Search Results - subject:"Debt crises"

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Sovereign Defaults: The Price of Haircuts

Cruces, Juan J.; Trebesch, Christoph - CESifo - 2011

A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses (“haircuts”) in all restructurings with foreign...

Persistent link: https://www.econbiz.de/10009325807

EU-Gipfelbeschlüsse: erste wichtige Schritte, aber keineswegs eine endgültige Lösung

Fichtner, Ferdinand; Junker, Simon; Schäfer, Dorothea - In: DIW Wochenbericht 78 (2011) 44, pp. 3-15

Die Beschlüsse des EU-Gipfels vom 26. und 27. Oktober sehen wichtige Schritte zur Bewältigung der Griechenlandkrise vor. Sie erleichtern Griechenlands Schuldensituation und verschaffen dem Land so finanzielle Spielräume, um Reformen umzusetzen. Eine Ablehnung von Reformen würde zu im Moment...

Persistent link: https://www.econbiz.de/10009360175

How costly are debt crises?

Furceri, Davide; Zdzienicka, Aleksandra - Volkswirtschaftliche Fakultät, … - 2011

The aim of this paper is to assess the short and medium-term impact of debt crises on GDP. Using an unbalanced panel of … 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses …, reducing output by about 10 percent after 8 years. The results also suggest that debt crises tend to be more detrimental than …

Persistent link: https://www.econbiz.de/10009022011

Debt Dilution and Sovereign Default Risk

Martinez, Leonardo; Hatchondo, Juan Carlos; Padilla, … - International Monetary Fund (IMF) - 2011

We propose a modification to a baseline sovereign default framework that allows us to quantify the importance of debt dilution in accounting for the level and volatility of the interest rate spread paid by sovereigns. We measure the effects of debt dilution by comparing the simulations of the...

Persistent link: https://www.econbiz.de/10009019593

Seychelles; 2010 Article IV Consultation and Second Review Under the Extended Arrangement, Request for Rephasing of Disbursements, and Financing Assurances Review-Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles

International Monetary Fund (IMF); International … - 2011

Seychelles's strong stabilization efforts has helped the economy to overcome debt crisis and global recession under the Stand-By Arrangement (SBA). But the authorities need to address monetary policy trade-offs, and financial sector challenges exist. Executive Directors welcomed Seychelles's...

Persistent link: https://www.econbiz.de/10011242936

Mauritius; 2011 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion

International Monetary Fund (IMF); International … - 2011

Over the past two decades, wide-ranging structural reforms, supported by prudent policies, have established Mauritius as a top regional performer. The Mauritian economy recovered in 2010. Real GDP growth is estimated to have accelerated to 4 percent (3 percent in 2009), driven by strong growth...

Persistent link: https://www.econbiz.de/10011243408

Fiscal Vulnerability and Financial Crises in Emerging Market Economies

Hemming, Richard; Schimmelpfennig, Axel; Kell, Michael - International Monetary Fund (IMF) - 2003

Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulnerability indicators help to predict crises? Can fiscal variables explain the...

Persistent link: https://www.econbiz.de/10005590938

Crisis Resolution; Next Steps

Kletzer, Kenneth; Eichengreen, Barry J.; Mody, Ashoka - International Monetary Fund (IMF) - 2003

At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international...

Persistent link: https://www.econbiz.de/10005599331

Rating the Rating Agencies; Anticipating Currency Crises or Debt Crises

Sy, Amadou N. R. - International Monetary Fund (IMF) - 2003

In contrast to the early-warning system literature, we find that currency and debt crises are not closely linked in … emerging markets. We find that after 1994, credit ratings predict debt crises but fail to anticipate currency crises. When debt … find that lagged ratings and ratings changes, including negative outlooks and credit watches, anticipate such debt crises. …

Persistent link: https://www.econbiz.de/10005605052

Reputation, Debt, and Policy Conditionality

Ramcharan, Rodney - International Monetary Fund (IMF) - 2003

In principle, international financial institutions (IFIs) can use their leverage as creditors to prompt governments to undertake policy reform. Yet such lending has been frequently linked to unsustainable debt levels and little reform. This paper illustrates how the dual roles of IFIs as...

Persistent link: https://www.econbiz.de/10005605081