A Primer On Sovereign Debt Buybacks And Swaps
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A Primer On Sovereign Debt Buybacks And Swaps
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Author : Carlos I. Medeiros
language : en
Publisher: International Monetary Fund
Release Date : 2007-03
A Primer On Sovereign Debt Buybacks And Swaps written by Carlos I. Medeiros and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03 with Business & Economics categories.
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 swaps, the analytical framework for deciding whether to undertake a particular buyback or swap operation and for selecting among alternative operations, and some key issues in the determination of the strategy for executing buybacks and swaps. The focus is on developing the analytical framework for evaluating sovereign debt buyback and swap operations, since very little work has been done in this area. In this regard, the paper presents a step-wise decision-making procedure, in which discounted cash flow analysis and the use of strategic benchmarks for the debt play central roles.
A Primer On Managing Sovereign Debt Portfolio Risks
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Author : Thordur Jonasson
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-06
A Primer On Managing Sovereign Debt Portfolio Risks written by Thordur Jonasson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-06 with Business & Economics categories.
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.
The Contractual Approach To Sovereign Debt Default And Restructuring
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Author : Miguel Ángel Adame Martínez
language : en
Publisher: ARANZADI / CIVITAS
Release Date : 2022-01-24
The Contractual Approach To Sovereign Debt Default And Restructuring written by Miguel Ángel Adame Martínez and has been published by ARANZADI / CIVITAS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-24 with Law categories.
Sovereign Debt (SD) is a subject of pervasive interests considering its size and that keeps on growing unabated. The book defends a contractual approach to manage SD default and restructuring against a trend fostered by international organizations and groups of interests that are trying to introduce a public solution akind to a bankruptcy procedure for the embattled Sovereigns. It carefully debunks the arguments of those that defend the bankrucpty approach, and shows with a palette of arguments that the contractual approach streamlined with new clauses and incorporating some elements from the ongoing reform of the international financial architecture is the best alternative to handle it efficiently. Contract law, enhanced via the newly generated transnational private law on the field --that becames a sort of lex mercatoria debitoris soberanis--, is analyzed and applied. Solutions are tested and confirmed against the leading methodological approaches, L&E, game theory and a touch of the critique. Although the book is writen from a technical legal perspective it frames the legal solutions within the economic and political background, as SD is at the core of both the monetary system and the payment systems.
Sovereign Debt Restructurings 1950 2010
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Author : Mr.Udaibir S. Das
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Sovereign Debt Restructurings 1950 2010 written by Mr.Udaibir S. Das and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
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.
Sovereign Debt And The Financial Crisis
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Author : Carlos A. Primo Braga
language : en
Publisher: World Bank Publications
Release Date : 2010-11-16
Sovereign Debt And The Financial Crisis written by Carlos A. Primo Braga and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-16 with Business & Economics categories.
The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market and developed countries face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing and emerging market countries.
A Survey Of Experiences With Emerging Market Sovereign Debt Restructurings
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-05-06
A Survey Of Experiences With Emerging Market Sovereign Debt Restructurings written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-06 with Business & Economics categories.
This paper takes stock of past episodes of debt restructuring and reviews the relevant literature. Based on cross-country experience from the late 1990s through 2010 of emerging markets it offers some stylized facts.
The Cost Of Aggressive Sovereign Debt Policies
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Author : Christoph Trebesch
language : en
Publisher: International Monetary Fund
Release Date : 2009-02-01
The Cost Of Aggressive Sovereign Debt Policies written by Christoph Trebesch and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-01 with Business & Economics categories.
This paper proposes a new empirical measure of cooperative versus conflictual crisis resolution following sovereign default and debt distress. The index of government coerciveness is presented as a proxy for excusable versus inexcusable default behaviour and used to evaluate the costs of default for the domestic private sector, in particular its access to international debt markets. Our findings indicate that unilateral, aggressive sovereign debt policies lead to a strong decline in corporate access to external finance (loans and bond issuance). We conclude that coercive government actions towards external creditors can have strong signalling effects with negative spillovers on domestic firms. "Good faith" debt renegotiations may be crucial to minimize the domestic costs of sovereign defaults.
The Sage Encyclopedia Of World Poverty
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Author : Mehmet Odekon
language : en
Publisher: SAGE Publications
Release Date : 2015-06-15
The Sage Encyclopedia Of World Poverty written by Mehmet Odekon and has been published by SAGE Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-15 with Social Science categories.
The SAGE Encyclopedia of World Poverty, Second Edition addresses the persistence of poverty across the globe while updating and expanding the landmark work, Encyclopedia of World Poverty, originally published in 2006 prior to the economic calamities of 2008. For instance, while continued high rates of income inequality might be unsurprising in developing countries such as Mexico, the Organization of Economic Co-operation and Development (OECD) reported in May 2013 even countries with historically low levels of income inequality have experienced significant increases over the past decade, including Denmark, Sweden, and Germany. The U.N. and the World Bank also emphasize the persistent nature of the problem. It is not all bad news. In March 2013, the Guardian newspaper reported, “Some of the poorest people in the world are becoming significantly less poor, according to a groundbreaking academic study which has taken a new approach to measuring deprivation. The report, by Oxford University’s poverty and human development initiative, predicts that countries among the most impoverished in the world could see acute poverty eradicated within 20 years if they continue at present rates.” On the other hand, the U.N. says environmental threats from climate change could push billions more into extreme poverty in coming decades. All of these points lead to the need for a revised, updated, and expanded edition of the Encyclopedia of World Poverty. Key Features: 775 evaluated and updated and 175 entirely new entries New Reader’s Guide categories Signed articles, with cross-references Further Readings will be accompanied by pedagogical elements Updated Chronology, Resource Guide, Glossary, and thorough new Index The SAGE Encyclopedia of World Poverty, Second Edition is a dependable source for students and researchers who are researching world poverty, making it a must-have reference for all academic libraries.
Natural Resource Conflicts 2 Volumes
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Author : M. Troy Burnett
language : en
Publisher: Bloomsbury Publishing USA
Release Date : 2016-09-19
Natural Resource Conflicts 2 Volumes written by M. Troy Burnett and has been published by Bloomsbury Publishing USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-19 with History categories.
Natural resource and environmental conflicts have long been issues confronting human societies. This case-based examination of a wide range of natural resource disputes exposes readers to many contemporary examples that offer reasons for both hope and concern. The Rwandan genocide, the Sudanese civil war, and perpetual instability in the Middle East and Africa: each of these crises have arguably been instigated and maintained by natural resource disputes. China has undertaken a Herculean task to plant hundreds of millions of trees along its margins in an effort to save Beijing from crippling dust storms and halt the expansion of the Gobi desert. Will it work, and is it worth it? These and many other cases of conflict stemming from natural resource or environmental concerns are explained and debated in this up-to-date examination of contemporary and ongoing topics. The book examines conflicts over precious resources and minerals, such as diamonds, oil, water, and fisheries, as well as the pursuit of lesser-known minerals like Coltan and other "rare earth elements"—important resources in our technological age—in remote locations such as Greenland and the Congo. Each topic contains an overview and two position essays from different authors, thereby providing the reader with highly informative and balanced perspectives. Reference entries accompany each topic as well, helping students to better understand each issue. As the world hurtles into the 21st century, these natural resource issues are becoming increasingly important, with all global citizens having a significant stake in how these conflicts arise and play out.
Debt Relief And Beyond
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Author : Carlos A. Primo Braga
language : en
Publisher: World Bank Publications
Release Date : 2009-10-02
Debt Relief And Beyond written by Carlos A. Primo Braga and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-02 with Business & Economics categories.
The history of debt relief goes back several decades. It reveals that a country s accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country s policies and institutions. In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief framework for low-income countries. In 2005, the Multilateral Debt Relief Initiative was established, which increased the level of debt relief provided to HIPCs. As of early 2009, assistance through these two initiatives had been committed to 35 countries and amounted to US$117 billion in nominal terms, or half of the 2007 GDP of these countries. 'Debt Relief and Beyond' assesses the implications of debt relief for low-income countries and how its benefits can be preserved and used to fight poverty. The chapter authors bring unique operational experience to their examination of debt relief, debt sustainability, and debt management. Several key questions are addressed, including, what consequences does debt relief have for poverty-reducing expenditures, growth, and access to finance? Can debt relief guarantee debt sustainability? How can debt management at all levels of government be improved? What lessons can be learned from countries that have experienced debt restructuring? Finally, this book provides sound empirical evidence using current econometric techniques.