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Jamaica Debt Exchange
Author:
Mr. David A. Grigorian
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Mr. Trevor Serge Coleridge Alleyne
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Mr. Alejandro D Guerson
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Series:
IMF Working Papers
Volume/Issue:
Volume 2012: Issue 244
Language:
English
Publication Date:
09 Oct 2012
DOI:
https://doi.org/10.5089/9781475512724.001
ISBN:
9781475512724
ISSN:
1018-5941
Pages:
22
Keywords:
WP; debt; debt exchange; market; government bond; financial institution; JDX; Jamaica sovereign debt exchange; debt sustainability; financial stability; financial system; interest payment; debt obligation; debt operation; restructuring experience; financial market; interest rate risk; debt composition; US$-denominated debt; overhang problem; foreign currency; Bonds; Securities; Market risk; Financial sector; Global; Caribbean
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The sovereign debt restructuring operation in Jamaica undertaken in early-2010 was a unique experiment that perhaps offered less by way of upside, if compared to the conventional sovereign debt exchanges, but provided credible assurances against further downfall and financial sector distress. A case study of a highly indebted country with domestically held debt, the paper discusses the conditions leading to the exchange, the rationale behind it, as well as its operational aspects. Achievements of the exchange, too, are discussed in detail. The paper also outlines the risks stemming from the high levels of debt—which continue to remain high—requiring prompt and coordinated action by policymakers if the legacy of the debt exchange is to be preserved.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund