LEADER 04009oam 22009614 450 001 9910155201903321 005 20230808200834.0 010 $a1-4755-5399-4 035 $a(CKB)3710000000973906 035 $a(MiAaPQ)EBC4771895 035 $a(IMF)WPIEA2016222 035 $a(EXLCZ)993710000000973906 100 $a20020129d2016 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aTrade Costs of Sovereign Debt Restructurings : $eDoes a Market-Friendly Approach Improve the Outcome? /$fTamon Asonuma, Marcos Chamon, Akira Sasahara 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2016. 215 $a1 online resource (58 pages) $cillustrations 225 1 $aIMF Working Papers 311 $a1-4755-5385-4 320 $aIncludes bibliographical references. 330 3 $aSovereign debt restructurings have been shown to influence the dynamics of imports and exports. This paper shows that the impact can vary substantially depending on whether the restructuring takes place preemptively without missing payments to creditors, or whether it takes place after a default has occurred. We document that countries with post-default restructurings experience on average: (i) a more severe and protracted decline in imports, (ii) a larger fall in exports, and (iii) a sharper and more prolonged decline in both GDP, investment and real exchange rate than preemptive cases. These stylized facts are confirmed by panel regressions and local projection estimates, and a range of robustness checks including for the endogeneity of the restructuring strategy. Our findings suggest that a country?s choice of how to go about restructuring its debt can have major implications for the costs it incurs from restructuring. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2016/222 606 $aInternational trade$xCosts 606 $aDebts, External 606 $aExports and Imports$2imf 606 $aFinancial Risk Management$2imf 606 $aForeign Exchange$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aTrade: General$2imf 606 $aInternational economics$2imf 606 $aFinance$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aDebt restructuring$2imf 606 $aExports$2imf 606 $aImports$2imf 606 $aReal exchange rates$2imf 606 $aExchange rate arrangements$2imf 606 $aAsset and liability management$2imf 606 $aInternational trade$2imf 606 $aDebts, External$2imf 607 $aUnited States$2imf 615 0$aInternational trade$xCosts. 615 0$aDebts, External. 615 7$aExports and Imports 615 7$aFinancial Risk Management 615 7$aForeign Exchange 615 7$aEmpirical Studies of Trade 615 7$aInternational Lending and Debt Problems 615 7$aOpen Economy Macroeconomics 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aTrade: General 615 7$aInternational economics 615 7$aFinance 615 7$aCurrency 615 7$aForeign exchange 615 7$aDebt restructuring 615 7$aExports 615 7$aImports 615 7$aReal exchange rates 615 7$aExchange rate arrangements 615 7$aAsset and liability management 615 7$aInternational trade 615 7$aDebts, External 700 $aAsonuma$b Tamon$01157565 701 $aChamon$b Marcos$01090692 701 $aSasahara$b Akira$01449383 801 0$bDcWaIMF 906 $aBOOK 912 $a9910155201903321 996 $aTrade Costs of Sovereign Debt Restructurings$93647627 997 $aUNINA