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; Capital and Ownership Structure; Credit; Debt default; Debt Management; Debt; Debts, Public; Development banks; Emerging and frontier financial markets; Exports and Imports; External debt; Finance; Finance: General; Financial Institutions and Services: General; Financial institutions; Financial markets; Financial Risk and Risk Management; Financial services industry; Financing Policy; General Financial Markets: General (includes Measurement and Data); Goodwill; Industries: Financial Services; International economics; International Financial Markets; International Lending and Debt Problems; International Monetary Arrangements and Institutions; Macroeconomics; Monetary economics; Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Money and Monetary Policy; Multilateral development institutions; National accounts; Private debt; Public debt; Public finance & taxation; Public Finance; Sovereign Debt; Value of Firms
• 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: 9786612842689; 9781462301294; 1462301290; 9781452751085; 1452751080; 9781282842687; 1282842684; 9781451871944; 1451871945
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910960083403321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/046