Sovereign Default, Private Sector Creditors and the IFIs / / Emine Boz

• Autore: Boz Emine
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (29 p.)
• Disciplina: 338.291246
• Soggetto topico: Government securities; Debts, External; Exports and Imports; Finance: General; Macroeconomics; Money and Monetary Policy; Public Finance; Industries: Financial Services; International Monetary Arrangements and Institutions; International Lending and Debt Problems; International Financial Markets; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill; Debt; Debt Management; Sovereign Debt; General Financial Markets: General (includes Measurement and Data); Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Financial Institutions and Services: General; Public finance & taxation; Finance; International economics; Monetary economics; Private debt; Public debt; Emerging and frontier financial markets; Debt default; Credit; Multilateral development institutions; Financial institutions; National accounts; Financial markets; External debt; Debts, Public; Financial services industry; Development banks
• Soggetto geografico: Thailand
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; 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
• Sommario/riassunto: This 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.
• Titolo autorizzato: Sovereign Default, Private Sector Creditors and the IFIs
• ISBN: 1-4623-0129-0; 1-4527-5108-0; 1-282-84268-4; 9786612842689; 1-4518-7194-5
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910825901203321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/046