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Moral Hazard and International Crisis Lending: A Test

Moral Hazard and International Crisis Lending: A Test »

Source: Moral Hazard and International Crisis Lending : A Test

Volume/Issue: 2002/181

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia , Jeronimo Zettelmeyer , and Isabel Schnabel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2002

ISBN: 9781451859201

Keywords: international lending, bond, crisis lending, bond spreads, bonds, International Lending and Debt Problems, Econometric Methods: - Single Equation Models,

We test for the existence of a moral hazard effect attributable to official crisis lending by analyzing the evolution of sovereign bond spreads in emerging markets before and after the Russian crisis. The nonbailou...

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...

Sovereign Bond Restructuring

Sovereign Bond Restructuring »

Source: Sovereign Bond Restructuring : Collective Action Clauses and official Crisis Intervention

Volume/Issue: 2003/134

Series: IMF Working Papers

Author(s): Kenneth Kletzer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2003

ISBN: 9781451855623

Keywords: international financial architecture, bond, bondholders, bonds, debt renegotiation, International Lending and Debt Problems, International Economic Order,

This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sove...

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...

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...

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...

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...

The Pricing of Credit Default Swaps During Distress

The Pricing of Credit Default Swaps During Distress »

Source: The Pricing of Credit Default Swaps During Distress

Volume/Issue: 2006/254

Series: IMF Working Papers

Author(s): Manmohan Singh , and Jochen Andritzky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2006

ISBN: 9781451865141

Keywords: Credit default swaps, recovery value, default risk, bond, bonds, arbitrage, bond market, bond spreads, International Lending and Debt Problems,

Credit default swaps (CDS) provide the buyer with insurance against certain types of credit events by entitling him to exchange any of the bonds permitted as deliverable against their par value. Unlike bonds, whose...

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...