Measuring the Risk of default in six highly indebted countries

Measuring the Risk of default in six highly indebted countries
Author: Marc Chesney
Publisher: World Bank Publications
Total Pages: 27
Release: 1992
Genre: Debt relief
ISBN:

The risk that the debtor country will default on its external debt may be significantly decreased by a debt-reduction operation, by a reduction in international interest rates, and by changes in the country's willingness to pay.

NBER Macroeconomics Annual 1992

NBER Macroeconomics Annual 1992
Author: Olivier Blanchard
Publisher: MIT Press
Total Pages: 312
Release: 1992
Genre: Business & Economics
ISBN: 9780262521741

This is the seventh in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics. Contents What Shall We Do Today? Goals and Signposts in the Operation of Monetary Policy, Ben S. Bernanke and Frederic S. Mishkin - A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore, Alwyn Young - International Trade and the Wage Structure, Steven J. Davis - Imperfect Information and Macroeconomic Analysis, Joseph E. Stiglitz and Bruce Greenwald - Asset Pricing Lessons for Macroeconomics, Lars P. Hansen and John H. Cochrane - Postmortem on the Debt Crisis, Daniel Cohen

An Option-pricing Approach to Secondary Market Debt

An Option-pricing Approach to Secondary Market Debt
Author: Stijn Claessens
Publisher: World Bank Publications
Total Pages: 25
Release: 1990
Genre: Debt relief
ISBN:

This pricing model for secondary market debt is designed to assess the impact of debt reduction on the value of remaining claims and the market value of different types of guarantees.

Sovereign Debt Restructurings 1950-2010

Sovereign Debt Restructurings 1950-2010
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.