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You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
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Cover Prevention and Resolution of Sovereign Debt Crises
Prevention and Resolution of Sovereign Debt Crises
Ms. Julianne Ams, Mr. Tamon Asonuma, Mr. Wolfgang Bergthaler, Ms. Chanda M DeLong, Ms. Nouria El Mehdi, Mr. Mark J Flanagan, Mr. Sean Hagan, Ms. Yan Liu, Charlotte J. Lundgren, Mr. Martin Mühleisen, Alex Pienkowski, Mr. Gustavo Pinto, and Mr. Eric Robert

Abstract

“The IMF’s Role in the Prevention and Resolution of Sovereign Debt Crises” provides a guided narrative to the IMF’s policy papers on sovereign debt produced over the last 40 years. The papers are divided into chapters, tracking four historical phases: the 1980s debt crisis; the Mexican crisis and the design of policies to ensure adequate private sector involvement (“creditor bail-in”); the Argentine crisis and the search for a durable crisis resolution framework; and finally, the global financial crisis, the Eurozone crisis, and their aftermaths.

Keywords:
SLIPS; debt; crisis; financing; fund; IMF support; IMF policy response; policy development; IMF responsibility; crisis resolution role; fund support; Global; Eastern Europe; Sovereign debt restructuring; Sovereign bonds; Arrears; Commercial banks; fund policy; IMF's policy; IMF approval
Cover Sovereign Debt Restructuring and Debt Sustainability
Sovereign Debt Restructuring and Debt Sustainability
An Analysis of Recent Cross-Country Experience
Mr. Harald Finger and Mr. Mauro Mecagni

Abstract

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 sovereign liabilities, either following a default, or preemptively, to avoid a default. This Occasional Paper takes stock of the experiences of some of these countries--Argentina, the Dominican Republic, Ecuador, Moldova, Pakistan, Russia, Ukraine, and Uruguay--with debt-restructuring operations, with a view to assessing the outcomes and whether debt sustainability has been restored. The emphasis of the study is on sovereign debt owed to private creditors.

Keywords:
OP; debt; debt ratio; debt-sustainability assessment; inferred crisis probability; ratio; liquidity position; public debt crisis; standard error; Debt restructuring; Sovereign debt restructuring; Bonds; Debt sustainability; Global; Africa; debt profile; debt vulnerability; solvency problem; Stress testing
Cover IMF Working Papers
Internal Models, Subordinated Debt, and Regulatory Capital Requirements for Bank Credit Risk
Mr. Paul H. Kupiec
Shortcomings make credit VaR estimates an unsuitable basis for setting bank regulatory capital requirements. If, alternatively, banks are required to issue subordinated debt that has a minimum market value and maximum acceptable probability of default, banks must set their equity capital in a manner that limits both the probability of bank default and the expected loss on insured deposits, largely removing any safety net-related funding cost subsidy and the moral hazard incentives it creates. Required equity capital can be estimated using a modified credit-VaR framework, and supervisors can use external credit ratings to indirectly verify the accuracy of bank internal model estimates.
Keywords:
WP; equity capital; market value; regulatory capital requirements; credit VaR; subordinated debt; internal risk models; capital requirement; bank default; investment opportunity; debt issue; bank shareholder; safety net; bank investment incentive; funding debt; bank liability; capital allocation; Credit risk; Vector autoregression; Debt financing; Credit; Stocks
Cover IMF Staff Country Reports
Indonesia: Selected Issues
International Monetary Fund
The paper reviews the progress being made toward Indonesia's full emergence from the crisis. Banking sector restructuring has been at the heart of the reform program. Corporate debt restructuring is critical for resumption of normal credit flows and Indonesia's full and sustainable economic recovery. Finally, successive reform programs have aimed at alleviating the impact of the crisis on the poorest households and creating conditions for reversing the rise in poverty. Resuming Indonesia's long-term record of poverty reduction depends on effective social spending schemes and sustainable recovery.
Keywords:
ISCR; CR; poverty rate; banking system; U.S. dollar; debt service; short-term debt; foreign currency; real GDP; negative equity; balance of payments; private sector; book value; fiscal year; Loans; Bank resolution; Commercial banks; Bonds; Central Asia