Search Results - subject:"Sovereign debt restructuring"

Schimmelpfennig, Axel; Gardner, E. H. - International Monetary Fund (IMF) - 2008

This paper reviews Lebanon's ability to manage financial pressures following severe shocks despite its large public debt overhang and significant external vulnerabilities. Based on interviews with market participants in Beirut and London, the paper concludes that Lebanon's ability to weather...

Persistent link: https://www.econbiz.de/10005826335

Exchange Rate Assessments; CGER Methodologies

Lee, Jaewoo; Ostry, Jonathan David; Prati, Alessandro; … - International Monetary Fund (IMF) - 2008

The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade and GDP have inspired the IMF to place stronger emphasis on multilateral surveillance, macro-financial linkages, and the implications of...

Persistent link: https://www.econbiz.de/10011245901

Collective action clauses in sovereign bond contracts and investment treaty arbitration : an approach to reconcile the irreconcilable

Ishikawa, Tomoko - In: Accounting, Economics, and Law : AEL ; a convivium 4 (2014) 2, pp. 63-98

Persistent link: https://www.econbiz.de/10010413224

Three Essays on Intra-Creditor Coordination Failures in Sovereign Debt Restructuring

Engelen, Christian - 2007

market-based) contractual approach for sovereign debt restructuring. These essays particularly focus on aspects of intra … could have benefited the holdout creditors.Essay II: Experience from events of sovereign debt restructuring over the last … into consideration. The current process of sovereign debt restructuring enables the debtor to launch an exchange offer …

Persistent link: https://www.econbiz.de/10009484806

Structuring and Restructuring Sovereign Debt; The Role of a Bankruptcy Regime

Bolton, Patrick; Jeanne, Olivier - International Monetary Fund (IMF) - 2007

In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is...

Persistent link: https://www.econbiz.de/10005769274

Toward a Lender of First Resort

Cohen, Daniel; Portes, Richard - International Monetary Fund (IMF) - 2006

If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the "good" over the "bad"...

Persistent link: https://www.econbiz.de/10005769315

Eurozone sovereign debt restructuring : keeping the vultures at bay

Miller, Marcus; Thomas, Dania - In: Oxford review of economic policy 29 (2013) 4, pp. 745-763

Persistent link: https://www.econbiz.de/10010344436

Measuring and Analyzing Sovereign Risk with Contingent Claims

Gapen, Michael T.; Gray, Dale F.; Lim, Cheng Hoon; … - International Monetary Fund (IMF) - 2005

This paper develops a comprehensive new framework to measure and analyze sovereign risk. Since traditional macroeconomic vulnerability indicators and accounting-based measures do not address risk in a comprehensive and forward-looking way, the contingent claims approach is used to construct a...

Persistent link: https://www.econbiz.de/10005605090

Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings

Kozack, Julie - International Monetary Fund (IMF) - 2005

Assessments regarding the effectiveness of sovereign debt restructurings are often summarized by comparisons of the net present value of debt service before and after the restructuring. These calculations are inherently sensitive to the choice of discount rate. This paper explores issues that...

Persistent link: https://www.econbiz.de/10005605487

Haircuts; Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005

Zettelmeyer, Jeromin; Sturzenegger, Federico - International Monetary Fund (IMF) - 2005

This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values...

Persistent link: https://www.econbiz.de/10005825806