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A Primeron Sovereign Debt Buybacks and Swaps

Polan, Magdalena; Ramlogan, Parmeshwar; Medeiros, Carlos I. - International Monetary Fund (IMF) - 2007

This paper sets forth some basic principles that could help debt managers in emerging market and other countries to plan and implement sovereign debt buyback and swap operations. It discusses the macroeconomic context in which buybacks and swaps are undertaken, the objectives of buybacks and...

Persistent link: https://www.econbiz.de/10005826410

The IMF in a World of Private Capital Markets

Mody, Ashoka; Eichengreen, Barry J.; Kletzer, Kenneth - International Monetary Fund (IMF) - 2005

, repeat borrowing has little influence in bond markets, where publicly available information dominates. But spreads on bonds … positive information to bondholders. The influence of IMF monitoring in bond markets is especially pronounced for countries … emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural …

Persistent link: https://www.econbiz.de/10005264065

Persistent Gaps, Volatility Types, and Default Traps

Fostel, Ana; Kapur, Sandeep; Catão, Luis - International Monetary Fund (IMF) - 2007

We show that cross-country differences in the underlying volatility and persistence of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious" circles of borrowing-and-default ("default traps"), as well as the fact that recalcitrant...

Persistent link: https://www.econbiz.de/10005604946

Fiscal Policy and Financial Markets

Akitoby, Bernardin; Stratmann, Thomas - International Monetary Fund (IMF) - 2006

This paper introduces fiscal policy in a model of sovereign risk spreads ("spreads"). Using panel data from emerging market countries, we find that reductions in public expenditure are a more powerful tool for reducing spreads than increases in revenues. Specifically, cuts in current spending...

Persistent link: https://www.econbiz.de/10005826545

From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons

Kang, Kenneth; Liang, Hong; Ma, Henry; Richards, Anthony J. - International Monetary Fund (IMF) - 2001

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant...

Persistent link: https://www.econbiz.de/10005825786

Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies

Cady, John - International Monetary Fund (IMF) - 2004

foreign currency-denominated (U.S. dollar, yen, and euro) bonds for several emerging market economies. Panel econometric … estimates indicate that spreads on new bond issues declined by about 75 basis points following SDDS subscription. …

Persistent link: https://www.econbiz.de/10005263993

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

Capital Account Liberalization and Financial Sector Stability

International Monetary Fund (IMF); International … - 2002

Persistent link: https://www.econbiz.de/10005824821

Crisis Resolution; Next Steps

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

of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch … of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other … the future. It asks whether we can expect to see additional issuance by emerging markets of bonds featuring CACs, whether …

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

The Development of Local Debt Markets in Asia

Goswami, Mangal; Sharma, Sunil - International Monetary Fund (IMF) - 2011

issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater …

Persistent link: https://www.econbiz.de/10009151210