04146oam 22010214 450 991015520190332120250426110831.09781475553956147555395197814755539941475553994(CKB)3710000000973906(MiAaPQ)EBC4771895(IMF)WPIEA2016222WPIEA2016222(EXLCZ)99371000000097390620020129d2016 uf 0engurcnu||||||||rdacontentrdamediardacarrierTrade Costs of Sovereign Debt Restructurings : Does a Market-Friendly Approach Improve the Outcome? /Tamon Asonuma, Marcos Chamon, Akira SasaharaWashington, D.C. :International Monetary Fund,2016.1 online resource (58 pages) illustrationsIMF Working Papers9781475553857 1475553854 Includes bibliographical references.Sovereign debt restructurings have been shown to influence the dynamics of imports and exports. This paper shows that the impact can vary substantially depending on whether the restructuring takes place preemptively without missing payments to creditors, or whether it takes place after a default has occurred. We document that countries with post-default restructurings experience on average: (i) a more severe and protracted decline in imports, (ii) a larger fall in exports, and (iii) a sharper and more prolonged decline in both GDP, investment and real exchange rate than preemptive cases. These stylized facts are confirmed by panel regressions and local projection estimates, and a range of robustness checks including for the endogeneity of the restructuring strategy. Our findings suggest that a country’s choice of how to go about restructuring its debt can have major implications for the costs it incurs from restructuring.IMF Working Papers; Working Paper ;No. 2016/222International tradeCostsDebts, ExternalExports and ImportsimfFinancial Risk ManagementimfForeign ExchangeimfEmpirical Studies of TradeimfInternational Lending and Debt ProblemsimfOpen Economy MacroeconomicsimfDebtimfDebt ManagementimfSovereign DebtimfTrade: GeneralimfInternational economicsimfFinanceimfCurrencyimfForeign exchangeimfDebt restructuringimfExportsimfImportsimfReal exchange ratesimfExchange rate arrangementsimfAsset and liability managementimfInternational tradeimfDebts, ExternalimfUnited StatesimfInternational tradeCosts.Debts, External.Exports and ImportsFinancial Risk ManagementForeign ExchangeEmpirical Studies of TradeInternational Lending and Debt ProblemsOpen Economy MacroeconomicsDebtDebt ManagementSovereign DebtTrade: GeneralInternational economicsFinanceCurrencyForeign exchangeDebt restructuringExportsImportsReal exchange ratesExchange rate arrangementsAsset and liability managementInternational tradeDebts, ExternalAsonuma Tamon1157565Chamon Marcos1090692Sasahara Akira1449383DcWaIMFBOOK9910155201903321Trade Costs of Sovereign Debt Restructurings3647627UNINA