Sovereign Debt Restructurings in Grenada

Sovereign Debt Restructurings in Grenada
Title Sovereign Debt Restructurings in Grenada PDF eBook
Author Mr.Tamon Asonuma
Publisher International Monetary Fund
Pages 58
Release 2017-07-24
Genre Business & Economics
ISBN 1484311035

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This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.

Sovereign Debt Restructurings in Grenada

Sovereign Debt Restructurings in Grenada
Title Sovereign Debt Restructurings in Grenada PDF eBook
Author Mr.Tamon Asonuma
Publisher International Monetary Fund
Pages 58
Release 2017-07-26
Genre Business & Economics
ISBN 1484313178

Download Sovereign Debt Restructurings in Grenada Book in PDF, Epub and Kindle

This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.

Sovereign Debt Restructurings 1950-2010

Sovereign Debt Restructurings 1950-2010
Title Sovereign Debt Restructurings 1950-2010 PDF eBook
Author Mr.Udaibir S. Das
Publisher International Monetary Fund
Pages 128
Release 2012-08-01
Genre Business & Economics
ISBN 1475505531

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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.

Debt and Entanglements Between the Wars

Debt and Entanglements Between the Wars
Title Debt and Entanglements Between the Wars PDF eBook
Author Mr.Thomas J Sargent
Publisher International Monetary Fund
Pages 322
Release 2019-11-08
Genre Business & Economics
ISBN 1513511793

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World War I created a set of forces that affected the political arrangements and economies of all the countries involved. This period in global economic history between World War I and II offers rich material for studying international monetary and sovereign debt policies. Debt and Entanglements between the Wars focuses on the experiences of the United States, United Kingdom, four countries in the British Commonwealth (Australia, New Zealand, Canada, Newfoundland), France, Italy, Germany, and Japan, offering unique insights into how political and economic interests influenced alliances, defaults, and the unwinding of debts. The narratives presented show how the absence of effective international collaboration and resolution mechanisms inflicted damage on the global economy, with disastrous consequences.

Too Little, Too Late

Too Little, Too Late
Title Too Little, Too Late PDF eBook
Author Martin Guzman
Publisher Columbia University Press
Pages 307
Release 2016-05-10
Genre Business & Economics
ISBN 023154202X

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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.

The Fund’s Lending Framework and Sovereign Debt - Annexes

The Fund’s Lending Framework and Sovereign Debt - Annexes
Title The Fund’s Lending Framework and Sovereign Debt - Annexes PDF eBook
Author International Monetary Fund
Publisher International Monetary Fund
Pages 112
Release 2014-05-23
Genre Business & Economics
ISBN 1498343333

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Tracking Global Demand for Emerging Market Sovereign Debt

Tracking Global Demand for Emerging Market Sovereign Debt
Title Tracking Global Demand for Emerging Market Sovereign Debt PDF eBook
Author Mr.Serkan Arslanalp
Publisher International Monetary Fund
Pages 50
Release 2014-03-05
Genre Business & Economics
ISBN 1484326547

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This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced economies (Arslanalp and Tsuda, 2012). The estimates are constructed on a quarterly basis from 2004 to mid-2013 and are available along with the paper in an online dataset. We estimate that about half a trillion dollars of foreign flows went into emerging market government debt during 2010–12, mostly coming from foreign asset managers. Foreign central bank holdings have risen as well, but remain concentrated in a few countries: Brazil, China, Indonesia, Poland, Malaysia, Mexico, and South Africa. We also find that foreign investor flows to emerging markets were less differentiated during 2010–12 against the background of near-zero interest rates in advanced economies. The paper extends some of the indicators proposed in our earlier paper to show how the investor base data can be used to assess countries’ sensitivity to external funding shocks and to track foreign investors’ exposures to different markets within a global benchmark portfolio.