03673nam 2200709 450 991046363610332120170816134625.01-4623-3157-21-4527-0165-21-4518-7096-51-282-84189-09786612841897(CKB)3170000000055128(EBL)1608036(SSID)ssj0000943300(PQKBManifestationID)11524018(PQKBTitleCode)TC0000943300(PQKBWorkID)10977406(PQKB)10391005(OCoLC)761832055(MiAaPQ)EBC1608036(EXLCZ)99317000000005512820140226h20082008 uy 0engur|n|---|||||txtccrThe costs of sovereign default /Eduardo Borensztein and Ugo Panizza[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (52 p.)IMF Working PapersIMF working paper ;WP/08/238Description based upon print version of record.1-4519-1549-7 Includes bibliographical references.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 Credit7. 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 DefaultThis 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.IMF Working PapersDebts, ExternalEconometric modelsDefault (Finance)Econometric modelsDebts, PublicFinancial crisesEconometric modelsBank failuresEconometric modelsElectronic books.Debts, ExternalEconometric models.Default (Finance)Econometric models.Debts, Public.Financial crisesEconometric models.Bank failuresEconometric models.336.3435Borensztein Eduardo858680Panizza Ugo873343MiAaPQMiAaPQMiAaPQBOOK9910463636103321The costs of sovereign default1952259UNINA