Temat: sovereign - Katalog OPAC zbiorów

Skocz do pozycji: 1.

Tytuł:: Belize’s 2016–17 Sovereign Debt Restructuring – Third Time Lucky?
Autorzy:: Asonuma, Tamon
Papaioannou, Michael G.
Togo, Eriko
van Selm, Bert
Powiązania:: https://bibliotekanauki.pl/articles/2047046.pdf
Data publikacji:: 2020-12-29
Wydawca:: Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:: Sovereign Debt
Sovereign Defaults
Sovereign Debt Restructurings
Serial Debt
Restructurings
Belize
Opis:: This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains and avoid future debt distress situations.
Źródło:: Journal of Banking and Financial Economics; 2020, 2(14); 47-67
2353-6845
Pojawia się w:: Journal of Banking and Financial Economics
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 2.

Tytuł:: Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned
Autorzy:: Asonuma, Tamon
Xin Li, Mike
Papaioannou, Michael G.
Thomas, Saji
Togo, Eriko
Powiązania:: https://bibliotekanauki.pl/articles/2040944.pdf
Data publikacji:: 2018-11-15
Wydawca:: Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:: Sovereign Debt
Sovereign Defaults
Sovereign Debt Restructurings
Serial Debt
Restructurings
Serial Defaults
Grenada
Disaster Clause
Opis:: This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15. Both restructurings emerged as a consequence of weak fiscal and debt situations, which became unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.
Źródło:: Journal of Banking and Financial Economics; 2018, 2(10); 67-105
2353-6845
Pojawia się w:: Journal of Banking and Financial Economics
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 3.

Tytuł:: Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs?
Autorzy:: Chung, Kay
Papaioannou, Michael G.
Powiązania:: https://bibliotekanauki.pl/articles/2048280.pdf
Data publikacji:: 2021-10-22
Wydawca:: Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:: collective action clause
sovereign bond contractual clause
governing law
default
bond spreads
sovereign cost of borrowing
sovereign debt restructuring
Opis:: This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns’ borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers’ moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.
Źródło:: Journal of Banking and Financial Economics; 2021, 1(15); 59-87
2353-6845
Pojawia się w:: Journal of Banking and Financial Economics
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 4.

Tytuł:: Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects
Autorzy:: Asonuma, Asonuma
Papaioannou, Michael G.
Peraza, Gerardo
Vitola, Kristine
Tsuda, Takahiro
Powiązania:: https://bibliotekanauki.pl/articles/565701.pdf
Data publikacji:: 2017
Wydawca:: Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:: Sovereign Defaults
Sovereign Debt Restructuring External Debt
Inter-Creditor Equity
Serial Defaults
Opis:: This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13, which occurred outside an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fi scal solvency concerns. Despite differential treatment between residents and non-residents, both 2006–07 and 2012–13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities’ effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012–13 debt restructuring will still depend on the country’s ability to strengthen fi scal efforts and the public debt management framework.
Źródło:: Journal of Banking and Financial Economics; 2017, 2(8); 5-26
2353-6845
Pojawia się w:: Journal of Banking and Financial Economics
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 5.

Tytuł:: Inflation and Public Debt Reversals in the G7 Countries
Autorzy:: Akitoby, Bernardin
Binder, Ariel
Komatsuzaki, Takuji
Powiązania:: https://bibliotekanauki.pl/articles/565670.pdf
Data publikacji:: 2017
Wydawca:: Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:: Inflation
debt crisis
G7
public debt
sovereign debt
Opis:: This paper investigates the impact of low or high inflation on the public debt-to-GDP ratio in the G-7 countries. Our simulations suggest that if inflation were to fall to zero for five years, the average net debt-to-GDP ratio would increase by about 5 percentage points during that period. In contrast, raising inflation to 6 percent for the next five years would reduce the average net debtto-GDP ratio by about 11 percentage points under the full Fisher effect and about 14- percentage points under the partial Fisher effect. Thus higher inflation could help reduce the public debt-to-GDP ratio somewhat in advanced economies. However, it could hardly solve the debt problem on its own and would raise significant challenges and risks. First of all, it may be difficult to create higher inflation, as evidenced by Japan’s experience in the last few decades. In addition, an unanchoring of inflation expectations could increase long-term real interest rates, distort resource allocation, reduce economic growth, and hurt the lower–income households.
Źródło:: Journal of Banking and Financial Economics; 2017, 1(7); 28-50
2353-6845
Pojawia się w:: Journal of Banking and Financial Economics
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 6.

Tytuł:: Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten
Autorzy:: Reinhart, Carmen M.
Rogoff, Kenneth S.
Powiązania:: https://bibliotekanauki.pl/articles/565636.pdf
Data publikacji:: 2015
Wydawca:: Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:: Financial crises
sovereign debt crises
deleveraging
credit cycles
financial repression
debt restructuring
debt forgiveness
capital controls
austerity
Opis:: Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression. As we document, this claim is at odds with the historical track record of most advanced economies, where debt restructuring or conversions, financial repression, and a tolerance for higher inflation, or a combination of these were an integral part of the resolution of significant past debt overhangs.
Źródło:: Journal of Banking and Financial Economics; 2015, 2(4); 5-17
2353-6845
Pojawia się w:: Journal of Banking and Financial Economics
Dostawca treści:: Biblioteka Nauki

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