Sovereign debt and the financial crisis : : will this time be different? / / edited by Carlos A. Primo Braga, Gallina A. Vincelette

• Record Nr.: UNINA9910791549003321
• Pubbl/distr/stampa: Washington, D.C. : , : World Bank, , c2011
• ISBN: 1-282-96642-1; 9786612966422; 0-8213-8543-7
• Descrizione fisica: xxvi, 496 pages : illustrations ; ; 24 cm
• Altri autori (Persone): BragaCarlos Alberto Primo <1954->; VinceletteGallina Andronova
• Disciplina: 336.3/435
• Soggetti: Debt relief - Developing countries; Debts, Public; Economic policy; Financial crises; Monetary policy
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Cover; Half Title Page; Title Page; Copyright; Dedication; Contents; Foreword; Acknowledgments; Contributors; Abbreviations; Introduction; Part I: A New Wave of Sovereign Debt Crises?; 1: The Sovereign Debt Crisis That Was Not; 2: Unpleasant Surprises: Determinants and Risks of Sovereign Default; 3: Finding the Tipping Point: When Sovereign Debt Turns Bad; 4: Determinants of Emerging Market Sovereign Bond Spreads; 5: Sovereign Debt Distress and Corporate Spillover Impacts; Part II: The Effects of the Crisis on Debt; 6: Debt Sustainability and Debt Distress in the Wake of the Ongoing Financial Crisis: The Case of IDA-Only African Countries7: Do Middle-Income Countries Still Have the Ability to Deal with the Global Financial Crisis?; 8: Small States, the Financial Crisis, and the Aftermath; 9: Europe's Crisis: Origins and Policy Challenges; Part III: Debt Restructuring Mechanisms: Lessons and Beyond; 10: Avoiding Avoidable Debt Crises: Lessons from Recent Defaults; 11: Managing Subnational Credit and Default Risks; 12: Restructuring Sovereign ; Debts with Private Sector Creditors: Theory and Practice; 13: A Standing Arbitral Tribunal as a Procedural Solution for Sovereign Debt Restructurings14: International Lending of Last Resort and Sovereign Debt Restructuring; Part IV: Managing Public Debt in Crises: How Experiences Differ; 15: Managing Public Debt and Its Financial Stability Implications; 16: Public Debt Management in Emerging Market Economies: Has This Time Been Different?; 17: Crisis Preparedness and Debt Management in Low-Income Countries: Strengthening Institutions and Policy Frameworks; 18: Public Debt Management and Sovereign Risk during the Worst Financial Crisis on Record: Experiences and Lessons from the OECD AreaIndex; Back Cover
• Sommario/riassunto: In the wake of the financial crisis of 2008, governments worldwide undertook massive fiscal interventions to stave off what otherwise would have likely been a system-wide financial and economic meltdown. The policy responses engendered significant shifts in growth trajectories and debt sustainability outlooks of both mature and developing economies. The magnitude of public liabilities incurred and the uncertainty surrounding the exit from unprecedented discretionary fiscal stimulus have become a major source of concern about a future crisis. Will the current stringent financial conditions lead