Sovereign Debt Renegotiation Under Asymmetric Information
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Sovereign Debt Renegotiation Under Asymmetric Information
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Author : Kenneth Kletzer
language : en
Publisher:
Release Date : 1988
Sovereign Debt Renegotiation Under Asymmetric Information written by Kenneth Kletzer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Debt relief categories.
Inefficient Private Renegotiation Of Sovereign Debt
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Author : Kenneth Kletzer
language : en
Publisher: World Bank Publications
Release Date : 1990
Inefficient Private Renegotiation Of Sovereign Debt written by Kenneth Kletzer 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 1990 with Debt relief categories.
Private renegotiation of debt repayments and new loans is inefficient because of the creditors' seniority privileges and lack of commitment and the inadequate information creditors have about debtors' policy choices.
Sovereign Bond Restructuring
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Author : Kenneth Kletzer
language : en
Publisher: International Monetary Fund
Release Date : 2003-06
Sovereign Bond Restructuring written by Kenneth Kletzer 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 2003-06 with Business & Economics categories.
This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sovereign debt renegotiation while unanimity rules offer incentives for opportunistic behavior by bondholders that leads to inefficient outcomes. With collective action clauses, the mutual gains from renegotiation can be internalized by bondholders so that the holders of each bond issue have incentives to participate in a collective debt restructuring. The analysis abstracts from transactions costs, and the last conclusion might well be sensitive to renegotiation and coordination costs.
The Strategy Of Sovereign Debt Renegotiation
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Author : Eric Rasmusen
language : en
Publisher:
Release Date : 1992
The Strategy Of Sovereign Debt Renegotiation written by Eric Rasmusen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Debt relief categories.
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.
Sovereign Debt Maturity Structure Under Asymmetric Information
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Author : Diego J. Perez
language : en
Publisher:
Release Date : 2013
Sovereign Debt Maturity Structure Under Asymmetric Information written by Diego J. Perez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
International Financial Integration Sovereignty And Constraints On Macroeconomic Policies
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Author : Kenneth Kletzer
language : en
Publisher: International Monetary Fund
Release Date : 2006-03
International Financial Integration Sovereignty And Constraints On Macroeconomic Policies written by Kenneth Kletzer 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 2006-03 with Business & Economics categories.
This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national governments serves as a fundamental constraint on international finance and is used to derive intertemporal budget constraints for sovereign nations and their governments. It is shown that the appropriate debt limit for a country allows for state-contingent repayment. With noncontingent debt instruments, debt renegotiation occurs in equilibrium with positive probability. A model of tax smoothing is adopted to show how information imperfections lead to conventional bond contracts that are renegotiated when a critical level of indebtedness is reached. Renegotiation is interpreted in terms of nominal and real denominated bonds, and implications are drawn about the intertemporal borrowing constraint for monetary policies, the accumulation of reserve assets, and current account sustainability.
Sovereign Debt
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Author : Mr.Vivek B. Arora
language : en
Publisher: International Monetary Fund
Release Date : 1993-07
Sovereign Debt written by Mr.Vivek B. Arora 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 1993-07 with Business & Economics categories.
This paper surveys the literature on sovereign debt that deals with the issues of a country’s ability-to-pay, its willingness-to-pay, and the policy responses to the debt crisis of the 1980s. The existence of an ability-to-pay problem suggests a need for debt reduction, but plans for debt relief face potential incentive problems, and sovereign debt repurchases are not always a welfare maximizing method of debt restructuring. The paper synthesizes the main conclusions on these issues. With a willingness-to-pay problem, the potential penalties for debt repudiation are important in the endogenous determination of the repayment outcome. Penalties that are intertemporal in nature have different implications for debt repudiation than do intratemporal penalties. In addition, the asymmetric distribution of the costs of default can lead to a recurrent cycle of debt accumulation and default.
Inefficient Private Renegotiation Of Sovereign Debt
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Author : Kenneth Kletzer
language : en
Publisher:
Release Date : 1989
Inefficient Private Renegotiation Of Sovereign Debt written by Kenneth Kletzer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Debt relief categories.
The Economics Of International Debt Renegotiation
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Author : Boon-chye Lee
language : en
Publisher: Westview Press
Release Date : 1993-05-26
The Economics Of International Debt Renegotiation written by Boon-chye Lee and has been published by Westview Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-05-26 with Business & Economics categories.