Search Results - subject:"Sovereign debt restructuring"

Managing Financial Crises; Recent Experience and Lessons for Latin America

Kincaid, G. Russell; Collyns, Charles - International Monetary Fund (IMF) - 2003

This paper seeks to draw lessons from the IMFâ€™s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

Persistent link: https://www.econbiz.de/10005824823

Argentina; Request for Stand-By Arrangement and Request for Extension of Repurchase Expectationsâ€”Staff Report; Assessment of the Risks to the Fund and the Fund's Liquidity Position and Report on Exceptional Access for Request of Stand-By Arrangementâ€”Staff Supplements; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Argentina

International Monetary Fund (IMF); International … - 2003

Good progress has been made in stabilizing the economic and social situation since the crisis. Fiscal adjustment over a prolonged period will bring the public finances to a sustainable path. To protect social expenditures and allow higher public investment, a comprehensive tax reform is...

Persistent link: https://www.econbiz.de/10005825015

Sovereign Bond Restructuring; Collective Action Clauses and official Crisis Intervention

Kletzer, Kenneth - International Monetary Fund (IMF) - 2003

This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sovereign debt renegotiation while unanimity rules offer incentives for opportunistic...

Persistent link: https://www.econbiz.de/10005825899

Predicting Sovereign Debt Crises

Schimmelpfennig, Axel; Roubini, Nouriel; Manasse, Paolo - International Monetary Fund (IMF) - 2003

We develop an early-warning model of sovereign debt crises. A country is defined to be in a debt crisis if it is classified as being in default by Standard & Poor's, or if it has access to nonconcessional IMF financing in excess of 100 percent of quota. By means of logit and binary recursive...

Persistent link: https://www.econbiz.de/10005248202

Recovery Rates From Distressed Debt; Empirical Evidence From Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings

Singh, Manmohan - International Monetary Fund (IMF) - 2003

On a credit rating-adjusted basis, spreads on U.S. high-yield debt have typically been regarded as a lower bound for emerging market debt. However in the C-rated and defaulted segment, emerging market debt has traded at lower spreads than similarly rated U.S. high yield debt. We show that the...

Persistent link: https://www.econbiz.de/10005253001

Courts and Sovereign Eurobonds: Credibility of the Judicial Enforcement of Repayment

Hallak, Issam - Center for Financial Studies - 2003

While focusing on the protection of distressed sovereigns, the current debate intended to reform the International Financial Architecture has hardly addressed the protection of creditors rights that varies among laws. I suspect however that this constitutes an essential determinant of the...

Persistent link: https://www.econbiz.de/10005176444

Sovereign Defaults; The Role of Volatility

Sutton, Bennett; Catão, Luis - International Monetary Fund (IMF) - 2002

While the relationship between volatility and credit risk is central to much of the literature on finance and banking, it has been largely neglected in empirical macro studies on sovereign defaults. This paper presents new econometric estimates for a panel of 25 emerging market countries over...

Persistent link: https://www.econbiz.de/10005599206

A Balance Sheet Approach to Financial Crisis

Setser, Brad; Roubini, Nouriel; Keller, Christian; … - International Monetary Fund (IMF) - 2002

The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency,...

Persistent link: https://www.econbiz.de/10005825923

Global Financial Crises; Institutions and Incentives

Kumar, Manmohan S.; Masson, Paul R.; Miller, Marcus - International Monetary Fund (IMF) - 2000

procedures for sovereign debt restructuring to help cope with global financial crises. Where private creditors use short …

Persistent link: https://www.econbiz.de/10005826369

Sovereign Debt Restructuring: the Judge, the Vultures and Creditor Rights

Miller, Marcus; Thomas, Dania - C.E.P.R. Discussion Papers - 2006

-born Sovereign Debt Restructuring Mechanism (SDRM). For the future we note how the judge-mediated sovereign debt restructuring … supermajority of 76% of creditors. Our analysis of Argentine debt litigation reveals a process of 'judge-mediated' sovereign debt … restructuring, which resolves the key issues of Transition and Aggregation - two of the roles envisaged for the IMF's still …

Persistent link: https://www.econbiz.de/10005067444