have restructured their s...