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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...

Beyond Aid

Beyond Aid »

Source: Beyond Aid : How Much Should African Countries Pay to Borrow?

Volume/Issue: 2010/140

Series: IMF Working Papers

Author(s): Cheikh Gueye , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2010

ISBN: 9781455201235

Keywords: First-Time Issuers, Push and Pull Factors, Sovereign Bonds, Spreads, capital markets, bond, international capital markets, market bond, International Lending and Debt Problems,

Post debt relief, the number of African countries considering accessing international capital markets, often to fund large infrastructure projects, is increasing. Potential risks of capital inflows are well known b...

Bond Restructuring and Moral Hazard

Bond Restructuring and Moral Hazard »

Source: Bond Restructuring and Moral Hazard : Are Collective Action Clauses Costly?

Volume/Issue: 2001/92

Series: IMF Working Papers

Author(s): Torbjorn Becker , Anthony Richards , and Yunyong Thaicharoen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451851595

Keywords: Bond restructuring, contract design, law, bonds, bond, bondholders, International Lending and Debt Problems,

Many official groups have endorsed the wider use by emerging market borrowers of contract clauses which allow for a qualified majority of bondholders to restructure repayment terms in the event of financial distres...

Catalyzing Capital Flows

Catalyzing Capital Flows »

Source: Catalyzing Capital Flows : Do IMF-Supported Programs Work As Commitment Devices?

Volume/Issue: 2003/100

Series: IMF Working Papers

Author(s): Diego Saravia , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2003

ISBN: 9781451852424

Keywords: signaling, bond, bond issuance, bonds, capital flows, international capital, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

An objective of IMF-supported programs is to help countries improve their access to international capital markets. In this paper, we examine the issue whether IMF-supported programs influence the ability of develop...

The Cost of Private Debt Over the Credit Cycle

The Cost of Private Debt Over the Credit Cycle »

Source: The Cost of Private Debt Over the Credit Cycle

Volume/Issue: 2010/283

Series: IMF Working Papers

Author(s): Eugen Tereanu , Johanna Francis , and Dilek Aykut

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

ISBN: 9781455210909

Keywords: debt flows, credit spreads, syndicated lending, credit cycles, bond, private debt, bonds, private debt flows, bond issuance, Global Outlook

We identify global and regional fluctuations in international private debt flows to emerging and developing countries using data on cross border loans and international bond issuance over 1993 -2009. We estimate th...

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 Limits and the Structure of Public Debt1

Debt Limits and the Structure of Public Debt1 »

Source: Debt Limits and the Structure of Public Debt

Volume/Issue: 2017/117

Series: IMF Working Papers

Author(s): Alex Pienkowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

ISBN: 9781484300657

Keywords: Sovereign debt, debt limits, sovereign default, state-contingent debt, GDP-linked bonds, International Lending and Debt Problems

This paper provides a tractable framework to assess how the structure of debt instruments-specifically by currency denomination and indexation to GDP-can raise the debt limit of a sovereign. By calibrating the mode...

Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?

Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? »

Source: Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?

Volume/Issue: 2010/168

Series: IMF Working Papers

Author(s): Anna Ilyina , Anastasia Guscina , and Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201792

Keywords: sovereign debt management, bonds, debt manager, hedging, currency debt, International Lending and Debt Problems, International Finance: Other, Fiscal Policies and Behavior of Economic Agents: General,

This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is ancho...

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...

The External Financing of Emerging Market Countries

The External Financing of Emerging Market Countries »

Source: The External Financing of Emerging Market Countries : Evidence from Two Waves of Financial Globalization

Volume/Issue: 2006/205

Series: IMF Working Papers

Author(s): Aleksandar Zaklan , Paolo Mauro , Martín Minnoni , and Andre Faria

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2006

ISBN: 9781451864656

Keywords: external liabilities, international financial integration, primary enrollment, bond, bonds, school enrollment, primary school, International Lending and Debt Problems, Financial Aspects of Economic Integration,

We trace the history of where and why investors from the most advanced countries directed funds, ultimately helping finance economic development in emerging market countries. To do this, we analyze the determinants...