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INTRODUCTION""; ""II. MORAL HAZARD AND SOVEREIGN INSURANCE""; ""III. BASIC MODEL STRUCTURE AND THE ROLE OF INSURANCE""; ""IV. AN ALTRUISTIC INSURER""; ""V. DEFAULT BY THE COUNTRY""; ""VI. CONCLUSIONS""; ""VII. DERIVATION OF THE RESULTS""; ""REFERENCES"" 330 3 $aThe design of the optimal sovereign insurance contract is analyzed when: the sovereign chooses the contract; effort is not contractible; shocks are of uncertain magnitude; the sovereign can save; and the sovereign can default. Under these conditions: i) an ex ante premium leads to higher coverage; ii) the premium increases with the sovereign's incentive to take risks; iii) a deductible is chosen to limit moral hazard; iv) the deductible-to-support ratio is decreasing with the size of the realized shock; and v) the change in the choice of savings when insurance is available is ambiguous, as there is a trade-off between inducing higher effort and increasing the likelihood of default. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/064 606 $aInsurance$xEconometric models 606 $aMoral hazard$xEconometric models 606 $aInternational finance$xEconometric models 606 $aActuarial Studies$2imf 606 $aConsumption$2imf 606 $aEconomics$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial Instruments$2imf 606 $aFinancial risk management$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aIndustries: Financial Services$2imf 606 $aInstitutional Investors$2imf 606 $aInsurance & actuarial studies$2imf 606 $aInsurance Companies$2imf 606 $aInsurance companies$2imf 606 $aInsurance$2imf 606 $aInternational Economic Order and Integration$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aInternational Monetary Arrangements and Institutions$2imf 606 $aInternational Policy Coordination and Transmission$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aMoral hazard$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aPension Funds$2imf 606 $aPublic finance & taxation$2imf 606 $aSaving$2imf 606 $aTax incentives$2imf 606 $aTaxation$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aWealth$2imf 615 0$aInsurance$xEconometric models. 615 0$aMoral hazard$xEconometric models. 615 0$aInternational finance$xEconometric models. 615 7$aActuarial Studies 615 7$aConsumption 615 7$aEconomics 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial Instruments 615 7$aFinancial risk management 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aIndustries: Financial Services 615 7$aInstitutional Investors 615 7$aInsurance & actuarial studies 615 7$aInsurance Companies 615 7$aInsurance companies 615 7$aInsurance 615 7$aInternational Economic Order and Integration 615 7$aInternational Lending and Debt Problems 615 7$aInternational Monetary Arrangements and Institutions 615 7$aInternational Policy Coordination and Transmission 615 7$aMacroeconomics 615 7$aMacroeconomics: Consumption 615 7$aMoral hazard 615 7$aNon-bank Financial Institutions 615 7$aPension Funds 615 7$aPublic finance & taxation 615 7$aSaving 615 7$aTax incentives 615 7$aTaxation 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aWealth 700 $aMessmacher$b Miguel$01815741 712 02$aInternational Monetary Fund. 712 02$aIMF Institute. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910975153603321 996 $aSovereign Insurance and Program Design$94371246 997 $aUNINA