Crisis Resolution In The Context Of Sovereign Debt Restructuring A Summary Of Considerations
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Crisis Resolution In The Context Of Sovereign Debt Restructuring A Summary Of Considerations
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2003-01-28
Crisis Resolution In The Context Of Sovereign Debt Restructuring A Summary Of Considerations written by International Monetary Fund. Policy Development and Review Dept. 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 2003-01-28 with Business & Economics categories.
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Crisis Resolution
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Author : Mr.Ashoka Mody
language : en
Publisher: International Monetary Fund
Release Date : 2003-10-01
Crisis Resolution written by Mr.Ashoka Mody 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 2003-10-01 with Business & Economics categories.
At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other emerging market countries. This paper reviews the developments leading up to that event, its implications, and prospects for the future. It asks whether we can expect to see additional issuance by emerging markets of bonds featuring CACs, whether such a trend would in fact help to make the world a safer financial place, and what additional steps might be taken to further enhance modalities for crisis resolution.
Progress Report On Crisis Resolution
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2005-09-21
Progress Report On Crisis Resolution written by International Monetary Fund 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 2005-09-21 with Business & Economics categories.
Describes progress in the inclusion of CACs in international sovereign bonds. Provides an update of efforts to broaden the consensus on the Principles. Reports on developments in recent sovereign debt restructuring cases. Discusses progress in the Evian Approach and other Paris Club issues. Provides a summary of the aforementioned paper on the determinants and prospects for regaining market access.
The Fund S Lending Framework And Sovereign Debt Preliminary Considerations
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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2014-05-23
The Fund S Lending Framework And Sovereign Debt Preliminary Considerations written by International Monetary Fund. Legal Dept. 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 2014-05-23 with Business & Economics categories.
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.
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.
The New Approach To Sovereign Debt Restructuring
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Author : Mr.Biaggio Bossone
language : en
Publisher: International Monetary Fund
Release Date : 2002-03-01
The New Approach To Sovereign Debt Restructuring written by Mr.Biaggio Bossone 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 2002-03-01 with Business & Economics categories.
The paper discusses key incentive-related issues of the sovereign debt restructuring mechanism recently outlined by the IMF First Deputy Managing Director. The structure of incentives in the mechanism should be consistent with the principle of favoring market-oriented, voluntary solutions to financial crises. The paper frames the mechanism in the context of involving the private sector in financial crisis resolution (PSI), and identifies the conditions for setting up an appropriate incentive structure. The paper explores issues relating to the functioning of the mechanism, including access policy on IMF resources; the power to activate the mechanism; its relation with intermediate PSI instruments; and its impact on investment in emerging markets.
Sovereign Debt Restructuring And The Law
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Author : Sebastian Grund
language : en
Publisher: Taylor & Francis
Release Date : 2022-12-30
Sovereign Debt Restructuring And The Law written by Sebastian Grund and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-30 with Law categories.
The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts’ demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign’s interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.
Reviewing The Process For Sovereign Debt Restructuring Within The Existing Legal Framework
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2003-01-08
Reviewing The Process For Sovereign Debt Restructuring Within The Existing Legal Framework written by International Monetary Fund. Policy Development and Review Dept. 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 2003-01-08 with Business & Economics categories.
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Proposed Features Of A Sovereign Debt Restructuring Mechanism
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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2003-12-02
Proposed Features Of A Sovereign Debt Restructuring Mechanism written by International Monetary Fund. Legal Dept. 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 2003-12-02 with Business & Economics categories.
This paper follows up on the Executive Board’s December 2002 discussion of the design of the Sovereign Debt Restructuring Mechanism and seeks to make further progress on the formulation of a concrete proposal for a statutory sovereign debt restructuring mechanism.
Restructuring Sovereign Debt
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Author : Lex Rieffel
language : en
Publisher: Rowman & Littlefield
Release Date : 2003-09-05
Restructuring Sovereign Debt written by Lex Rieffel and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-05 with Business & Economics categories.
The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. Restructuring Sovereign Debt explains why ad hoc machinery would function more effectively in the Bretton Woods system. By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed exposition of this important policy issue. Rieffel's book is an important tool for policymakers and the public, particularly as the global community seeks to resolve the debt problems of countries as diverse as Argentina, Iraq, and Côte d'Ivoire.