A Noteon Burden Sharing Among Creditors PDF Download
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Author: Mr.Richard D. Haas
Publisher: International Monetary Fund
ISBN: 1451921500
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
This paper presents a framework for evaluating the relative contributions of different creditors in cases where only partial payments can be made by the debtor country. A methodology is developed to calculate partial payments—or alternatively put—determine residual financing. By focusing on the relative seniority of creditors and expectations of the debtor’s ability to repay, alternative sharing rules are quantified. The measure is based on the expected present value of payments. Creditors earning a below-market rate of return suffer a burden; creditors earning the same rate of return are said to share the burden equally.
Author: Mr.Richard D. Haas
Publisher: International Monetary Fund
ISBN: 1451921500
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
This paper presents a framework for evaluating the relative contributions of different creditors in cases where only partial payments can be made by the debtor country. A methodology is developed to calculate partial payments—or alternatively put—determine residual financing. By focusing on the relative seniority of creditors and expectations of the debtor’s ability to repay, alternative sharing rules are quantified. The measure is based on the expected present value of payments. Creditors earning a below-market rate of return suffer a burden; creditors earning the same rate of return are said to share the burden equally.
Author: Michael P. Dooley
Publisher:
ISBN:
Category : Debtor and creditor
Languages : en
Pages : 50
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451966482
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author: Michael Patrick Dooley
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 15
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Book Description
The guidance note sets out principles governing information sharing in the context of sovereign debt restructurings. It restates the existing Fund governance and policy guidelines for information sharing to help inform and harmonize practices across Fund country teams. In addition to outlining guiding principles applicable to information sharing, it provides guidance on what level of information can be shared during each stage of the restructuring and program design process and in the surveillance context
Author: Peter B. Kenen
Publisher: Princeton University Press
ISBN: 0691231133
Category : Business & Economics
Languages : en
Pages : 566
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Book Description
Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.
Author: Mark Spiegel
Publisher:
ISBN:
Category : Debt relief
Languages : en
Pages : 32
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Book Description
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451930852
Category : Business & Economics
Languages : en
Pages : 196
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Book Description
This paper uses microeconomic panel data to examine differences in the cyclical variability of employment, hours, and real wages for skilled and unskilled workers. Contrary to conventional wisdom, it finds that, at the aggregate level, skilled and unskilled workers are subject to the same degree of cyclical variation in wages. However, the quality of labor input is found to rise in recessions, inducing a countercyclical bias in aggregate measures of the real wage. The paper also finds substantial differences across industries in the cyclical variation of employment, hours, and wage differentials, indicating important interindustry differences in labor contracting.
Author: Michael Patrick Dooley
Publisher: World Bank Publications
ISBN:
Category : Capital movements
Languages : en
Pages : 36
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Book Description
This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed access to international capital markets, changes in international interest rates have been the dominant factor. We calculate the effects of changes in international interest rates for a 'typical' debtor country. We conclude that increases in interest rates associated with business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513583611
Category : Business & Economics
Languages : en
Pages : 65
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Book Description
The Debt Limits Policy (DLP) establishes the framework for using quantitative conditionality to address debt vulnerabilities in IMF-supported programs. In October 2020, the Executive Board approved reforms to the DLP which will enter into effect on June 30, 2021. The risk-based approach to setting debt conditionality informed by Debt Sustainability Analyses under the previous DLP approved in 2014 is maintained. The reforms aim to provide countries with more financing flexibility in practice while still adequately containing debt vulnerabilities through appropriate safeguards. This note provides operational and technical guidance related to the implementation of the DLP, including the operationalization of the approved reforms. In particular, it outlines the core principles underpinning the DLP, including when debt conditionality in IMF-supported programs is warranted and how to account for country-specific circumstances in the design of debt limits. The note also describes the process of setting and implementing debt conditionality, including: (i) identifying debt vulnerabilities to inform the focus of debt conditionality; (ii) designing debt conditionality; and (iii) implementing debt conditionality through the review cycle. The Guidance Note is intended for use by both IMF staff and country officials. In this regard, in addition to the guidance presented in the main body, the note also contains several annexes that cover definitional, technical, and operational issues arising in the determination and implementation of public debt limits.
