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Sovereign Debt Restructurings 1950-2010

Sovereign Debt Restructurings 1950-2010 »

Source: Sovereign Debt Restructurings 1950-2010 : Literature Survey, Data, and Stylized Facts

Volume/Issue: 2012/203

Series: IMF Working Papers

Author(s): Christoph Trebesch , Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

ISBN: 9781475505535

Keywords: Sovereign Default, debt, restructuring, creditor, International Lending and Debt Problems,

This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering...

How Do Exchange Rate Regimes Affect Firms' Incentives to Hedge Currency Risk? Micro Evidence for Latin America

How Do Exchange Rate Regimes Affect Firms' Incentives to Hedge Currency Risk? Micro Evidence for Latin America »

Source: How Do Exchange Rate Regimes Affect Firms' Incentives to Hedge Currency Risk? Micro Evidence for Latin America

Volume/Issue: 2012/69

Series: IMF Working Papers

Author(s): Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781463939052

Keywords: exchange rate, exchange rate regime, International Lending and Debt Problems,

Using a unique dataset with information on the currency composition of firms' assets and liabilities in six Latin-American countries, I investigate how the choice of exchange rate regime affects firms' foreign curr...

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...

Sovereign Debt Restructurings in Belize

Sovereign Debt Restructurings in Belize »

Source: Sovereign Debt Restructurings in Belize : Achievements and Challenges Ahead

Volume/Issue: 2014/132

Series: IMF Working Papers

Author(s): Tamon Asonuma , Gerardo Peraza , Kristine Vitola , and Takahiro Tsuda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2014

ISBN: 9781498369510

Keywords: Inter-Creditor Equity, debt exchange, sovereign debt, public debt, International Lending and Debt Problems,

This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006-07 and in 2012-13 that occurred outside of an IMF-supported program. It finds that the motivation for...

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...

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...

Getting Shut Out of the International Capital Markets - It Doesn't Take Much

Getting Shut Out of the International Capital Markets - It Doesn't Take Much »

Source: Getting Shut Out of the International Capital Markets - It Doesn't Take Much

Volume/Issue: 2006/144

Series: IMF Working Papers

Author(s): Nancy Marion , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

ISBN: 9781451864045

Keywords: International lending, emerging market default, shutdowns, capital markets, probability, equation, international capital, International Lending and Debt Problems,

We use a simple model of international lending to show that an emerging market borrower who might default can be shut out of international capital markets without warning. A modest haircut on obligations, for examp...

IMF Lending and Banking Crises1

IMF Lending and Banking Crises1 »

Source: IMF Lending and Banking Crises

Volume/Issue: 2015/19

Series: IMF Working Papers

Author(s): Luca Papi , Andrea Presbitero , and Alberto Zazzaro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2015

ISBN: 9781484308691

Keywords: lending, liquidity, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Macroeconomic Analyses of Economic Development,

This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention...

Reputation, Debt, and Policy Conditionality

Reputation, Debt, and Policy Conditionality »

Source: Reputation, Debt, and Policy Conditionality

Volume/Issue: 2003/192

Series: IMF Working Papers

Author(s): Rodney Ramcharan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2003

ISBN: 9781451859782

Keywords: Economic reform, conditionality, stock of debt, debt restructuring, debt stock, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

In principle, international financial institutions (IFIs) can use their leverage as creditors to prompt governments to undertake policy reform. Yet such lending has been frequently linked to unsustainable debt leve...

Is Foreign Debt Portfolio Management Efficient in Emerging Economies?

Is Foreign Debt Portfolio Management Efficient in Emerging Economies? »

Source: Is Foreign Debt Portfolio Management Efficient in Emerging Economies?

Volume/Issue: 2001/121

Series: IMF Working Papers

Author(s): Khaled Hussein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451854381

Keywords: emerging economies, cointegration, debt portfolio, currency composition, debt management, International Lending and Debt Problems,

This paper develops a simple model of foreign debt portfolio management. The model suggests that, under mild conditions, the currency composition of a country's foreign debt portfolio is responsive to exchange rate...