02893nam 2200577Ia 450 991046423460332120180731043602.01-4623-0129-01-4527-5108-01-282-84268-497866128426891-4518-7194-5(CKB)3170000000055208(EBL)1608189(SSID)ssj0000943067(PQKBManifestationID)11523874(PQKBTitleCode)TC0000943067(PQKBWorkID)10974709(PQKB)10596380(OCoLC)469135415(MiAaPQ)EBC1608189(EXLCZ)99317000000005520820041202d2009 uf 0engur|n|---|||||txtccrSovereign default, private sector creditors and the IFIs[electronic resource] /prepared by Emine Boz[Washington D.C.] International Monetary Fund20091 online resource (29 p.)IMF working paper ;WP/09/46Description based upon print version of record.1-4519-1629-9 Includes bibliographical references.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; FiguresThis 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 along with procyclical commercial debt flowsIMF working paper ;WP/09/46.Government securitiesDebts, ExternalElectronic books.Government securities.Debts, External.Boz Emine873355MiAaPQMiAaPQMiAaPQBOOK9910464234603321Sovereign default, private sector creditors and the IFIs1949634UNINA