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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...

Ecuador

Ecuador »

Source: Ecuador : Recent Economic Developments

Volume/Issue: 1995/96

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 1995

ISBN: 9781451811759

Keywords: central bank, bond, bonds, debt reduction, discount bond

This paper describes economic developments in Ecuador during the 1990s. Inflation fell from an average of about 50 percent in 1988-92 to 22 percent in April 1995. Economic activity rebounded, and international rese...

Haircuts

Haircuts »

Source: Haircuts : Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005

Volume/Issue: 2005/137

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , and Federico Sturzenegger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

ISBN: 9781451861563

Keywords: Defaults, bond, bonds, debt, present value, discount rate, International Lending and Debt Problems,

This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructuring...

How Costly Are Debt Crises?

How Costly Are Debt Crises? »

Source: How Costly Are Debt Crises?

Volume/Issue: 2011/280

Series: IMF Working Papers

Author(s): Davide Furceri , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

ISBN: 9781463926618

Keywords: output losses, debt crises, sovereign defaults, debt crisis, currency crises, crisis episodes, currency crisis

The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and lon...

Ecuador
			: Recent Economic Developments

Ecuador : Recent Economic Developments »

Volume/Issue: 1995/96

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 1995

DOI: http://dx.doi.org/10.5089/9781451811759.002

ISBN: 9781451811759

Keywords: central bank, bond, bonds, debt reduction, discount bond

This paper describes economic developments in Ecuador during the 1990s. Inflation fell from an average of about 50 percent in 1988-92 to 22 percent in April 1995. Economic activity rebounded, and international rese...

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

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

DOI: http://dx.doi.org/10.5089/9781498391993.001

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...

Haircuts
			: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005

Haircuts : Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005 »

Volume/Issue: 2005/137

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , and Federico Sturzenegger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

DOI: http://dx.doi.org/10.5089/9781451861563.001

ISBN: 9781451861563

Keywords: Defaults, bond, bonds, debt, present value, discount rate, International Lending and Debt Problems,

This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructuring...

How Costly Are Debt Crises?

How Costly Are Debt Crises? »

Volume/Issue: 2011/280

Series: IMF Working Papers

Author(s): Davide Furceri , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463926618.001

ISBN: 9781463926618

Keywords: output losses, debt crises, sovereign defaults, debt crisis, currency crises, crisis episodes, currency crisis

The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and lon...

Intercreditor Distribution in Sovereign Debt Restructuring

Intercreditor Distribution in Sovereign Debt Restructuring »

Volume/Issue: 2004/183

Series: IMF Working Papers

Author(s): Ousmene Mandeng

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

DOI: http://dx.doi.org/10.5089/9781451859348.001

ISBN: 9781451859348

Keywords: Aggregation problem, collective action, intercreditor equity, present value, debt restructuring, sovereign debt, discount rate, sovereign debt restructuring, International Lending and Debt Problems,

Intercreditor equity represents one of the main objectives of bankruptcy proceedings. Yet, recent restructurings of sovereign debt suggest that violation of intercreditor equity is common. While existing contractua...

Spatial Spillovers in Emerging Market Spreads

Spatial Spillovers in Emerging Market Spreads »

Volume/Issue: 2011/221

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , Emanuele Baldacci , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463904234.001

ISBN: 9781463904234

Keywords: sovereign spreads, emerging market, spatial econometrics, external debt, bond, currency crises, sovereign bond, total external debt, International Finance: General,

We use novel spatial econometrics techniques to explore spillovers in the sovereign bond market for 24 emerging economies during 1995-2010. The paper extends the previous literature focusing on spillover effects fr...