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Author: Enrique Cosio-Pascal
Publisher:
ISBN:
Category : Debt
Languages : en
Pages : 48
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Book Description
"This paper describes the evolution of intergovernmental relationships on debt rescheduling. It starts describing some experiences that aroused in the 18th Century and which negotiations were carried out, in many occasions, with the help of gunboat diplomacy. The settlement of liabilities that were created at the aftermath of the two 20th Century World Wars, which were - at least for some countries - not exactly debt but war reparations, gave some insights in how to deal with these problems allowing the debtor country to find its own path to get out of the debt overhang. The settlement of these foreign liabilities may give some guidelines for dealing with debt restructuring in more general cases The creation of the Paris Club - which is a very civilized way to settle debt defaults compared to gunboat diplomacy - is analyzed and described here: first its emergency as an ad hoc transitory institution and later its evolution toward its definitive establishment in the international financial system landscape. It is also suggested that for a combination of events, which included the launch in Evian of the G-8's so-called Evian Approach for the Paris Club, as well as the lack of support of some major industrialized countries to the implementation of a Sovereign Debt Restructuring Mechanism (SDRM), the Paris Club has become the only feasible international intergovernmental debt restructuring mechanism in spite of numerous shortcomings embodied in it. On this basis, some improvements of the actual mechanism are proposed, without precluding the possibility of the implementation of a more equilibrated SDRM in the future"--Page [1].
Author: Enrique Cosio-Pascal
Publisher:
ISBN:
Category : Debt
Languages : en
Pages : 48
Get Book Here
Book Description
"This paper describes the evolution of intergovernmental relationships on debt rescheduling. It starts describing some experiences that aroused in the 18th Century and which negotiations were carried out, in many occasions, with the help of gunboat diplomacy. The settlement of liabilities that were created at the aftermath of the two 20th Century World Wars, which were - at least for some countries - not exactly debt but war reparations, gave some insights in how to deal with these problems allowing the debtor country to find its own path to get out of the debt overhang. The settlement of these foreign liabilities may give some guidelines for dealing with debt restructuring in more general cases The creation of the Paris Club - which is a very civilized way to settle debt defaults compared to gunboat diplomacy - is analyzed and described here: first its emergency as an ad hoc transitory institution and later its evolution toward its definitive establishment in the international financial system landscape. It is also suggested that for a combination of events, which included the launch in Evian of the G-8's so-called Evian Approach for the Paris Club, as well as the lack of support of some major industrialized countries to the implementation of a Sovereign Debt Restructuring Mechanism (SDRM), the Paris Club has become the only feasible international intergovernmental debt restructuring mechanism in spite of numerous shortcomings embodied in it. On this basis, some improvements of the actual mechanism are proposed, without precluding the possibility of the implementation of a more equilibrated SDRM in the future"--Page [1].
Author: Mr.Udaibir S. Das
Publisher: International Monetary Fund
ISBN: 1475505531
Category : Business & Economics
Languages : en
Pages : 128
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Book Description
This 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: Jürgen Kaiser
Publisher:
ISBN: 9783868724776
Category :
Languages : en
Pages : 39
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Book Description
Author: Muhammad Bello
Publisher: Pretoria University Law Press
ISBN:
Category : Law
Languages : en
Pages : 425
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Book Description
Re-imagining sovereign debt examines the extent to which sovereign debtors’ contractual obligations may be honoured where the socio-economic rights of their citizens face clear danger of non-realisation. It critiques the foundational legal paradigm that influences and shapes the substance of the sovereign debt regime. In doing this, the author employs legal theory to show the inadequacies of the regime in terms of its failure to embrace the dynamism of sovereign debt which he characterises as a debt with a complex mix of public-private elements, hybridity of norms and multiplicity of interests beyond the two-sided creditor-debtor matrix. By locating socio-economic rights in all critical phases of the regime, the author shows that the recurring circles of debt crises are linked to the continuing influence of the private law paradigm. The book offers a fresh perspective to re-imagine sovereign debt using insights from transnational legal theorists and advocates prioritising socio-economic rights considerations in debt contracting, restructuring and adjudication through a more concrete recognition of creditors’ responsibilities. Re-imagining sovereign debt will interest lawyers, policymakers, diplomats, scholars and researchers interested in the law, history and politics of sovereign debt.
Author: Enrique Alberola
Publisher: Edward Elgar Publishing
ISBN: 1035300567
Category : Business & Economics
Languages : en
Pages : 253
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Book Description
Recognising the regained importance of fiscal policy over the last two decades, this timely book provides much-needed insight into the changing practice of fiscal policy and how it is adapting to the unpredictable nature of the 21st century. Expert academic and practitioner contributors consider the resources which underpin current fiscal policy, assessing its overall effectiveness before outlining the changing priorities –ageing, inequality, climate change- and the financial tools available, and considering the future of fiscal policy in uncertain times.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498343333
Category : Business & Economics
Languages : en
Pages : 112
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Book Description
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Author: Ndongo Samba Sylla
Publisher: Emerald Group Publishing
ISBN: 1802624856
Category : Business & Economics
Languages : en
Pages : 160
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Book Description
Imperialism and the Political Economy of Global South’s Debt recognises the systemic nature of the Global South’s external debt, revealed only further by the economic uncertainty of the Covid-19 pandemic, as well as the need to analyse it in relation to existing imperialist structures.
Author: Mr.Serhan Cevik
Publisher: International Monetary Fund
ISBN: 151354621X
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
Climate change is already a systemic risk to the global economy. While there is a large body of literature documenting potential economic consequences, there is scarce research on the link between climate change and sovereign risk. This paper therefore investigates the impact of climate change vulnerability and resilience on sovereign bond yields and spreads in 98 advanced and developing countries over the period 1995–2017. We find that the vulnerability and resilience to climate change have a significant impact on the cost government borrowing, after controlling for conventional determinants of sovereign risk. That is, countries that are more resilient to climate change have lower bond yields and spreads relative to countries with greater vulnerability to risks associated with climate change. Furthermore, partitioning the sample into country groups reveals that the magnitude and statistical significance of these effects are much greater in developing countries with weaker capacity to adapt to and mitigate the consequences of climate change.
Author: United Nations Conference On Trade And Development Staff
Publisher:
ISBN: 9788185040288
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This report of the United nations conference on trade and development examines current performances and prospects in this world economy.
Author: Carl-Johan Lindgren
Publisher:
ISBN: 9781557758712
Category : Business & Economics
Languages : en
Pages : 103
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Book Description
An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
