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Business and Economics > Investments: Stocks

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Cover IMF Working Papers
Dynamic Loan Loss Provisions in Uruguay: Properties, Shock Absorption Capacity and Simulations Using Alternative Formulas
Torsten Wezel
This paper assesses the merits of countercyclical loan loss provisioning in Uruguay. Using a stress test methodology, it quantifies the protection against macroeconomic shocks provided by the stock of dynamic provisions accumulated since 2001 and finds that medium-sized shocks would be fully absorbed, offsetting the additional costs caused by rising specific provisions. In addition, the paper simulates the path of dynamic provisions under the formulas used in Spain, Peru and Bolivia, showing that the alternative paths diverge significantly from the actual buildup and in part better conform to the Uruguayan credit cycle.
Keywords:
WP; provision; loan; dynamic provision; fund
Cover IMF Working Papers
Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets
Mr. Udaibir S Das
,
Mr. Michael G. Papaioannou
, and
Christoph Trebesch
Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to international capital markets, in the form of external credit (loans and bond issuances) and equity issuances. The study first analyzes the impact of sovereign debt crises during the 1980s and 1990s. It goes on to examine the 1993 to 2007 period, using additional measures of sovereign risk-sovereign bond spreads and sovereign ratings-as explanatory variables. Overall, we find that sovereign default risk is a crucial determinant of private sector access to capital, be it external debt or equity. We also find that crisis resolution patterns matter and that defaults towards private creditors have stronger adverse consequences than defaults to official creditors.
Keywords:
WP; debt crisis; debt-crisis characteristic; crisis-resolution procedure; financial market; Sovereign default; Private sector access; Capital flows; Emerging Markets; debt-crisis episode; debt-crisis dummy; distress episode; crisis characteristic; debt-restructuring negotiations; debt-crisis period; debt issuance; bond debt; debt-restructuring agreement; debt flow; sovereign debt issuance; Emerging and frontier financial markets; Capital markets; Stocks; Global
Cover IMF Survey
IMF Survey, Volume 32, Issue 08
International Monetary Fund. External Relations Dept.
Speaking at the Thirty-Third Washington Conference of the Council of the Americas on April 29, IMF Managing Director Horst Köhler expressed optimism about Latin America’s growth prospects. Despite difficult economic times, he said, the people have indicated no desire to return to past authoritarian regimes, and several countries have recently reaffirmed their commitment to a market-based system. A summary of Köhle’s address, delivered at the U.S. Department of State, follows.
Keywords:
SV; IMF Concludes; IMF Approves; market; IMF's website; indicators seek; financial systems department; draft guide; IMF publication service; industry factor; Stock markets; Financial inclusion; Income; Poverty reduction; Stocks; Global; Africa; Sub-Saharan Africa; West Africa; Europe
Cover Policy Papers
The Restructuring of Sovereign Debt - Assessing the Benefits, Risks, and Feasibility of Aggregating Claims
International Monetary Fund
NULL
Keywords:
PP; action clause; bond issuance; majority restructuring provision; aggregation provision; commercial bank; interest rate; private sector; Bonds; Collective action clauses; Legal support in revenue administration; Stocks; Securities