05108oam 22011174 450 991081096690332120240402050705.01-4623-3157-21-4527-0165-21-4518-7096-51-282-84189-09786612841897(CKB)3170000000055128(EBL)1608036(SSID)ssj0000943300(PQKBManifestationID)11524018(PQKBTitleCode)TC0000943300(PQKBWorkID)10977406(PQKB)10391005(OCoLC)761832055(NBER)w22270(MiAaPQ)EBC1608036(IMF)WPIEE2008238(EXLCZ)99317000000005512820020129d2008 uf 0engur|n|---|||||txtccrThe Costs of Sovereign Default /Eduardo Borensztein, Ugo Panizza1st ed.Washington, D.C. :International Monetary Fund,2008.1 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 Papers; Working Paper ;No. 2008/238Debts, ExternalEconometric modelsDefault (Finance)Econometric modelsDebts, PublicFinancial crisesEconometric modelsBank failuresEconometric modelsBanks and BankingimfExports and ImportsimfMoney and Monetary PolicyimfInternational Lending and Debt ProblemsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfFinancial CrisesimfInternational economicsimfMonetary economicsimfEconomic & financial crises & disastersimfTrade creditsimfBanking crisesimfCredit ratingsimfBank creditimfDebt defaultimfDebts, ExternalimfFinancial crisesimfCreditimfArgentinaimfDebts, ExternalEconometric models.Default (Finance)Econometric models.Debts, Public.Financial crisesEconometric models.Bank failuresEconometric models.Banks and BankingExports and ImportsMoney and Monetary PolicyInternational Lending and Debt ProblemsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralFinancial CrisesInternational economicsMonetary economicsEconomic & financial crises & disastersTrade creditsBanking crisesCredit ratingsBank creditDebt defaultDebts, ExternalFinancial crisesCredit336.3435Borensztein Eduardo1656769Panizza Ugo1611913DcWaIMFBOOK9910810966903321The Costs of Sovereign Default4070684UNINA