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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...

Default in Today's Advanced Economies

Default in Today's Advanced Economies »

Source: Default in Today's Advanced Economies : Unnecessary, Undesirable, and Unlikely

Volume/Issue: 2010/12

Series: IMF Staff Position Notes

Author(s): Carlo Cottarelli , Paolo Mauro , Lorenzo Forni , and Jan Gottschalk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

ISBN: 9781455261307

Keywords: Debt restructuring, Developed countries, Budget deficits, Exchange rate adjustments, Public debt, Public finance, Sovereign debt, Interest rates, Fiscal adjustment, debt

This note summarizes the main arguments put forward by some market commentators who argue that default is inevitable, and presents a rebuttal for each argument in turn. Their main arguments focus on the size of the...

Default in Today's Advanced Economies
			: Unnecessary, Undesirable, and Unlikely

Default in Today's Advanced Economies : Unnecessary, Undesirable, and Unlikely »

Volume/Issue: 2010/12

Series: IMF Staff Position Notes

Author(s): Carlo Cottarelli , Paolo Mauro , Lorenzo Forni , and Jan Gottschalk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455261307.004

ISBN: 9781455261307

Keywords: Debt restructuring, Developed countries, Budget deficits, Exchange rate adjustments, Public debt, Public finance, Sovereign debt, Interest rates, Fiscal adjustment, debt

This note summarizes the main arguments put forward by some market commentators who argue that default is inevitable, and presents a rebuttal for each argument in turn. Their main arguments focus on the size of the...

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...

Persistent Gaps, Volatility Types, and Default Traps

Persistent Gaps, Volatility Types, and Default Traps »

Volume/Issue: 2007/148

Series: IMF Working Papers

Author(s): Ana Fostel , Sandeep Kapur , and Luis Catão

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

DOI: http://dx.doi.org/10.5089/9781451867121.001

ISBN: 9781451867121

Keywords: Sovereign Debt, Default, Country Spreads, Output Volatility and Persistence, bond, bonds, sovereign bond, bondholders, Sovereign Debt. Default,

We show that cross-country differences in the underlying volatility and persistence of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious" circles of bor...

Sudden Stops and Currency Drops
			: A Historical Look

Sudden Stops and Currency Drops : A Historical Look »

Volume/Issue: 2006/133

Series: IMF Working Papers

Author(s): Luis Catão

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

DOI: http://dx.doi.org/10.5089/9781451863932.001

ISBN: 9781451863932

Keywords: international capital flows, gold standard, exchange rate, foreign capital, capital inflows, capital inflow, foreign capital inflow, Financial Markets and the Macroeconomy, International Lending and Debt Problems,

This paper shows that recent manifestations of sudden stops (SSs) in international capital flows have striking parallels in the early financial globalization era preceding World War I. All main capital-importing co...

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending »

Volume/Issue: 2013/20

Series: IMF Working Papers

Author(s): Marco Committeri , and Francesco Spadafora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2013

DOI: http://dx.doi.org/10.5089/9781475578713.001

ISBN: 9781475578713

Keywords: IMF financing, Systemic spillovers, sovereign debt, debt restructuring, debt crises, sovereign debt crises, sovereign bonds, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international 'rules of the game' for dealing with sovereign debt crises. These rules rest...

Persistent Gaps, Volatility Types, and Default Traps

Persistent Gaps, Volatility Types, and Default Traps »

Source: Persistent Gaps, Volatility Types, and Default Traps

Volume/Issue: 2007/148

Series: IMF Working Papers

Author(s): Ana Fostel , Sandeep Kapur , and Luis Catão

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

ISBN: 9781451867121

Keywords: Sovereign Debt, Default, Country Spreads, Output Volatility and Persistence, bond, bonds, sovereign bond, bondholders, Sovereign Debt. Default,

We show that cross-country differences in the underlying volatility and persistence of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious" circles of bor...

Sudden Stops and Currency Drops

Sudden Stops and Currency Drops »

Source: Sudden Stops and Currency Drops : A Historical Look

Volume/Issue: 2006/133

Series: IMF Working Papers

Author(s): Luis Catão

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

ISBN: 9781451863932

Keywords: international capital flows, gold standard, exchange rate, foreign capital, capital inflows, capital inflow, foreign capital inflow, Financial Markets and the Macroeconomy, International Lending and Debt Problems,

This paper shows that recent manifestations of sudden stops (SSs) in international capital flows have striking parallels in the early financial globalization era preceding World War I. All main capital-importing co...

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending »

Source: You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

Volume/Issue: 2013/20

Series: IMF Working Papers

Author(s): Marco Committeri , and Francesco Spadafora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2013

ISBN: 9781475578713

Keywords: IMF financing, Systemic spillovers, sovereign debt, debt restructuring, debt crises, sovereign debt crises, sovereign bonds, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international 'rules of the game' for dealing with sovereign debt crises. These rules rest...