Sensible Debt Buybacks for Highly Indebted Countries PDF Download
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Author: Enrica Detragiache
Publisher: World Bank Publications
ISBN:
Category : Credit
Languages : en
Pages : 37
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Book Description
Concerted agreements in which debt repurchases are linked to reduced interest rates or new-money requirements can make buybacks at a fair price viable, while preventing a free-rider problem among riders.
Author: Enrica Detragiache
Publisher: World Bank Publications
ISBN:
Category : Credit
Languages : en
Pages : 37
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Book Description
Concerted agreements in which debt repurchases are linked to reduced interest rates or new-money requirements can make buybacks at a fair price viable, while preventing a free-rider problem among riders.
Author: Julio Rotemberg
Publisher: Forgotten Books
ISBN: 9780666599841
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
Excerpt from Sovereign Debt Buybacks Can Bargaining Costs Highly indebted countries and their creditor banks have experimented with numerous approaches to ameliorate the LDC Debt Crisis. One rather popular approach is to have the country repurchase its debt at its current market price. Since the debt currently trades below par, countries pay less than they would if they actually honored their debts. The repurchase, or buyback, recognizes that the debts are very unlikely to be paid in full. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Julio Rotemberg
Publisher:
ISBN:
Category : Debt relief
Languages : en
Pages : 44
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Book Description
I develop two models in which debt repurchases by highly indebted sovereign nations are advantageous for all parties. The models are based on the idea that when sovereign debts are large, bargaining costs are large. Creditors spend more resources convincing the debtor that they are tough when they have more at stake. Also, the sanctions which are sometimes triggered when bargaining fails to produce an agreement are larger when debts are larger. For both these reasons buybacks, which reduce the face value of the outstanding debt, can be beneficial. The resulting equilibria are constrained Pareto Optima. But, donors who subsidize buybacks increase overall welfare more than donors who make direct gifts. I also argue that Bulow and Rogoff (1988)'s empirical evidence on buybacks is consistent with my models.
Author: Robert Solomon
Publisher:
ISBN:
Category : Debts, External
Languages : en
Pages : 46
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451949359
Category : Business & Economics
Languages : en
Pages : 22
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Book Description
This paper provides empirical evidence on the determinants of long-term growth performance in a sample of 55 developing countries grouped by income levels. The evidence indicates that a model incorporating the savings rate, export performance, expenditures on human capital development, the growth of population, and the real interest rate on external debt, explains the growth performance of these countries remarkably well. The model also suggests policies that would lead to higher long-run rates of growth.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149832892X
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
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Author: Ishrat Husain
Publisher: World Bank Publications
ISBN: 9780821312469
Category : Business & Economics
Languages : en
Pages : 326
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Book Description
The debt crisis in perspective; Debt management in the late 1980s; Debt reduction and recontracting.
Author: Mr.James M. Boughton
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
The IMF played a key role in developing and implementing the debt strategy throughout the 1980s. That strategy not only overcame the crisis but also produced successful transformationsof several major economiesin Latin America. Nonetheless, the IMF's role has also been criticized on several grounds. This study examines seven such criticisms.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1589060601
Category : Business & Economics
Languages : en
Pages : 327
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Book Description
This Guide provides clear, up-to-date guidance on the concepts, definitions, and classifications of the gross external debt of the public and private sectors, and on the sources, compilation techniques, and analytical uses of these data. The Guide supersedes the previous international guidance on external debt statistics available in External Debt: Definition, Statistical Coverage, and Methodology (known as the Gray Book), 1988. The Guides conceptual framework derives from the System of National Accounts 1993 and the fifth edition of the IMFs Balance of Payments Manual(1993). Preparation of the Guide was undertaken by an Inter-Agency Task Force on Finance Statistics, chaired by the IMF and involving representatives from the BIS, the Commonwealth Secretariat, the European Central Bank, Eurostat, the OECD, the Paris Club Secretariat, UNCTAD, and the World Bank.
Author: Thordur Jonasson
Publisher: International Monetary Fund
ISBN: 1484350545
Category : Business & Economics
Languages : en
Pages : 133
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Book Description
This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
