LEADER 06472oam 22015854 450 001 9910960083403321 005 20250426110035.0 010 $a9786612842689 010 $a9781462301294 010 $a1462301290 010 $a9781452751085 010 $a1452751080 010 $a9781282842687 010 $a1282842684 010 $a9781451871944 010 $a1451871945 035 $a(CKB)3170000000055208 035 $a(EBL)1608189 035 $a(SSID)ssj0000943067 035 $a(PQKBManifestationID)11523874 035 $a(PQKBTitleCode)TC0000943067 035 $a(PQKBWorkID)10974709 035 $a(PQKB)10596380 035 $a(OCoLC)469135415 035 $a(MiAaPQ)EBC1608189 035 $a(IMF)WPIEE2009046 035 $a(IMF)WPIEA2009046 035 $aWPIEA2009046 035 $a(EXLCZ)993170000000055208 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSovereign Default, Private Sector Creditors and the IFIs /$fEmine Boz 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (29 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 08$a9781451916294 311 08$a1451916299 320 $aIncludes bibliographical references. 327 $aContents; 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; Figures 330 3 $aThis paper builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of these two types of debt. We analyze the decisions of a sovereign on how to allocate its borrowing needs between these two types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that, consistent with the data; the model predicts countercyclical IFI debt along with procyclical commercial debt flows, also matching other features of the data such as frequency of IFI borrowing and mean IFI debt stock. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/046 606 $aGovernment securities 606 $aDebts, External 606 $aCapital and Ownership Structure$2imf 606 $aCredit$2imf 606 $aDebt default$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, External$2imf 606 $aDebts, Public$2imf 606 $aDevelopment banks$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aExports and Imports$2imf 606 $aExternal debt$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aFinancial institutions$2imf 606 $aFinancial markets$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aFinancial services industry$2imf 606 $aFinancing Policy$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGoodwill$2imf 606 $aIndustries: Financial Services$2imf 606 $aInternational economics$2imf 606 $aInternational Financial Markets$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aInternational Monetary Arrangements and Institutions$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMultilateral development institutions$2imf 606 $aNational accounts$2imf 606 $aPrivate debt$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSovereign Debt$2imf 606 $aValue of Firms$2imf 607 $aThailand$2imf 615 0$aGovernment securities. 615 0$aDebts, External. 615 7$aCapital and Ownership Structure 615 7$aCredit 615 7$aDebt default 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, External 615 7$aDebts, Public 615 7$aDevelopment banks 615 7$aEmerging and frontier financial markets 615 7$aExports and Imports 615 7$aExternal debt 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial Institutions and Services: General 615 7$aFinancial institutions 615 7$aFinancial markets 615 7$aFinancial Risk and Risk Management 615 7$aFinancial services industry 615 7$aFinancing Policy 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGoodwill 615 7$aIndustries: Financial Services 615 7$aInternational economics 615 7$aInternational Financial Markets 615 7$aInternational Lending and Debt Problems 615 7$aInternational Monetary Arrangements and Institutions 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMoney and Monetary Policy 615 7$aMultilateral development institutions 615 7$aNational accounts 615 7$aPrivate debt 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSovereign Debt 615 7$aValue of Firms 676 $a338.291246 700 $aBoz$b Emine$01815595 801 0$bDcWaIMF 906 $aBOOK 912 $a9910960083403321 996 $aSovereign Default, Private Sector Creditors and the IFIs$94371060 997 $aUNINA