A Survey Of Experiences With Emerging Market Sovereign Debt Restructurings
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Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2012-05-06 |
Genre | : Business & Economics |
ISBN | : 1498340474 |
This paper takes stock of past episodes of debt restructuring and reviews the relevant literature. Based on cross-country experience from the late 1990s through 2010 of emerging markets it offers some stylized facts.
Author | : Internationaler Währungsfonds |
Publisher | : |
Total Pages | : 0 |
Release | : 2012 |
Genre | : |
ISBN | : |
This paper takes stock of past episodes of debt restructuring and reviews the relevant literature. Based on cross-country experience from the late 1990s through 2010 of emerging markets it offers some stylized facts.
Author | : Mr.Udaibir S. Das |
Publisher | : International Monetary Fund |
Total Pages | : 128 |
Release | : 2012-08-01 |
Genre | : Business & Economics |
ISBN | : 1475505531 |
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 the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Author | : Federico Sturzenegger |
Publisher | : MIT Press |
Total Pages | : 399 |
Release | : 2007-01-05 |
Genre | : Business & Economics |
ISBN | : 0262195534 |
Detailed case studies of debt defaults by Russia, Ukraine, Pakistan, Ecuador, Moldova, and Uruguay, framed by a comprehensive discussion of the history, economic theory, legal issues, and policy lessons of sovereign debt crises. The debt crises in emerging market countries over the past decade have given rise to renewed debate about crisis prevention and resolution. In Debt Defaults and Lessons from a Decade of Crises, Federico Sturzenegger and Jeromin Zettelmeyer examine the facts, the economic theory, and the policy implications of sovereign debt crises. They present detailed case histories of the default and debt crises in seven emerging market countries between 1998 and 2005: Russia, Ukraine, Pakistan, Ecuador, Argentina, Moldova, and Uruguay. These accounts are framed with a comprehensive overview of the history, economics, and legal issues involved and a discussion from both domestic and international perspectives of the policy lessons that can be derived from these experiences. Sturzenegger and Zettelmeyer examine how each crisis developed, what the subsequent restructuring encompassed, and how investors and the defaulting country fared. They discuss the new theoretical thinking on sovereign debt and the ultimate costs entailed, for both debtor countries and private creditors. The policy debate is considered first from the perspective of policymakers in emerging market countries and then in terms of international financial architecture. The authors' surveys of legal and economic issues associated with debt crises, and of the crises themselves, are the most comprehensive to be found in the literature on sovereign debt and default, and their theoretical analysis is detailed and nuanced. The book will be a valuable resource for investors as well as for scholars and policymakers.
Author | : Lex Rieffel |
Publisher | : Rowman & Littlefield |
Total Pages | : 372 |
Release | : 2003-09-05 |
Genre | : Business & Economics |
ISBN | : 9780815796114 |
The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. Restructuring Sovereign Debt explains why ad hoc machinery would function more effectively in the Bretton Woods system. By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed exposition of this important policy issue. Rieffel's book is an important tool for policymakers and the public, particularly as the global community seeks to resolve the debt problems of countries as diverse as Argentina, Iraq, and Côte d'Ivoire.
Author | : Mr.Harald Finger |
Publisher | : International Monetary Fund |
Total Pages | : 54 |
Release | : 2007-04-10 |
Genre | : Business & Economics |
ISBN | : |
"In the difficult circumstances where a sovereign debt restructuring becomes unavoidable, restoring the country's debt to a sustainable path is key to ensuring a credible and durable exit from the crisis. In recent years, a number of countries -- including Argentina, the Dominican Reputlic, Ecuador, Moldova, Pakistan, Russia, Ukraine, and Uruguay -- have had to restructure their sovereign liabilities, either following a default, or preemptively to avoid a default. This study takes stock of these countries' experiences with debt-restructuring operations, with a view to assessing the outcomes and whether debt sustainability has been restored. The emphasis of the study is on sovereign debt owed to private creditors, and the analysis is based on information available as of late 2005..." -- Preface, p. v.
Author | : Carlos A. Primo Braga |
Publisher | : World Bank Publications |
Total Pages | : 528 |
Release | : 2010-11-16 |
Genre | : Business & Economics |
ISBN | : 0821385437 |
The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market and developed countries face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing and emerging market countries.
Author | : Ms.Carmen Reinhart |
Publisher | : International Monetary Fund |
Total Pages | : 21 |
Release | : 2013-12-24 |
Genre | : Business & Economics |
ISBN | : 1475553773 |
Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression. As we document, this claim is at odds with the historical track record of most advanced economies, where debt restructuring or conversions, financial Repression, and a tolerance for higher inflation, or a combination of these were an integral part of the resolution of significant past debt overhangs.
Author | : Mr.Vivek B. Arora |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 1993-07-01 |
Genre | : Business & Economics |
ISBN | : 1451968175 |
This paper surveys the literature on sovereign debt that deals with the issues of a country’s ability-to-pay, its willingness-to-pay, and the policy responses to the debt crisis of the 1980s. The existence of an ability-to-pay problem suggests a need for debt reduction, but plans for debt relief face potential incentive problems, and sovereign debt repurchases are not always a welfare maximizing method of debt restructuring. The paper synthesizes the main conclusions on these issues. With a willingness-to-pay problem, the potential penalties for debt repudiation are important in the endogenous determination of the repayment outcome. Penalties that are intertemporal in nature have different implications for debt repudiation than do intratemporal penalties. In addition, the asymmetric distribution of the costs of default can lead to a recurrent cycle of debt accumulation and default.
Author | : Juan Pablo Bohoslavsky |
Publisher | : Cambridge University Press |
Total Pages | : 309 |
Release | : 2017-11-02 |
Genre | : Business & Economics |
ISBN | : 1316510441 |
Contributes to a better understanding of the policy, economic, and legal options of countries struggling with debt problems.