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The Impact of Bailouts on the Probability of Sovereign Debt Crises: Evidence from IMF-Supported Programs

The Impact of Bailouts on the Probability of Sovereign Debt Crises: Evidence from IMF-Supported Programs »

Source: The Impact of Bailouts on the Probability of Sovereign Debt Crises: Evidence from IMF-Supported Programs

Volume/Issue: 2019/2

Series: IMF Working Papers

Author(s): Hippolyte Balima , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2019

ISBN: 9781484393413

Keywords: Sovereign debt defaults, IMF-supported programs, entropy balancing, International Lending and Debt Problems, International Monetary Arrangements and Institutions

This paper studies the role of IMF-supported programs in mitigating the likelihood of subsequent sovereign defaults in borrowing countries. Using a panel of 106 developing countries from 1970 to 2016 and an entropy...

First-Time International Bond Issuance—New Opportunities and Emerging Risks

First-Time International Bond Issuance—New Opportunities and Emerging Risks »

Source: First-Time International Bond Issuance-New Opportunities and Emerging Risks

Volume/Issue: 2014/127

Series: IMF Working Papers

Author(s): Anastasia Guscina , Guilherme Pedras , and Gabriel Presciuttini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2014

ISBN: 9781498390699

Keywords: Bond market, LICs, frontier markets, bond, international bond, bond issuance, global bond, International Lending and Debt Problems, Asset Pricing,

International bond issuance by debut issuers has risen in recent years. The uptick was a result of both demand and supply factors. The search for yield and demand for portfolio diversification have resulted in dema...

The IMF in a World of Private Capital Markets

The IMF in a World of Private Capital Markets »

Source: The IMF in a World of Private Capital Markets

Volume/Issue: 2005/84

Series: IMF Working Papers

Author(s): Ashoka Mody , Barry Eichengreen , and Kenneth Kletzer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2005

ISBN: 9781451861037

Keywords: signaling, bond, bonds, equation, probability, bond markets, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the...

Re-Accessing International Capital Markets After Financial Crises

Re-Accessing International Capital Markets After Financial Crises »

Source: Re-Accessing International Capital Markets After Financial Crises : Some Empirical Evidence

Volume/Issue: 2007/136

Series: IMF Working Papers

Author(s): Luisa Zanforlin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

ISBN: 9781451867008

Keywords: Re-access, capital markets, debt service, international capital, global liquidity, International Lending and Debt Problems, Economic Development: General,

The paper analyzes the factors that contribute to the re-access of countries that emerge from a severe financial crisis to the international capital markets. It conjectures that these factors depend on a sovereign'...

On the Determinants of First-Time Sovereign Bond Issues

On the Determinants of First-Time Sovereign Bond Issues »

Source: On the Determinants of First-Time Sovereign Bond Issues

Volume/Issue: 2003/184

Series: IMF Working Papers

Author(s): David Grigorian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2003

ISBN: 9781451859386

Keywords: sovereign bonds, first-time market access, bond, bonds, bond issues, international capital markets, sovereign bond, International Lending and Debt Problems,

In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially. For these countries, capital market access meant a de facto ackn...

Fatal Attraction

Fatal Attraction »

Source: Fatal Attraction : A New Measure of Contagion

Volume/Issue: 2003/80

Series: IMF Working Papers

Author(s): Tamim Bayoumi , Manmohan Kumar , Giorgio Fazio , and Ronald MacDonald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

ISBN: 9781451850321

Keywords: Contagion, international capital flows, emerging market crises, correlations, correlation, currency crises, asian crisis, International Lending and Debt Problems,

This paper proposes a new measure of contagion that is good at anticipating future vulnerabilities. Building on previous work, it uses correlations of equity markets across countries to measure contagion, but in a...

Institutions, Program Implementation, and Macroeconomic Performance

Institutions, Program Implementation, and Macroeconomic Performance »

Source: Institutions, Program Implementation, and Macroeconomic Performance

Volume/Issue: 2004/184

Series: IMF Working Papers

Author(s): Saleh Nsouli , Ruben Atoyan , and Alex Mourmouras

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

ISBN: 9781451859393

Keywords: Institutions, IMF-supported programs, macroeconomic performance, inflation, statistics, equation, correlation, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

This paper assesses empirically the links among a country's institutions and political environment, its implementation of IMF-supported programs, and macroeconomic performance in a sample of 197 programs approved b...

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...

Toward a Statutory Approach to Sovereign Debt Restructuring

Toward a Statutory Approach to Sovereign Debt Restructuring »

Source: Toward a Statutory Approach to Sovereign Debt Restructuring : Lessons From Corporate Bankruptcy Practice Around the World

Volume/Issue: 2003/13

Series: IMF Working Papers

Author(s): Patrick Bolton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2003

ISBN: 9781451843026

Keywords: sovereign dept, debt restructuring, debt, restructuring, creditors, International Lending and Debt Problems,

This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to m...

Reserve Requirements, the Maturity Structure of Debt, and Bank Runs

Reserve Requirements, the Maturity Structure of Debt, and Bank Runs »

Source: Reserve Requirements, the Maturity Structure of Debt, and Bank Runs

Volume/Issue: 2008/108

Series: IMF Working Papers

Author(s): Eza Ghassan Al-Zein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2008

ISBN: 9781451869682

Keywords: Bank Runs, Crises, International Lending, Maturity, Term Structure, bank run, bond, bonds,

The paper looks at the relationship between reserve requirements and the choice of the maturity structure of external debt in a general equilibrium setup, by incorporating the role of international lenders. A date-...