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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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.

The Fund's Lending Framework and Sovereign Debt-Further Considerations

The Fund's Lending Framework and Sovereign Debt-Further Considerations
Title The Fund's Lending Framework and Sovereign Debt-Further Considerations PDF eBook
Author
Publisher INTERNATIONAL MONETARY FUND
Pages 99
Release 2015-09-04
Genre Business & Economics
ISBN 9781498344739

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In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.

Guidelines for Public Debt Management -- Amended

Guidelines for Public Debt Management -- Amended
Title Guidelines for Public Debt Management -- Amended PDF eBook
Author International Monetary Fund
Publisher International Monetary Fund
Pages 39
Release 2003-09-12
Genre Business & Economics
ISBN 149832892X

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Government Finance Statistics Manual 2014

Government Finance Statistics Manual 2014
Title Government Finance Statistics Manual 2014 PDF eBook
Author Mrs.Sage De Clerck
Publisher International Monetary Fund
Pages 470
Release 2015-03-10
Genre Business & Economics
ISBN 1498379214

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The 2007–09 international financial crisis underscored the importance of reliable and timely statistics on the general government and public sectors. Government finance statistics are a basis for fiscal analysis and they play a vital role in developing and monitoring sound fiscal programs and in conducting surveillance of economic policies. The Government Finance Statistics Manual 2014 represents a major step forward in clarifying the standards for compiling and presenting fiscal statistics and strengthens the worldwide effort to improve public sector reporting and transparency.

The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations

The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations
Title The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations PDF eBook
Author International Monetary Fund. Legal Dept.
Publisher International Monetary Fund
Pages 43
Release 2014-05-23
Genre Business & Economics
ISBN 149834335X

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As a follow-up to the Executive Board's May 2013 discussion, this paper considers a possible direction for reform of the Fund's lending framework in the context of sovereign debt vulnerabilities. The primary focus of this paper relates to the Fund's exceptional access framework, since it is in this context that the Fund will most likely have to make the difficult judgment as to whether the member's problems can be resolved with or without a debt restructuring. The objective of the preliminary approaches set forth in this paper is to reduce the costs of crisis resolution for both creditors and debtors—relative to the alternatives—thereby benefitting the overall system. These ideas are market-based and their eventual implementation would require meaningful consultation with creditors.

A Primer on Managing Sovereign Debt-Portfolio Risks

A Primer on Managing Sovereign Debt-Portfolio Risks
Title A Primer on Managing Sovereign Debt-Portfolio Risks PDF eBook
Author Thordur Jonasson
Publisher International Monetary Fund
Pages 133
Release 2018-04-06
Genre Business & Economics
ISBN 1484350545

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This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.