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Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Desgranges, Gabriel; Rochon, Céline - International Monetary Fund (IMF) - 2014

We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under … uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a … uncertainty about future fundamentals is then a source of default through its effect on long term interest rates and the optimal …

Persistent link: https://www.econbiz.de/10010959469

Sudden stops, time inconsistency, and the duration of sovereign debt

Hatchondo, Juan Carlos; Martinez, Leonardo - International Monetary Fund (IMF) - 2013

We study the sovereign debt duration chosen by the government in the context of a standard model of sovereign default …

Persistent link: https://www.econbiz.de/10010790324

An Investigation of Some Macro-Financial Linkages of Securitization

Long, Xin; Goswami, Mangal; Jobst, Andreas - International Monetary Fund (IMF) - 2009

Policy-makers have attributed the scale of the credit crisis and its profound impact on money markets (as well as financial sector stability) to the fast rise of securitization and the way it has arguably complicated both the conduct of monetary policy and the effect of interest rate...

Persistent link: https://www.econbiz.de/10005263753

Liberalization of the Capital Account; Experiences and Issues

Mathieson, Donald J.; Rojas-Suárez, Liliana - International Monetary Fund (IMF) - 1992

This paper reviews the experience with capital controls in industrial and developing countries, considers the policy issues raised when the effectiveness of capital controls diminishes, examines the medium-term benefits and costs of an open capital account, and analyzes the policy measures that...

Persistent link: https://www.econbiz.de/10005263934

Sovereign Borrowing by Developing Countries; What Determines Market Access?

Gelos, Gaston; Sandleris, Guido; Sahay, Ratna - International Monetary Fund (IMF) - 2004

What determines the ability of governments from developing countries to access international credit markets? We examine this question using detailed data on sovereign bond issuances and public syndicated bank loans since 1982. We find that traditional measures of a country’s links with the...

Persistent link: https://www.econbiz.de/10005263984

The Long-Run Behavior of Commodity Prices; Small Trends and Big Variability

Cashin, Paul; McDermott, C. John - International Monetary Fund (IMF) - 2001

Using the longest dataset publicly available (The Economist's index of industrial commodity prices), we analyze the behavior of real commodity prices over the period 1862-99, and have two main findings. First, while there has been a downward trend in real commodity prices of 1.3 percent per year...

Persistent link: https://www.econbiz.de/10005264014

Domestic Investment and the Cost of Capital in the Caribbean

Roache, Shaun K. - International Monetary Fund (IMF) - 2006

Investment-to-GDP ratios across the Caribbean tend to be relatively high. In many countries, these ratios have been trending higher since the mid-1990s, largely reflecting public investment and foreign direct investment. Private domestic investors have been less prominent. This may be one reason...

Persistent link: https://www.econbiz.de/10005264172

International Capital Crunches; The Time-Varying Role of Informational Asymmetries

Mody, Ashoka; Taylor, Mark P. - International Monetary Fund (IMF) - 2002

default risk—in conditioning capital flows. …

Persistent link: https://www.econbiz.de/10005825608

Short-Run Pain, Long-Run Gain; The Effects of Financial Liberalization

Schmukler, Sergio L.; Kaminsky, Graciela Laura - International Monetary Fund (IMF) - 2003

We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock...

Persistent link: https://www.econbiz.de/10005826221

Foreign Currency Deposits and International Liquidity Shortages in Pakistan

Mirakhor, Abbas; Zaidi, Iqbal Mehdi - International Monetary Fund (IMF) - 2004

This paper studies the implications of foreign currency deposits (FCDs) for international liquidity shortages in Pakistan. The analysis focuses on how the large volume of FCDs and the specific institutional characteristics of those deposits have made the Pakistan economy highly vulnerable to...

Persistent link: https://www.econbiz.de/10005826483