Measuring the Risk of default in six highly indebted countries

Measuring the Risk of default in six highly indebted countries
Title Measuring the Risk of default in six highly indebted countries PDF eBook
Author Marc Chesney
Publisher World Bank Publications
Pages 27
Release 1992
Genre Debt relief
ISBN

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The risk that the debtor country will default on its external debt may be significantly decreased by a debt-reduction operation, by a reduction in international interest rates, and by changes in the country's willingness to pay.

An Econometric Analysis of Countries' Repayment Performance to the International Monetary Fund

An Econometric Analysis of Countries' Repayment Performance to the International Monetary Fund
Title An Econometric Analysis of Countries' Repayment Performance to the International Monetary Fund PDF eBook
Author Mrs.Lynn Aylward
Publisher International Monetary Fund
Pages 48
Release 1998-03-01
Genre Business & Economics
ISBN 1451979894

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While the literature on external debt repayment performance by sovereign debtors is extensive, repayment performance vis-à-vis the International Monetary Fund has not been dealt with separately. Given differences between the Fund and other providers of financial resources, this paper considers whether it is possible to distinguish through logit analysis between the countries that make timely repayments to the Fund and those that become overdue. The paper finds that the inclusion of Fund-specific financial variables and a small number of macroeconomic variables yields a highly significant econometric model of the probability of a country incurring Fund arrears.

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.

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.

Global Waves of Debt

Global Waves of Debt
Title Global Waves of Debt PDF eBook
Author M. Ayhan Kose
Publisher World Bank Publications
Pages 403
Release 2021-03-03
Genre Business & Economics
ISBN 1464815453

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The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Interest Rates, Official Lending, and the Debt Crisis

Interest Rates, Official Lending, and the Debt Crisis
Title Interest Rates, Official Lending, and the Debt Crisis PDF eBook
Author Asl? Demirgüç-Kunt
Publisher World Bank Publications
Pages 38
Release 1992
Genre Debts, External
ISBN

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Studies of economic performance among the highly indebted countries during the debt crisis should control for cross-country differences in the burden of interest payments. Some countries had better access to highly subsidized interest rates.

Economic Incentives and Point Source Emissions

Economic Incentives and Point Source Emissions
Title Economic Incentives and Point Source Emissions PDF eBook
Author
Publisher World Bank Publications
Pages 51
Release 2016
Genre
ISBN 9610030157

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