LEADER 05718oam 22012734 450 001 9910788347303321 005 20230721045624.0 010 $a1-4623-6284-2 010 $a1-4527-0366-3 010 $a9786612842511 010 $a1-4518-7176-7 010 $a1-282-84251-X 035 $a(CKB)3170000000055200 035 $a(EBL)1608170 035 $a(SSID)ssj0000943299 035 $a(PQKBManifestationID)11524017 035 $a(PQKBTitleCode)TC0000943299 035 $a(PQKBWorkID)10994227 035 $a(PQKB)10731293 035 $a(OCoLC)694140992 035 $a(MiAaPQ)EBC1608170 035 $a(IMF)WPIEE2009029 035 $a(EXLCZ)993170000000055200 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Cost of Aggressive Sovereign Debt Policies : $eHow Much is theprivate Sector Affected? /$fChristoph Trebesch 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (37 p.) 225 1 $aIMF Working Papers 300 $a"February 2009." 311 $a1-4519-1612-4 327 $aContents; 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 Analysis 327 $aVII. 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; References 330 3 $aThis paper proposes a new empirical measure of cooperative versus conflictual crisis resolution following sovereign default and debt distress. The index of government coerciveness is presented as a proxy for excusable versus inexcusable default behaviour and used to evaluate the costs of default for the domestic private sector, in particular its access to international debt markets. Our findings indicate that unilateral, aggressive sovereign debt policies lead to a strong decline in corporate access to external finance (loans and bond issuance). We conclude that coercive government actions towards external creditors can have strong signalling effects with negative spillovers on domestic firms. "Good faith" debt renegotiations may be crucial to minimize the domestic costs of sovereign defaults. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/029 606 $aDebts, Public 606 $aFiscal policy 606 $aExports and Imports$2imf 606 $aFinancial Risk Management$2imf 606 $aMoney and Monetary Policy$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 $aFinancial Crises$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aInternational economics$2imf 606 $aMonetary economics$2imf 606 $aFinance$2imf 606 $aPublic finance & taxation$2imf 606 $aFinancial crises$2imf 606 $aDebt default$2imf 606 $aExternal debt$2imf 606 $aCredit$2imf 606 $aDebt restructuring$2imf 606 $aMoney$2imf 606 $aPublic debt$2imf 606 $aDebts, External$2imf 606 $aDebts, Public$2imf 607 $aUnited States$2imf 615 0$aDebts, Public. 615 0$aFiscal policy. 615 7$aExports and Imports 615 7$aFinancial Risk Management 615 7$aMoney and Monetary Policy 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$aGoodwill 615 7$aFinancial Crises 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aEconomic & financial crises & disasters 615 7$aInternational economics 615 7$aMonetary economics 615 7$aFinance 615 7$aPublic finance & taxation 615 7$aFinancial crises 615 7$aDebt default 615 7$aExternal debt 615 7$aCredit 615 7$aDebt restructuring 615 7$aMoney 615 7$aPublic debt 615 7$aDebts, External 615 7$aDebts, Public 700 $aTrebesch$b Christoph$0873361 712 02$aInternational Monetary Fund.$bMonetary and Capital Markets Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788347303321 996 $aThe Cost of Aggressive Sovereign Debt Policies$93716524 997 $aUNINA