Belize S 2016 17 Sovereign Debt Restructuring Third Time Lucky
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Belize S 2016 17 Sovereign Debt Restructuring Third Time Lucky
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Author : Mr.Tamon Asonuma
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-22
Belize S 2016 17 Sovereign Debt Restructuring Third Time Lucky written by Mr.Tamon Asonuma 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 2018-05-22 with Business & Economics categories.
This paper examines the causes, processes, and outcomes of Belize’s 2016–17 sovereign debt restructuring—its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains.
Barbados 2018 19 Sovereign Debt Restructuring A Sea Change
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Author : Myrvin Anthony
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-21
Barbados 2018 19 Sovereign Debt Restructuring A Sea Change written by Myrvin Anthony 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 2020-02-21 with Business & Economics categories.
This paper examines the causes, processes, and outcomes of Barbados’ 2018–19 sovereign debt restructuring—its first ever. The restructuring was comprehensive, featuring several rarely used approaches, including the restructuring of treasury bills, and the use of a retrofitted collective action mechanism. The debt restructuring has helped to set Barbados’ public debt on a clear downward trajectory. A sustained reform effort, maintaining high primary surpluses and ambitious structural reforms, will be needed to gradually reduce public debt from about 160 percent of GDP before the restructuring to the country’s 60 percent debt-to-GDP target.
Back To The Future Fiscal Rules For Regaining Sustainability
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Author : Mr.Serhan Cevik
language : en
Publisher: International Monetary Fund
Release Date : 2019-11-08
Back To The Future Fiscal Rules For Regaining Sustainability written by Mr.Serhan Cevik 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 2019-11-08 with Business & Economics categories.
This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the period since 1976. While the government’s recent commitment to maintain a primary surplus of at least 2 percent of GDP until 2021 is supporting debt reduction, stochastic simulations indicate that further improvement in the primary balance is necessary to reliably bring the debt-to-GDP ratio to a sustainable path. Given Belize’s history of large economic shocks, this paper proposes explicit fiscal rules designed for countercyclical policy and debt sustainability. It recommends integrating such rules into a well-designed fiscal responsibility law and establishing an independent fiscal council to improve accountability and transparency.
Reinvigorating Growth In Belize
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Author : Dmitry Vasilyev
language : en
Publisher: International Monetary Fund
Release Date : 2019-02-04
Reinvigorating Growth In Belize written by Dmitry Vasilyev 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 2019-02-04 with Business & Economics categories.
In the 1990s and early 2000s, Belize grew faster than its regional peers. By the mid-2000s, however, economic growth had slowed down to the regional average. A vicious circle of low growth and increasing public debt has been clouding Belize’s outlook. This paper applies a growth diagnostic approach based on the Hausmann-Rodrik-Velasco framework to investigate the main growth constraints and opportunities for higher growth in Belize. Improvements in access to finance and in the business climate could unlock Belize’s strengths.
Sovereign Debt Restructurings In Grenada
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Author : Mr.Tamon Asonuma
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-24
Sovereign Debt Restructurings In Grenada written by Mr.Tamon Asonuma 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 2017-07-24 with Business & Economics categories.
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.
Public Debt Through The Ages
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Author : Mr.Barry J. Eichengreen
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-15
Public Debt Through The Ages written by Mr.Barry J. Eichengreen 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 2019-01-15 with Business & Economics categories.
We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.
Financial Crises Explanations Types And Implications
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Author : Mr.Stijn Claessens
language : en
Publisher: International Monetary Fund
Release Date : 2013-01-30
Financial Crises Explanations Types And Implications written by Mr.Stijn Claessens 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 2013-01-30 with Business & Economics categories.
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs
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Author : Kay Chung
language : en
Publisher:
Release Date : 2020-08-07
Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs written by Kay Chung and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-07 with categories.
This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns' borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers' moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.
Debt Defaults And Lessons From A Decade Of Crises
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Author : Federico Sturzenegger
language : en
Publisher: MIT Press
Release Date : 2007-01-05
Debt Defaults And Lessons From A Decade Of Crises written by Federico Sturzenegger and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-05 with Business & Economics categories.
Detailed case studies of debt defaults by Russia, Ukraine, Pakistan, Ecuador, Moldova, and Uruguay, framed by a comprehensive discussion of the history, economic theory, legal issues, and policy lessons of sovereign debt crises. The debt crises in emerging market countries over the past decade have given rise to renewed debate about crisis prevention and resolution. In Debt Defaults and Lessons from a Decade of Crises, Federico Sturzenegger and Jeromin Zettelmeyer examine the facts, the economic theory, and the policy implications of sovereign debt crises. They present detailed case histories of the default and debt crises in seven emerging market countries between 1998 and 2005: Russia, Ukraine, Pakistan, Ecuador, Argentina, Moldova, and Uruguay. These accounts are framed with a comprehensive overview of the history, economics, and legal issues involved and a discussion from both domestic and international perspectives of the policy lessons that can be derived from these experiences. Sturzenegger and Zettelmeyer examine how each crisis developed, what the subsequent restructuring encompassed, and how investors and the defaulting country fared. They discuss the new theoretical thinking on sovereign debt and the ultimate costs entailed, for both debtor countries and private creditors. The policy debate is considered first from the perspective of policymakers in emerging market countries and then in terms of international financial architecture. The authors' surveys of legal and economic issues associated with debt crises, and of the crises themselves, are the most comprehensive to be found in the literature on sovereign debt and default, and their theoretical analysis is detailed and nuanced. The book will be a valuable resource for investors as well as for scholars and policymakers.
Bankruptcy Procedures For Sovereigns
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Author : Kenneth Rogoff
language : en
Publisher: International Monetary Fund
Release Date : 2002-08
Bankruptcy Procedures For Sovereigns written by Kenneth Rogoff 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 2002-08 with Business & Economics categories.
This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovereign Debt-Restructuring Mechanism," with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving concensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.