03531nam 2200613Ia 450 991082645070332120200520144314.01-4623-6284-21-4527-0366-397866128425111-4518-7176-71-282-84251-X(CKB)3170000000055200(EBL)1608170(SSID)ssj0000943299(PQKBManifestationID)11524017(PQKBTitleCode)TC0000943299(PQKBWorkID)10994227(PQKB)10731293(OCoLC)694140992(MiAaPQ)EBC1608170(IMF)WPIEE2009029(EXLCZ)99317000000005520020100621d2009 uf 0engur|n|---|||||txtccrThe cost of aggressive sovereign debt policies how much is the private sector affected? /prepared by Christoph Trebesch1st ed.[Washington, D.C.] International Monetary Fund, Monetary and Capital Markets Dept.20091 online resource (37 p.)IMF working paper ;WP/09/29"February 2009."1-4519-1612-4 Contents; I. Introduction; II. Related Literature; A. Debt Crises and Private Sector Access to Credit; B. The Role of Cooperation and Policy Signals; III. Econometric Methodology; A. Previous Approaches; B. Estimated Model; C. Dependent Variable: Foreign Credit to the Private Sector; D. Measuring Crisis Episodes; IV. Data: The Index of Coerciveness; A. Composition of the Index; B. Coding of the Index; V. Estimation Issues: Controlling for Shocks, Politics and Fundamentals; VI. Discussion of Results; A. Main Results; B. Effects of Individual Coercive Policies; C. Robustness AnalysisVII. Concluding RemarksTables; 1. Emerging Market Countries Included in the Estimations; 2. List of Control Variables; 3. Effect of Aggressive Debt Policies on Total Amount Borrowed; 4. Default Effects and Aggressive Debt Policies During Default; 5. Effect of Individual Coercive Actions (9 Sub-Indicators); 6. Robustness Tests; ReferencesThis paper proposes a new empirical measure of cooperative versus conflictual crisis resolution following sovereign default and debt distress. The index of government coerciveness is presented as a proxy for excusable versus inexcusable default behaviour and used to evaluate the costs of default for the domestic private sector, in particular its access to international debt markets. Our findings indicate that unilateral, aggressive sovereign debt policies lead to a strong decline in corporate access to external finance (loans and bond issuance). We conclude that coercive government actions towards external creditors can have strong signalling effects with negative spillovers on domestic firms. "Good faith" debt renegotiations may be crucial to minimize the domestic costs of sovereign defaults.IMF working paper ;WP/09/29.Debts, PublicFiscal policyDebts, Public.Fiscal policy.332Trebesch Christoph873361International Monetary Fund.Monetary and Capital Markets Dept.MiAaPQMiAaPQMiAaPQBOOK9910826450703321The Cost of Aggressive Sovereign Debt Policies4083315UNINA