06472oam 22015854 450 991096008340332120250426110035.0978661284268997814623012941462301290978145275108514527510809781282842687128284268497814518719441451871945(CKB)3170000000055208(EBL)1608189(SSID)ssj0000943067(PQKBManifestationID)11523874(PQKBTitleCode)TC0000943067(PQKBWorkID)10974709(PQKB)10596380(OCoLC)469135415(MiAaPQ)EBC1608189(IMF)WPIEE2009046(IMF)WPIEA2009046WPIEA2009046(EXLCZ)99317000000005520820020129d2009 uf 0engur|n|---|||||txtccrSovereign Default, Private Sector Creditors and the IFIs /Emine Boz1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (29 p.)IMF Working PapersDescription based upon print version of record.9781451916294 1451916299 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, ExternalCapital and Ownership StructureimfCreditimfDebt defaultimfDebt ManagementimfDebtimfDebts, ExternalimfDebts, PublicimfDevelopment banksimfEmerging and frontier financial marketsimfExports and ImportsimfExternal debtimfFinanceimfFinance: GeneralimfFinancial Institutions and Services: GeneralimfFinancial institutionsimfFinancial marketsimfFinancial Risk and Risk ManagementimfFinancial services industryimfFinancing PolicyimfGeneral Financial Markets: General (includes Measurement and Data)imfGoodwillimfIndustries: Financial ServicesimfInternational economicsimfInternational Financial MarketsimfInternational Lending and Debt ProblemsimfInternational Monetary Arrangements and InstitutionsimfMacroeconomicsimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMultilateral development institutionsimfNational accountsimfPrivate debtimfPublic debtimfPublic finance & taxationimfPublic FinanceimfSovereign DebtimfValue of FirmsimfThailandimfGovernment securities.Debts, External.Capital and Ownership StructureCreditDebt defaultDebt ManagementDebtDebts, ExternalDebts, PublicDevelopment banksEmerging and frontier financial marketsExports and ImportsExternal debtFinanceFinance: GeneralFinancial Institutions and Services: GeneralFinancial institutionsFinancial marketsFinancial Risk and Risk ManagementFinancial services industryFinancing PolicyGeneral Financial Markets: General (includes Measurement and Data)GoodwillIndustries: Financial ServicesInternational economicsInternational Financial MarketsInternational Lending and Debt ProblemsInternational Monetary Arrangements and InstitutionsMacroeconomicsMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMultilateral development institutionsNational accountsPrivate debtPublic debtPublic finance & taxationPublic FinanceSovereign DebtValue of Firms338.291246Boz Emine1815595DcWaIMFBOOK9910960083403321Sovereign Default, Private Sector Creditors and the IFIs4371060UNINA