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Record Nr. |
UNINA9910464234603321 |
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Autore |
Boz Emine |
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Titolo |
Sovereign default, private sector creditors and the IFIs [[electronic resource] /] / prepared by Emine Boz |
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Pubbl/distr/stampa |
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[Washington D.C.], : International Monetary Fund, 2009 |
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ISBN |
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1-4623-0129-0 |
1-4527-5108-0 |
1-282-84268-4 |
9786612842689 |
1-4518-7194-5 |
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Descrizione fisica |
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1 online resource (29 p.) |
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Collana |
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IMF working paper ; ; WP/09/46 |
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Soggetti |
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Government securities |
Debts, External |
Electronic books. |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. IMF Lending; A. Institutional Framework; B. Cyclical Properties; III. Model; IV. Quantitative Analysis; A. Solution; B. Calibration and Data; C. Findings; D. Sensitivity Analysis; V. Conclusion; Appendices; References; Tables; 1. Average interest rates; 2. Data Moments: Private Sector Creditor Lending; 3. Data Moments: IMF Lending; 4. Spreads and Use of IMF Credit; 5. Probability of Use of IMF Credit; 6. Parameters; 7. Business Cycle Statistics; 8. IFI Debt During High and Low Spreads; 9. IFI Debt During Booms and Busts; 10. Sensitivity; Figures |
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Sommario/riassunto |
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This paper builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of these two types of debt. We analyze the decisions of a sovereign on how to allocate its borrowing needs between these two types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that, consistent with the data; the model predicts countercyclical IFI debt |
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