06226oam 22014774 450 991078834660332120230721045609.01-4623-0129-01-4527-5108-01-282-84268-497866128426891-4518-7194-5(CKB)3170000000055208(EBL)1608189(SSID)ssj0000943067(PQKBManifestationID)11523874(PQKBTitleCode)TC0000943067(PQKBWorkID)10974709(PQKB)10596380(OCoLC)469135415(MiAaPQ)EBC1608189(IMF)WPIEE2009046(EXLCZ)99317000000005520820020129d2009 uf 0engur|n|---|||||txtccrSovereign Default, Private Sector Creditors and the IFIs /Emine BozWashington, D.C. :International Monetary Fund,2009.1 online resource (29 p.)IMF Working PapersDescription 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 flows, also matching other features of the data such as frequency of IFI borrowing and mean IFI debt stock.IMF Working Papers; Working Paper ;No. 2009/046Government securitiesDebts, ExternalExports and ImportsimfFinance: GeneralimfMacroeconomicsimfMoney and Monetary PolicyimfPublic FinanceimfIndustries: Financial ServicesimfInternational Monetary Arrangements and InstitutionsimfInternational Lending and Debt ProblemsimfInternational Financial MarketsimfFinancing PolicyimfFinancial Risk and Risk ManagementimfCapital and Ownership StructureimfValue of FirmsimfGoodwillimfDebtimfDebt ManagementimfSovereign DebtimfGeneral Financial Markets: General (includes Measurement and Data)imfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfFinancial Institutions and Services: GeneralimfPublic finance & taxationimfFinanceimfInternational economicsimfMonetary economicsimfPrivate debtimfPublic debtimfEmerging and frontier financial marketsimfDebt defaultimfCreditimfMultilateral development institutionsimfFinancial institutionsimfNational accountsimfFinancial marketsimfExternal debtimfDebts, PublicimfFinancial services industryimfDebts, ExternalimfDevelopment banksimfThailandimfGovernment securities.Debts, External.Exports and ImportsFinance: GeneralMacroeconomicsMoney and Monetary PolicyPublic FinanceIndustries: Financial ServicesInternational Monetary Arrangements and InstitutionsInternational Lending and Debt ProblemsInternational Financial MarketsFinancing PolicyFinancial Risk and Risk ManagementCapital and Ownership StructureValue of FirmsGoodwillDebtDebt ManagementSovereign DebtGeneral Financial Markets: General (includes Measurement and Data)Monetary Policy, Central Banking, and the Supply of Money and Credit: GeneralFinancial Institutions and Services: GeneralPublic finance & taxationFinanceInternational economicsMonetary economicsPrivate debtPublic debtEmerging and frontier financial marketsDebt defaultCreditMultilateral development institutionsFinancial institutionsNational accountsFinancial marketsExternal debtDebts, PublicFinancial services industryDebts, ExternalDevelopment banksBoz Emine1493515DcWaIMFBOOK9910788346603321Sovereign Default, Private Sector Creditors and the IFIs3716517UNINA