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    Wyświetlanie 1-4 z 4
    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
    Artykuł
    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
    Artykuł
    Tytuł:
    Суверенное банкроство
    Sovereign bankruptcy
    Autorzy:
    Пикулева, Ирина
    Powiązania:
    https://bibliotekanauki.pl/articles/565123.pdf
    Data publikacji:
    2016-07-01
    Wydawca:
    Uniwersytet Przyrodniczo-Humanistyczny w Siedlcach
    Tematy:
    банкротство
    суверенное банкротство
    государственный долг
    реструктуризация долгов
    bankruptcy
    sovereign bankruptcy
    public debt
    debt restructuring
    Opis:
    Концепция банкротства суверенных государств берет начало в работах А. Смита, Б. Миллера, которые, так или иначе, указывали и обосновывали необходимость формирования механизма банкротства публично-правовых образований с целью оптимизации экономического климата внутри страны в период кризиса, сохранения государственной конкурентоспособности на мировой арене и устойчивости управления экономическими процессами как на национальном, так и на международном уровнях. Особенно актуальной рассматриваемая проблематика представляется в свете последних событий, имеющих как экономический, так и политико-правовой аспекты: эскалация военных конфликтов, геополитическая напряженность в мировом сообществе, гиперинфляция, рост государственного долга США и пр. Фактическая финансовая неплатежеспособность ряда государств становится важнейшей проблемой, разрешение которой требует не только формирования института государственного банкротства на теоретическом уровне, процедуры которого будут способны эффективно справляться с долговыми кризисами публично-правовых образований, но и реально применимого механизма реструктуризации суверенных долгов на практике.
    The concept of sovereign bankruptcy originated in the works of A. Smith, B. Miller, in which the need for the formation of the mechanism of bankruptcy of public law entities was anyhow pointed and justified in order to optimize the economic climates in the countries during the crisis, to keep the state competitiveness in the global stage and the overstability of economic processes at both the national and international levels. The concerned problematics is anxiously actual in light of the recent events: the escalation of military conflicts, geopolitical tensions in the international community, hyperinflation, raising US government debt, etc. The factual financial insolvency of a number of states becomes a major problem. The resolution of this issue requires not only formation of the institution of the state bankruptcy at a theoretical level, but also effective procedures which will be able to cope with a debt crisis of public legal entities in practice. An attempt to present the history of the idea of sovereign bankruptcy, to systematize the most appropriate mechanisms and suggested ways of overcoming the debt crisis in the area of sovereign insolvency was made by the author. The problem of bankruptcy of administrative-territorial units was indicated separately.
    Źródło:
    De Securitate et Defensione. O Bezpieczeństwie i Obronności; 2016, 1(2); 125-135
    2450-5005
    Pojawia się w:
    De Securitate et Defensione. O Bezpieczeństwie i Obronności
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    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
    Artykuł
      Wyświetlanie 1-4 z 4

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