The Impact Of Bailouts On The Probability Of Sovereign Debt Crises Evidence From Imf Supported Programs
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The Impact Of Bailouts On The Probability Of Sovereign Debt Crises Evidence From Imf Supported Programs
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Author : Hippolyte W. Balima
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-11
The Impact Of Bailouts On The Probability Of Sovereign Debt Crises Evidence From Imf Supported Programs written by Hippolyte W. Balima 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 2019-01-11 with Business & Economics categories.
This paper studies the role of IMF-supported programs in mitigating the likelihood of subsequent sovereign defaults in borrowing countries. Using a panel of 106 developing countries from 1970 to 2016 and an entropy balancing methodology, we find that IMF-supported programs significantly reduce the likelihood of subsequent sovereign defaults. This finding is robust to different specifications of the entropy balancing and alternative identification strategies. Our results suggest that a country that signs a program with the IMF, typically experiences a slight improvement in its sovereign credit rating and a decrease in both government debt-to-GDP and fiscal deficit-to-GDP.
The Impact Of Bailouts On The Probability Of Sovereign Debt Crises Evidence From Imf Supported Programs
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Author : Hippolyte W. Balima
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-11
The Impact Of Bailouts On The Probability Of Sovereign Debt Crises Evidence From Imf Supported Programs written by Hippolyte W. Balima 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 2019-01-11 with Business & Economics categories.
This paper studies the role of IMF-supported programs in mitigating the likelihood of subsequent sovereign defaults in borrowing countries. Using a panel of 106 developing countries from 1970 to 2016 and an entropy balancing methodology, we find that IMF-supported programs significantly reduce the likelihood of subsequent sovereign defaults. This finding is robust to different specifications of the entropy balancing and alternative identification strategies. Our results suggest that a country that signs a program with the IMF, typically experiences a slight improvement in its sovereign credit rating and a decrease in both government debt-to-GDP and fiscal deficit-to-GDP.
Preparing For The Next Financial Crisis
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Author : Olivier de Bandt
language : en
Publisher: Routledge
Release Date : 2020-12-28
Preparing For The Next Financial Crisis written by Olivier de Bandt and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-28 with Business & Economics categories.
The ramifications of the Global Financial Crisis, which erupted in 2007, continue to surprise not only the general public but also finance professionals, economists, and journalists. Faced with this challenge, Preparing for the Next Financial Crisis goes back to basics. The authors ask: what do theory and empirical observations tell us about the causes and the consequences of financial crisis and instability? In what has become an increasingly complex financial world, what lessons can we learn from economic policies, which have been implemented, and research, which has developed extremely rapidly in recent years, so as not to repeat past mistakes? In this comprehensive review of the literature, which is both complete and balanced, the authors highlight the points of consensus among economists and policymakers. They assess the capacity of economic policies and institutions in limiting the cost of financial instability. In conclusion, they ask if the financial system has become safer, in the light especially of the Covid-19 Global Crisis. Ten years after the GFC crisis, this is a timely review of the reform agenda, the progress made, and the areas where further changes need to be made to address new risks and challenges.
Handbook Of Research On Social And Economic Development In The European Union
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Author : Bayar, Yilmaz
language : en
Publisher: IGI Global
Release Date : 2019-11-29
Handbook Of Research On Social And Economic Development In The European Union written by Bayar, Yilmaz and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-29 with Business & Economics categories.
The EU has experienced serious economic and political crises such as the sovereign debt crisis and Brexit in the past few years. However, despite these issues, the EU has implemented considerable institutional, fiscal, and collective improvements during the unification process to continue as a significant actor in the global economy. The Handbook of Research on Social and Economic Development in the European Union provides a multidisciplinary evaluation of the institutional, economic, and social development of the European Union and makes inferences for the future dynamics and collaborations of the EU, the global economy, and other countries. Featuring coverage on a broad range of topics such as energy security, gender discrimination, and global economics, this book is ideally designed for government officials, policymakers, world leaders, politicians, diplomats, international relations officers, economists, business professionals, historians, market analysts, academicians, researchers, and students concerned about the multifaceted integration processes surrounding the EU.
The Politics Of Imf Lending
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Author : M. Breen
language : en
Publisher: Springer
Release Date : 2013-08-15
The Politics Of Imf Lending written by M. Breen and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-15 with Political Science categories.
As national governments continue to disagree over how to respond to the aftermath of the global financial crisis, two of the few areas of consensus were the decisions to increase the IMF's capacity to respond and remove the policies designed to limit the use of its resources. Why was this massive increase in the size of the IMF, accompanied by the removal of policies designed to limit moral hazard, such an easy point of consensus? Michael Breen looks at the hidden politics behind IMF lending and proposes a new theory based on shareholder control. To test this theory, he combines statistical analysis with a sweeping account of IMF lending and conditionality during two global crises; the European sovereign debt crisis and the Asian financial crisis.
Managing The Sovereign Bank Nexus
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Author : Mr.Giovanni Dell'Ariccia
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-07
Managing The Sovereign Bank Nexus written by Mr.Giovanni Dell'Ariccia 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 2018-09-07 with Business & Economics categories.
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Bedfellows Hostages Or Perfect Strangers Global Capital Markets And The Catalytic Effect Of Imf Crisis Lending
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Author : Carlo Cottarelli
language : en
Publisher: International Monetary Fund
Release Date : 2002-11
Bedfellows Hostages Or Perfect Strangers Global Capital Markets And The Catalytic Effect Of Imf Crisis Lending written by Carlo Cottarelli 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 2002-11 with Business & Economics categories.
During the 1990s, the concept of "catalytic official finance" (COF) gained prominence in policy debates. The concept revolves around the idea that the propensity of investors to lend to a country increases when the IMF provides its "seal of approval"-backed up by only limited official financing-on the country's economic program. COF aims at avoiding, on the one hand, the massive use of public money to bail out private investors; on the other, the recourse to coercive bailing-in mechanisms. The paper concludes that COF, while possibly useful in other contexts, is less reliable when used to manage capital account crises.
The Dynamics Of Sovereign Debt Crises And Bailouts
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Author : Mr.Francisco Roch
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-06
The Dynamics Of Sovereign Debt Crises And Bailouts written by Mr.Francisco Roch 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 2016-09-06 with Business & Economics categories.
Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a "sunspot"-coordinated buyers strike. We introduce a bailout agency, and characterize the minimal actuarially fair intervention that guarantees the no-buyers-strike fundamental equilibrium, relying on the market for residual financing. The intervention makes it cheaper for governments to borrow, inducing them borrow more, leaving default probabilities possibly rather unchanged. The maximal backstop will be pulled precisely when fundamentals worsen.
U S Agriculture The Asian Financial Crises And The International Monetary Fund
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Author : United States. Congress. House. Committee on Agriculture
language : en
Publisher:
Release Date : 1998
U S Agriculture The Asian Financial Crises And The International Monetary Fund written by United States. Congress. House. Committee on Agriculture and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
The New Public Finance
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Author : Inge Kaul
language : en
Publisher: Oxford University Press
Release Date : 2006-02-23
The New Public Finance written by Inge Kaul and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-02-23 with Business & Economics categories.
The world's agenda of international cooperation has changed. The conventional concerns of foreign affairs, international trade, and development assistance, are increasingly sharing the political center stage with a new set of issues. These include trans-border concerns such as global financial stability and market efficiency, risk of global climate change, bio-diversity conservation, control of resurgent and new communicable diseases, food safety, cyber crime and e-commerce, control of drug trafficking, and international terrorism and weapons of mass destruction. Globalization and increasing porosity of national borders have been key driving forces that have led to growing interdependence and interlocking of the public domains--and therefore, public policy concerns--of countries, governments, private businesses, civil society, and people at large. Thus, new and different issues are now occupying top places on national policy agendas, and consequently, on the agendas of international negotiating forums. The policy approaches to global challenges are also changing. A proliferation and diversification of international cooperation efforts include focus on financing arrangements. Financing of international cooperation in most instances is a haphazard and non-transparent process and often seems to run parallel to international negotiations. There are many unfunded mandates and many-non-mandatory funds. To agree on and to achieve international economic goals, we need to understand how financing of international cooperation efforts actually works. Our understanding is hampered by two gaps: 1) lack of an integrated and cohesive theoretical framework; 2) lack of consolidated empirical and operational knowledge in the form of a comprehensive inventory of past, current and possible future (i.e. currently deliberated) financing mechanisms. This book reduces these two gaps and provides a guide to improve our ability to finance international cooperation.