LEADER 07823oam 22013214 450 001 9910786475203321 005 20230801225430.0 010 $a1-4755-5432-X 010 $a1-4755-0709-7 035 $a(CKB)2670000000278941 035 $a(EBL)1606943 035 $a(SSID)ssj0000943250 035 $a(PQKBManifestationID)11558983 035 $a(PQKBTitleCode)TC0000943250 035 $a(PQKBWorkID)10975265 035 $a(PQKB)10109579 035 $a(MiAaPQ)EBC1606943 035 $a(Au-PeEL)EBL1606943 035 $a(CaPaEBR)ebr10627162 035 $a(OCoLC)870244998 035 $a(IMF)WPIEE2012203 035 $a(IMF)WPIEA2012203 035 $a(EXLCZ)992670000000278941 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSovereign Debt Restructurings 1950-2010 : $eLiterature Survey, Data, and Stylized Facts /$fChristoph Trebesch, Michael Papaioannou, Udaibir Das 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (129 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/203 300 $aDescription based upon print version of record. 311 $a1-4755-8253-6 311 $a1-4755-0553-1 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. Basic Concepts; A. What is a Sovereign Debt Restructuring?; B. What is the Difference Between Default and Restructuring?; C. Restructurings and Credit Events; D. "Haircuts" and Calculation of Debt Relief; Figures; 1. A Stylized Example-Total Debt Service Before and After; III. The Process of Sovereign Debt Restructuring; A. Key Elements in a Debt Restructuring Process; 2. Stylized Timeline of a Sovereign Debt Restructuring; B. Restructuring Bilateral Debt: The Paris Club; Tables; 1. Overview of Debt Restructuring Vehicles by Type of Creditor 327 $a2. Paris Club Creditors in Selected Restructurings C. Restructuring Bank Loans: The London Club; Boxes; 1. The Brady Plan; 3. Selected Bank Advisory Committees since the 1980's (London Club Process); D. Sovereign Bond Exchanges; 4. Negotiating with Sovereign Bondholders; E. The Duration of Debt Renegotiations; 3. Restructuring Duration by Type of Debt; F. Pitfalls in the Restructuring Process; IV. Sovereign Debt Restructurings 1950-2010: An Overview; A. When and How Often Was Sovereign Debt Restructured?; 4. Foreign Debt Restructurings by Country (1950-2010) 327 $a5. Debt Restructurings with Paris Club and Private Creditors 6. Bank Loan versus Bond Restructurings (1950-2010); 7. Restructurings with Face Value Debt Reduction (Nominal Write-Offs); B. Characteristics of Bond and Bank Debt Restructurings Since 1998; 5. Characteristics of Main Sovereign Debt Restructurings with Foreign Banks and Bondholders, 1998-2010; C. Financial and Macroeconomic Conditions During Restructuring Episodes; D. Evolution of Credit Ratings During Restructuring Episodes; 8. Financial and Macroeconomic Indicators in Restructuring Periods 327 $a6. Sovereign Ratings in Nine Recent Bond Restructurings9. Ratings Evolution during Sovereign Restructuring Episodes; V. Legal Aspects of Sovereign Debt Restructurings; A. Governing Laws; 7. Emerging Market Sovereign Bonds by Governing Law; 10. Bond Issuance in Main Emerging Markets 2003-2010, by Governing Law; 11. Public Bond Issuance in EU Countries 2003-2010, by Governing Law; B. Collective Action Clauses; C. Further Key Bond Clauses; 8. Legal Characteristics of Sovereign Bond Restructurings (1999-2009); D. Creditor Litigation Against Debtor Governments 327 $a12. Creditor Litigation after Defaults/Restructurings: New Cases Filed per Year VI. Domestic Sovereign Debt Restructurings; A. Evidence on Domestic Debt Restructurings; 2. The Domestic Restructuring in Jamaica 2010; B. Evidence on Restructurings in a Monetary Union; C. Restructuring "Quasi-Sovereign" Debt; 3. Recent "Quasi-Sovereign" Debt Restructurings; VII. Credit Default Swaps and Sovereign Debt Restructurings; A. The Settlement of Sovereign CDS Contracts; B. Potential Distortions: Insurable Interest and the "Empty Creditor" Problem 327 $aVIII. Costs and Implications of Sovereign Debt Restructurings: A Survey 330 3 $aThis paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950?2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/203 606 $aDebt relief 606 $aDebtor and creditor 606 $aFinancial Risk Management$2imf 606 $aInvestments: Bonds$2imf 606 $aPublic Finance$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aFinancial Crises$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aPublic finance & taxation$2imf 606 $aDebt restructuring$2imf 606 $aBonds$2imf 606 $aFinancial crises$2imf 606 $aSovereign debt restructuring$2imf 606 $aPublic debt$2imf 606 $aAsset and liability management$2imf 606 $aFinancial institutions$2imf 606 $aDebts, External$2imf 606 $aDebts, Public$2imf 607 $aArgentina$2imf 615 0$aDebt relief. 615 0$aDebtor and creditor. 615 7$aFinancial Risk Management 615 7$aInvestments: Bonds 615 7$aPublic Finance 615 7$aInternational Lending and Debt Problems 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aFinancial Crises 615 7$aFinance 615 7$aInvestment & securities 615 7$aEconomic & financial crises & disasters 615 7$aPublic finance & taxation 615 7$aDebt restructuring 615 7$aBonds 615 7$aFinancial crises 615 7$aSovereign debt restructuring 615 7$aPublic debt 615 7$aAsset and liability management 615 7$aFinancial institutions 615 7$aDebts, External 615 7$aDebts, Public 700 $aTrebesch$b Christoph$0873361 701 $aPapaioannou$b Michael$01462126 701 $aDas$b Udaibir$01471463 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786475203321 996 $aSovereign Debt Restructurings 1950-2010$93785476 997 $aUNINA