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Author: Kenneth Kletzer
Publisher: World Bank Publications
Published: 1990
Total Pages: 64
ISBN-13:
DOWNLOAD EBOOKPrivate 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.
Author: Kenneth Kletzer
Publisher:
Published: 1989
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKAuthor: Kenneth Kletzer
Publisher:
Published: 1988
Total Pages: 64
ISBN-13:
DOWNLOAD EBOOKAuthor: Mr.Udaibir S. Das
Publisher: International Monetary Fund
Published: 2012-08-01
Total Pages: 128
ISBN-13: 1475505531
DOWNLOAD EBOOKThis 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.
Author: Boon-chye Lee
Publisher: Westview Press
Published: 1993-05-26
Total Pages: 172
ISBN-13:
DOWNLOAD EBOOKAuthor: Kenneth M. Kletzer
Publisher:
Published: 2008
Total Pages: 25
ISBN-13:
DOWNLOAD EBOOKThis paper discusses the collective action problem in sovereign debt restructurings using a benchmark model of sovereign debt renegotiation. It considers the welfare comparison of outcomes sustainable under collective action clauses and under governing law that requires the unanimous agreement of bondholders to repayment revisions. One conclusion is that collective action clauses allow the implementation of an efficient renegotiation equilibrium for the model economy while unanimity rules provide incentives for opportunistic behavior by individual bondholders that leads to inefficient outcomes. The potential role for a multilateral sovereign debt restructuring mechanism (SDRM) is also discussed. It is argued that the establishment of an official international bankruptcy tribunal that collectively restructures all of a country's debt may not improve upon the universal adoption of collective action clauses for sovereign bond issues. With collective action clauses, mutual gains from collective renegotiation are internalized so that sufficient incentives exist for the private formation of bondholder councils to restructure various debt issues together. The approach abstracts from transactions costs, and the last conclusion might well be sensitive to renegotiation and coordination costs.
Author: Ronald Edward Simenauer
Publisher:
Published: 1995
Total Pages:
ISBN-13:
DOWNLOAD EBOOKAuthor: M. Ayhan Kose
Publisher: World Bank Publications
Published: 2021-03-03
Total Pages: 403
ISBN-13: 1464815453
DOWNLOAD EBOOKThe global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author: Manal Fouad
Publisher: International Monetary Fund
Published: 2021-05-10
Total Pages: 61
ISBN-13: 1513576569
DOWNLOAD EBOOKInvestment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
Author: Carlos A. Primo Braga
Publisher: World Bank Publications
Published: 2010-11-16
Total Pages: 528
ISBN-13: 0821385437
DOWNLOAD EBOOKThe 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.
