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Europe > Ukraine

You are looking at 1 - 2 of 2 items for :

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Cover Policy Papers
Review of Fund Facilities-Analytical Basis for Fund Lending and Reform Options
International Monetary Fund
In the context of the ongoing review of Fund facilities, this paper examines the analytical basis for Fund lending in emerging market countries and provides a broad-ranging perspective for reforming the General Resources Account (GRA) lending toolkit. The Fund’s important lending role in crisis prevention and resolution is buttressed by its unique characteristics: (i) its ability as a nonatomistic lender to provide large-scale financing and reduce the likelihood of a run by private creditors; (ii) its ability as a cooperative institution with near-universal membership to agree conditionality with members, thus providing national authorities with a policy commitment tool to underpin confidence and catalyze private lending; and (iii) its de facto preferred creditor status, which allows it to provide crisis financing when private creditors may be reluctant to lend.
Keywords:
PP; Fund financing; Fund lending; Fund resource; private sector; Fund crisis lending; commitment fee; prevention instrument; Crisis prevention; Capital account crisis; Balance of payments need; Crisis resolution; Options; Global
Cover IMF Working Papers
Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005
Mr. Jeromin Zettelmeyer
and
Mr. Federico Sturzenegger
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 retructurings. Haircuts are computed as the percentage difference between the present values of old and new instruments, discounted at the yield prevailing immediately after the exchange. We find average haircuts ranging from 13 percent (Uruguay external exchange) to 73 percent (2005 Argentina exchange). We also find within-exchange variations in haircuts, depending on the instrument tendered. With exceptions, domestic residents do not appear to have been treated systematically better (or worse) than foreign residents.
Keywords:
WP; U.S. dollar; discount rate; secondary market; yield to maturity; par bond; Sovereign Debt; Debt Restructuring; Defaults; Financial Crises; Brady bond; cash payment; coupon bond; maturity date; Bonds; Options; Discount rates; Public expenditure review; Currencies; Global