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Record Nr. |
UNINA9910957404203321 |
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Autore |
Borensztein Eduardo |
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Titolo |
The Costs of Sovereign Default / / Eduardo Borensztein, Ugo Panizza |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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9786612841897 |
9781462331574 |
1462331572 |
9781452701653 |
1452701652 |
9781451870961 |
1451870965 |
9781282841895 |
1282841890 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (52 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/238 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Debts, External - Econometric models |
Default (Finance) - Econometric models |
Debts, Public |
Financial crises - Econometric models |
Bank failures - Econometric models |
Bank credit |
Banking crises |
Banks and Banking |
Credit ratings |
Credit |
Debt default |
Debts, External |
Economic & financial crises & disasters |
Exports and Imports |
Financial Crises |
Financial crises |
International economics |
International Lending and Debt Problems |
Monetary economics |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Money and Monetary Policy |
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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. Two Hundred Years of Sovereign Default; III. Default and GDP Growth; IV. Default and Reputation; V. Default and International Trade; VI. Default and the Domestic Banking System; VII. Political Implications of Default; VIII. Conclusions; References; Figures; 1. Number of Defaults (1824-2004); Tables; 1. Default Episodes; 2. Default and Growth, Panel 1972-2000; 3. Default and Growth, Panel 1972-2000; 4. Default and Credit Ratings, Cross Section Regression, 1999-2002; 5. Defaults and Bond Spreads, Panel Regression, 1997-2004; 6. Default and Trade Credit |
7. Default and Trade: Does Trade Credit Matter?8. Probabilities of Default and Banking Crisis; 9. Default and Industry Value-Added Growth; 10. Defaults and Elections; 11. Type of Default; 12. Type of Default and Government; Appendix Tables; A1. Private Lending to Sovereign. Default and Rescheduling; A2: Logit Model for the Probability of Default |
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Sommario/riassunto |
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This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises. |
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