Bankruptcy Proceedings for Sovereign State Insolvency and Their Effect on Capital Flows
Author | : Jonathan P. Thomas |
Publisher | : |
Total Pages | : 28 |
Release | : 2003 |
Genre | : Capital movements |
ISBN | : 9789291905362 |
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Author | : Jonathan P. Thomas |
Publisher | : |
Total Pages | : 28 |
Release | : 2003 |
Genre | : Capital movements |
ISBN | : 9789291905362 |
Author | : Jonathan P. Thomas |
Publisher | : |
Total Pages | : 17 |
Release | : 2002 |
Genre | : Bankruptcy |
ISBN | : 9789291903450 |
Author | : Jonathan Thomas |
Publisher | : |
Total Pages | : 0 |
Release | : 2004 |
Genre | : |
ISBN | : |
This paper examines the main issues involved in translating domestic bankruptcy procedures to the sovereign context. It considers some of the principles by which domestic bankruptcy procedures operate, and the extent to which they apply to international lending. Two recent proposals are considered in more detail, that of Krueger (A New Approach to Sovereign Debt Restructuring) and that of Pettifor (ch. 9/11, Resolving International Debt Crises - the Jubilee Framework for International Insolvency). The paper also considers the question of the ex ante effects of a procedure which makes default less costly, and concludes that despite a negative impact on the ability to borrow, the overall welfare effect need not be negative.
Author | : Kenneth Rogoff |
Publisher | : International Monetary Fund |
Total Pages | : 50 |
Release | : 2002-08 |
Genre | : Business & Economics |
ISBN | : |
This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovereign Debt-Restructuring Mechanism," with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving concensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.
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 | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 108 |
Release | : 1999-08-02 |
Genre | : Business & Economics |
ISBN | : 9781557758200 |
Written by IMF's Legal Department, this book outlines the key issues involved in designing and implementing orderly and effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the prevention and resolution of financial crises. The book draws on lessons learned from firsthand experience by some of the IMF's 182 member countries. It includes an analysis of the major policy choices that countries need to address when designing an insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations.
Author | : Martin Guzman |
Publisher | : Columbia University Press |
Total Pages | : 307 |
Release | : 2016-05-10 |
Genre | : Business & Economics |
ISBN | : 023154202X |
The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
Author | : Jochen Andritzky |
Publisher | : Springer Science & Business Media |
Total Pages | : 261 |
Release | : 2006-11-23 |
Genre | : Business & Economics |
ISBN | : 3540374493 |
Past cycles of sovereign lending and default suggest that debt crises will recur at some point. This book shows why investors should reckon with similar credit events in the future. Surveying the sovereign bond market, the author provides investors with a useful toolkit for analyzing sovereign bonds and foreseeing trends in the international financial architecture. The result should be a better understanding of debt crises and more deliberate investment decisions.
Author | : Andrew G. Haldane |
Publisher | : Psychology Press |
Total Pages | : 368 |
Release | : 2004 |
Genre | : Electronic books |
ISBN | : 9780415327602 |
This new book, with contributions from leading academics, policy-makers and practitioners goes beyond critical analysis and offers useful advice with regard to actually bringing financial crises to an end.
Author | : Mr.Federico J Diez |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2021-04-02 |
Genre | : Business & Economics |
ISBN | : 1513574566 |
The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-hit sectors. Without government intervention, even firms that are viable a priori could end up being liquidated—particularly in sectors characterized by labor-intensive technologies, threatening both macroeconomic and social stability. This staff discussion note assesses the impact of the pandemic on SME insolvency risks and policy options to address them. It quantifies the impact of weaker aggregate demand, changes in sectoral consumption patterns, and lockdowns on firm balance sheets and estimates the impact of a range of policy options, for a large sample of SMEs in (mostly) advanced economies.